Ontario’s Record-Breaking $2.4 Billion 2024 Revenue

Ontario is the Canadian province that leads the way in the online gambling industry since officially opening its market to a myriad of operators on April 4, 2022.  

This marked a significant milestone: It became the first province in Canada to allow private companies to operate in the online gaming sector. Since then, it has become the benchmark by which all other provinces contemplating similar changes measure their progress. 

Before this, the Ontario Lottery and Gaming Corporation (OLG) monopolised online casino entertainment in the province. The market's opening has led to a surge in competition, with a slew of operators now offering Ontarians a wide range of online casino games and sports betting options.  

iGaming Ontario (iGO) has worked with the government of Ontario and the Alcohol and Gaming Commission to establish a new online gaming market that helps protect consumers who gamble online with private companies and has launched a record number of operators, increasing competition and broadening the range of choices for consumers.  

Ontario Breaks Records as the Online Gambling Boom Continues 

Ontario’s online casino market has once again shattered expectations, setting new records for revenue and player engagement in 2024.  

Here are some of the key indicators of the booming market and some of the factors driving that growth: 

• Record-Breaking Revenue: Ontario’s online gambling industry generated $2.4 billion in revenue in the fiscal year 2023 - 2024, marking a significant increase of 71.4% compared to the previous year. 
• Soaring Wagering Activity: During this period, players in Ontario placed a total of $63 billion in wagers, representing a 78% year-on-year surge. In the fourth quarter alone, iGaming Ontario, a subsidiary of the AGCO, reported that total wagers soared to an impressive $17.8 billion. 
• Dominance of Online Casinos: Online casinos continue to be the primary revenue driver, accounting for over 80% of the total wagers, thanks to the popularity of online slots, live gameshows, and table games.
• Growing Sports Betting Market: While sports betting is still in its early stages, it has shown remarkable growth, with a 25% increase in wagers in the first quarter of 2024.  
• An Influx of Licensed Operators: The increased number of licensed operators has led to greater competition within the market, offering consumers a wider range of games, promotions and betting options. 

These factors ensure that players and operators have the best possible experience when playing top-tier games of chance or betting in Ontario. 

Factors Driving Sustained Growth 

Several factors are key drivers of the year-on-year growth of the online gambling market in the Canadian province: 

• Regulatory Framework: Ontario's well-regulated market has provided a stable and secure environment for both players and operators. 
• Technological Advancements: innovative technologies, such as mobile gaming and virtual reality, have enhanced the overall gaming experience. 
• Strategic Partnerships: Collaborations between gaming operators and sports leagues have aided in boosting sports betting across the province.  
• Targeted Marketing Campaigns: Effective marketing strategies have successfully attracted new players and retained existing ones.  

As Ontario’s online gambling market continues to evolve, it is expected to contribute to its economy significantly.  

iGaming Ontario’s Report Findings 

Executive director of iGaming Ontario, Martha Otton, commented on the growth that was found in their latest report, saying: 

“With $63 billion in wagering and $2.4 billion in gaming revenue, the second year of Ontario’s iGaming market is more than 70% bigger than the first.”  

She added that as the market matured into its third year, she looked forward to building on the foundation of this success with operators and other partners as they invest in the province so that Ontarians can continue to play with confidence. 

Regarding where Ontarians were spending their money, the report revealed that the province’s gambling market was primarily driven by casino wagers, accounting for $14.6 billion in Q4, contributing to an overall $51.7 billion for the 2023-2024 fiscal year, an 88% increase on the previous year. 

This period saw casino gaming revenue reach $510 million, contributing to an overall yearly total of $1,8 billion, an increase of 89% on the previous year. iGO notes that casino games include slots, live and computer-based table games and peer-to-peer bingo.  

The report also revealed that the active player base surged during the reported period, with over 1.3 million accounts engaged in gaming activity. The average monthly spend per active player account in Q4 was $263.  

A Positive Future 

Before the government regulated online gambling and betting, Ontarians bet on so-called “grey market” sites, when that change occurred, the province estimated that Ontarians placed $1 billion in online bets annually, with 70% of those bets placed on grey market sites. 

More than two years after the pivotal decision to open the province’s online gaming market, there has been a substantial increase in legal gambling among Ontario’s residents, which can only mean a brighter future for gambling overall.