Ontario’s iGaming sector continues to flourish, according to the latest report from iGaming Ontario for Q2 2024. Online casino gaming continues to dominate both the sports betting and poker segments. The casino segment now boasts three times the revenue of sports betting. Within this segment lies all wagers around peer-to-peer bingo, slots, live table games, and computer-based table games. In Q2, there were $15.5 billion in total casino wagers, summing up to 84% of all wagers accounted for by iGaming Ontario. This also accounted for over 70% of gaming revenue at $529 million.
Conversely, the sports betting segment was an accumulation of all sports, esports, prop, novelty, and exchange bets. This actually saw a slight decrease from Q4 of 2023 where total wagers came in at $2.7 million. In Q2 of 2024, total wagers were reported to be $2.5 billion. Nonetheless, the sector is still poised for growth as the year-over-year data shows a 14% increase in total sports wagers. The revenue from this segment was reported to be $181 million.
The overall betting and gaming handle grew to $18.4 billion, a 31% year-over-year increase. Total gaming revenue also surged by 34% to $726 million. The number of active player accounts more than doubled to 1.9 million, and the average monthly spend per account rose to $284, a 44% increase. It’s important to note that the 1.9 million player accounts are inclusive of all operators, and people are likely to have multiple accounts.
Ontario’s commercial iGaming market is performing exceptionally well, generating over $4 billion in economic value and creating approximately 15,000 jobs. This growth is outpacing initial projections, with many long-term targets already being approached or surpassed within just two years. In two years of operation, the market has seen a year-over-year growth of 71.4% and 78% respectively.
Despite the rapid growth, iGO Executive Director Martha Otton noted that the market is yet to see a leveling off, indicating a robust and expanding sector. With continued strong performance, Ontario’s iGaming market is set to remain a significant contributor to the province’s economy.
