iGaming Ontario Publishes Encouraging Figures for First Quarter of 2023-24
The Ontario iGaming industry appears to be thriving, with regulator iGaming Ontario reporting a quarterly revenue increase for gaming operations in the first quarter (Q1) of the 2023-24 fiscal year.
In quarter one (April 1 to June 30, 2023), the regulator reported that total gaming revenue for the province of Ontario was C$545 million, an increase of 3.6% when compared to the previous quarter (the fiscal year 2022-23 Q4 was C$526 million).
Gaming revenue is calculated using a simple equation: total cash bets minus rake fees, tournament fees, and other fees, then subtracting player winnings resulting from cash bets. However, it does not take into account operating costs or other liabilities.
Q1 also saw an increase in total wagers compared to the previous quarter. The total figure for wagers increased to C$14 billion from C$13.9 billion in the previous quarter. In the same period, the total number of operators rose by two, and the number of gaming websites increased by four.
However, there was a decrease in the number of active player accounts in Q1, falling to 920,000 from 1.01 million in the previous quarter. Balancing this was an increase in average monthly spending by active player account from $174 to $197.
Casino Segment Leads the Way
When looking at individual segments, live online casino games, including slots, live games, table games, and peer-to-peer bingo, contributed the most to gaming revenue (C$392 million) and bets (C$11.6 billion) at 72% and 83%, respectively.
Next was betting on sports, esports, proposition and novelty bets, which produced C$138 million in revenue and C$2 billion in wagers. At the bottom was peer-to-peer poker, with C$15 million in revenue and C$350 million in wagers.
iGaming Ontario also published data detailing the province’s revenue during its first full year of operations, broken down by segment. There was a total of C$1.4 billion in gaming revenue and C$35.6 billion in wagers. Casino led the way with C$940 million in revenue and C$27.6 billion in wagers, which works out at 67% and 78%, respectively.
Next was betting, with C$433 million in revenue and C$7 billion in wagers, and finally, peer-to-peer poker, with C$40 million in revenue and C$992 million in wagers.