Ontario’s regulated iGaming market has concluded the 2023-24 financial year on a high note, boasting a revenue of CA$2.4 billion, which represents a substantial 72% increase from the previous year. This growth is a testament to the thriving digital gambling environment in the province, overseen by iGaming Ontario.

Details of the Financial Performance

The impressive annual revenue was significantly bolstered by the fourth-quarter earnings, which amounted to $690 million. Over the course of the year, the total wagers in the province reached a staggering $63 billion, marking a 78% increase year-on-year, a figure that notably excludes promotional wagers.

Martha Otton, the executive director of iGaming Ontario, highlighted the market’s exceptional performance. “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,” Otton stated. She expressed optimism about the future, emphasising the strong foundation that has been laid for continued growth and partnership with operators and stakeholders.

Breakdown of Gaming Segments

The revenue report provided by iGaming Ontario detailed various segments contributing to the fiscal success. Online casino stakes alone hit $51.7 billion for the 2023-24 period, with betting figures reaching $9.7 billion and peer-to-peer (P2P) poker contributing an additional $1.6 billion in wagers.

The casino gaming segment specifically reported a quarterly revenue of $510 million, culminating in a total of $1.8 billion for the year. This segment continues to be a major driver of the overall market growth, underscoring the popularity and engagement of online casino offerings among Ontarians.

Looking Ahead

As the market enters its third year, iGaming Ontario is poised to build on the substantial gains witnessed over the past fiscal year. The organisation plans to further collaborate with operators and other partners to invest in the province, ensuring that Ontarians have access to safe, reliable, and regulated iGaming experiences.

The significant growth in Ontario’s iGaming market is indicative of a maturing industry that is increasingly capturing the interest of both consumers and investors. With robust regulatory frameworks and strategic market oversight from iGaming Ontario, the province is set to remain at the forefront of the Canadian digital gambling industry. The continued expansion and success of this sector are likely to contribute substantially to the provincial economy, creating a model that other regions might look to replicate.