It took a bit more time than some had hoped, but Ontario has its first snapshot of how the regulated iGaming market in the province has performed since the April 4 launch.
iGaming Ontario on Tuesday released its first public market report, covering the first full quarter of market operations, including Ontario online casinos and sports betting, ending June 30.
Total cash wagers (not including promotional wagers or bonuses) stood at $4.076 billion Canadian (approximately $3.113 billion in U.S. dollars). Total gaming revenue was $162 million (approximately $123.7 million in U.S. dollars). As iGaming Ontario spells out, that is total cash wagers including rake fees, tournament fees and other fees across all live operators minus player winnings (it does not take into account operating costs and other liabilities).
More Details on the Market
There were 18 live operators and 31 iGaming sites as of June 30 (there are 40 iGaming sites and 22 live operators as of this morning). Active player accounts are at 492,000 (individuals may have accounts with multiple operators), through June 30.
The average monthly spend per player was $113 (approximately $86.26 in U.S. dollars), according to the report.
The report released Tuesday does not include Ontario Lottery & Gaming’s iGaming offering, according to the release.
iGO says it intends to release a minimum of one market report for Ontario sports betting and online casinos every quarter.
The news release said that in the future it will provide reports with metrics detailing gaming product segments, player protections, player demographics and the economic impact of the iGaming industry.
It’s a Start for Ontario iGaming
Revenue performance and the number of active player accounts suggests that people in Ontario are responding favorably to a regulated market, and the player protections and anti-money laundering focus it provides, according to the report.
Over the same time period (April-May-June), New York online sports betting took in $3.7 billion (U.S.) in handle and $287.3 million (U.S.) in revenue. New York has not legalized online casinos so a straight comparison can’t be made with Ontario iGaming. But it does show why Ontario and New York were considered two of the top markets to launch this year.
The revenue figures for combined Ontario online casino apps and online sports betting are much smaller over the same time period than U.S. jurisdictions with online sports betting and online casinos — New Jersey, Pennsylvania and Michigan.
“Our aim is to be the best gaming jurisdiction in the world and these positive results are an early sign that we’re on our way,” says Dave Forestell, iGO’s board chair. “With a competitive revenue share rate and low barriers to entry, Ontario is an attractive igaming market with a strong player base.”