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Ontario's iGaming market has demonstrated remarkable growth in the first quarter of the financial year. The province's online casinos accounted for over 80% of total wagers and more than 70% of revenue. With CA$14.0 billion in bets, a significant leap from the previous year, operators generated an impressive gain of $545 million, marking a 236% increase compared to the same quarter last year.
The market landscape has seen an increase in licensed operators, reaching 46. However, the number of active sites has slightly declined to 71. Notably, around 920,000 player accounts were active during Q1, collectively spending an average of $197 monthly.
In a groundbreaking move, iGaming Ontario released the first-ever breakdown of stakes revenue by vertical. Online casino games emerged as the clear leader, accounting for $11.6 billion or 83% of total wagers. Online casinos contributed $392 million in revenue, representing 72% of the market's total.
Sports betting garnered $2.0 billion in wagers, generating $138 million in licensee revenue. Peer-to-peer poker stakes amounted to $350 million, generating $15 million in revenue. This detailed breakdown provides valuable insights into the preferences and betting habits of Ontario's iGaming enthusiasts.
The comprehensive figures for the year until March 2023 shed light on the market's overall performance. Total stakes amounted to $35.6 billion, with online casinos claiming the lion's share at $27.6 billion (78%). Online casino revenue reached $940 million, constituting 67%.
Within the online casino vertical, slots emerged as the most popular choice, accounting for approximately 48% of all iGaming wagers in Ontario. Live table games and electronic tables followed, contributing roughly 32% and 20%, respectively. Sports betting also played a significant role, with Ontario punters wagering $7.0 billion, resulting in $433 million in revenue.
The recent leadership changes at the Alcohol and Gaming Commission of Ontario (AGCO) have coincided with this detailed market breakdown. Lalit Aggarwal stepped down as Chair, leaving behind a legacy spanning betting and iGaming regulation, cannabis regulation, and navigating the challenges posed by the Covid-19 pandemic. Heidi Reinhart has assumed the role of Vice-Chair, taking charge of overseeing Ontario's evolving gaming landscape.
