The licensed online casino industry in Ontario had significant growth in the second quarter, with revenue exceeding $267 million, marking a 65% increase from the first quarter. This radical shift was made possible by the flow of new punters and casino operators daily.
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Although prior polls indicated that a majority had not yet been introduced in the gambling scene, financial data indicated that this quarter's income was the highest since Canadian real money online casinos were made legal.
iGaming Ontario (iGO) Releases their Second Official Financial Figures
iGaming Ontario, a sister concern of Ontario’s Alcohol and Gaming Commission (AGCO), released its second official financial figures last Wednesday. The data shows that overall gambling revenue in the state has increased by approximately 65%. The reports span the months of July 1 through September 30. This sum, however, did not include the government-owned lottery and gambling platform.
Gamblers in the state wagered $6.04 billion just in the second quarter, a 48% increase from the $4.08 billion recorded in iGO's preliminary financial reports filed in August. The study also shows significant market growth. It increased from 18 operators running 31 games in the previous quarter to 24 operators with more than 42 iGaming sites.
Legalization of New Forms Increasing the Number of Active Players
The reports show a boost in the number of active gambler accounts and the average monthly expenditure on the operator’s sites. iGO counted 628,000 active accounts in the second quarter, up from the 492,000 counted in the previous one. Average monthly spending also jumped more than 25%, from $113 to $142.
Ontario has distinguished itself from neighboring jurisdictions by enabling private enterprises to operate with government-endorsed gambling outlets, after Ottawa's decision to legalize additional kinds of betting, notably athletics events and sports, last summer.
Chances of Falling Short Despite High Revenue
While the most recent iGO figures indicate that the business is gaining momentum, income appears to be falling short of its earlier estimates. According to the US consultancy company VIXIO Gambling Compliance, the Ontario market is worth approximately $1.6 billion in gambling revenues this year, with the possibility to rise to $2.36 billion by 2023.
Market analysts note a crucial reason behind such shortcomings. On April 4, private enterprises in the state placed their debut bets, and a handful of industry giants have been drawn to Ontario by the prospect of a free, competitive market. However, prohibitions on promoting free bets and other financial incentives, as well as competition outside the licensed online casino market, have been a source of concern.
Hope for a Promising Future
Many privately owned bookmakers and real-money online casinos that had previously operated illegally in Ontario now have entered the regulated market. Thus, despite the few drawbacks, the future of Ontario's gaming scene seems to be heading in the right direction.