Ontario's Thriving Sports-Betting Industry: Q3 2023 Highlights

In the latest IGaming Ontario report, Ontario's sports betting industry is flourishing. The regulated market achieved a remarkable milestone, generating a total gaming revenue of $658 million during the third quarter. This figure indicates a substantial 22% increase compared to the preceding quarter.

The report, for the period from October 1 to December 31, 2023, sheds light on the industry's vibrancy. It's important to note that not all operators with gaming websites are included in the report, focusing solely on those with trading activity during this period.

In Q3, total bets skyrocketed by an impressive 49%, reaching $11.53 billion compared to the 2022-23 third quarter. Simultaneously, gambling revenue experienced a robust surge of 44%, totalling $457 million compared to the corresponding period from the previous year.

The report outlines the business landscape, indicating that 49 operators and 72 gaming websites were active in the province during Q3. This reflects a modest increase from the second quarter, with 47 operators and 71 gaming websites.

Total wagers in Q3 reached a record $17.2 billion, showcasing a substantial 21% increase from the previous best quarter, which amounted to $14.2 billion in the second quarter. It's important to highlight that the Q3 figures exclude promotional wagers such as bonuses.

The number of active player accounts surged to approximately 1.2 million during Q3, up from 943,000. It's crucial to clarify that these accounts do not represent unique players, as individuals may possess accounts with multiple operators.

The average monthly spend per active player account decreased slightly from $191 in the second quarter to $186 in Q3. This insight provides a glimpse into the spending patterns within the online gambling landscape.

Casino games, encompassing slots, live and computer-based table games, and peer-to-peer bingo, dominated the industry, accounting for nearly $13.7 billion (79%) of total wagers and $471 million (71%) of gaming revenue.

Betting on sports, esports, proposition, novelty bets, and exchange betting contributed significantly, amounting to nearly $3.1 billion (18%) of total wagers and $171 million (25%) of gaming revenue.

Poker carved its niche, representing $431 million (2.5%) of total wagers and $17 million (2.5%) of gaming revenue.

The industry fully opened up in Ontario on April 4, 2022. Through the first three quarters of 2023-24, the online gambling sector in Ontario has witnessed substantial growth, generating total bets of $45.4 billion and revenue of $17.43 billion. Notably, these figures surpass the industry's performance in its inaugural fiscal year, which recorded a $35.65 billion handle and $14 billion in revenue.

Initially published by The Canadian Press on January 17, 2024, this report underscores Ontario's burgeoning online gambling landscape and its significant economic impact.