By Shlok Ahuja
In the second quarter of 2024, Ontario’s online gaming market demonstrated remarkable growth, setting new records for total wagers and revenue. The province’s commercial operators reported an impressive $18.7 billion in wagers from July 1 to September 30, marking a 31.7% increase from the same period last year. Gross gaming revenue also soared to $738 million, up 35.2% year-over-year, highlighting the continued expansion of iGaming in Ontario.
The latest report from iGaming Ontario (iGO) reveals that while the growth trend continues, there are signs of stabilization in quarterly gains. Online casinos remain the dominant force within the market, accounting for a staggering 86% of total wagers, or approximately $16 billion. This sector includes various games such as slots, table games, and peer-to-peer bingo, which collectively generated 75% of the province’s gross gaming revenue, amounting to $553 million.
Conversely, online sports betting has faced some challenges, with total handle dropping for the third consecutive quarter to $2.2 billion. This decline can be attributed to the seasonality of sports, although the year-over-year growth was still notable at 15.8%. Revenue from sports betting grew significantly, with a 41.6% increase in gross gaming revenue from Q2 2023 to $167 million, despite a slight dip from the previous quarter.
iGO’s data encompasses 51 operators and 83 gaming platforms, reflecting a healthy competitive landscape. The number of active player accounts surpassed 1.3 million in Q2, a 40% increase from the previous year. However, this figure represents a decline from the 1.9 million accounts active in the preceding quarter. Notably, the average spend per player account continues to rise, reaching $308 compared to $191 the previous year and $284 last quarter.
With Ontario’s online gambling tax rate set at 20%, the province collected a record $147.6 million in tax revenue during Q2, contributing to a total of over $1 billion in online gambling taxes since the market’s launch two and a half years ago. The Ontario Lottery and Gaming Corporation (OLG) also reported a 12% increase in online gaming and sports betting gross revenue, further indicating the robust growth trajectory of the sector.
As Ontario’s iGaming landscape continues to evolve, these statistics reflect a thriving market that is adapting to consumer demands while maintaining a competitive edge. The ongoing growth of online casinos, alongside the challenges faced by sports betting, paints a dynamic picture of the province’s gambling industry as it navigates the complexities of regulation and consumer engagement.
