Ontario iGaming Shows Consistent Growth in its Second Year

iGaming Ontario has finished up its second full year of action, and the best sportsbooks in Canada will certainly be happy with the results. 

The Full-Year Market Performance Report, the second such report since iGaming and Ontario sports betting apps were legalized in the province, has been released with numbers ranging from April 1, 2023, through March 31, 2024. It includes data from 47 Operators offering 77 gaming websites in Canada's only legal online gambling jurisdiction.

According to the report, the online casino market in Canada's most populous province showed impressive growth in every sector while exceeding all expectations for the wagering scene.

$63 billion total handle, $2.4 billion in revenue

March 31 marked the end of the fourth quarter of Ontario's fiscal year, and we now know that $17.8 billion in accepted wagers during the quarter resulted in a whopping $63 billion in bets for the full year. As mentioned in the report, that figure does not include promotional wagers. Plenty of options exist for residents who wish to take advantage of Canada sportsbook promos.

 iGaming revenue figures of $2.4 billion resulted from the impressive yearlong handle after reporting $690 million in Q4 revenues.

The Full Year 2023-2024 numbers reflect a staggering 78% year-over-year increase in overall handle and a 71% revenue spike from the same period last year.

“With $63 billion in wagering and $2.4 billion in gaming revenue, the second year of Ontario’s iGaming market is more than 70% bigger than the first,” said iGaming Ontario Executive Director Martha Otton in the report. “As the market matures into its third year, I look forward to building on this foundation of success with operators and other partners as they invest in Ontario so that Ontarians can continue to play with confidence.”

Deeper dive into the numbers

According to the Ontario iGaming report, casino wagers, which include slots, live and computer-based table games, and peer-to-peer bingo, climbed 88% year over year to $51.7 billion. This was after a quarterly record $14.6 billion in Q4 casino wagers was added in.

Revenues from the casino sector were $1.8 billion for the full year, a 39% increase from the 2022-2023 report. $510 million of those revenues came from Q4. 

Betting markets, including Ontario sports betting, esports, proposition, novelty bets, and exchange betting, saw a 39% year-over-year increase to $9.7 billion for the 12-month period. That includes $2.7 billion in revenues from Q4. 

Revenues from that sector reached $588 million for the full 2023-2024 fiscal year, a 36% year-over-year increase that includes $161 million from the fourth quarter.

Peer-to-peer (P2P) poker produced $1.6 billion in wagers for the year ending March 31, a 64% year-over-year spike from 2022-2023. It includes $446 million from Q4.

More people betting in Q4

The year-over-year growth of the Ontario iGaming scene is partially a product of the mainstreaming and overall acceptance of Ontario sports betting apps and iGaming platforms in the province. Growth for Year 2 was expected, but the pace of that growth likely wasn't.

According to the iGaming Ontario report, 1.3 million player accounts were active in the province's market during the fourth quarter, a quarterly record for the province. The average monthly spend for those players was $263 in Q4, a dip from $276 in Q4.