Deloitte Report Highlights Ontario iGaming's Economic Impact
Ontario's regulated commercial online gaming industry has proven to be a significant economic driver, surpassing expectations and contributing substantially to the province's economy, according to a recent report by Deloitte in collaboration with iGaming Ontario (iGO).
Economic Contribution Surpasses $4 Billion
The Deloitte report reveals that Ontario's regulated iGaming market has generated over $4 billion in economic value for the province thus far. In its second year alone, the industry contributed $2.7 billion to the province's gross domestic product (GDP), marking a 70% increase from the $1.6 billion reported in its inaugural year. Remarkably, this rapid growth trajectory puts the industry on track to approach the $4.7 billion GDP projection for year ten, as outlined in the previous year's report.
Government Revenues and Fiscal Impact
From April 2023 to April 2024, Ontario iGaming contributed more than $1.2 billion in government revenues. This includes approximately $800 million to provincial coffers, $380 million to federal revenues, and $75 million to municipal governments. These figures represent a substantial increase from the $700 million generated in government revenue during the industry's first year, bringing the total government revenue contribution over the two-year period to approximately $2 billion.
Job Creation and Labor Income
In terms of employment, the iGaming sector in Ontario created nearly 15,000 new jobs in its second year, up from 12,000 in its inaugural year. These jobs contributed nearly $1.3 billion in wages and other labor income to the economy, marking a 45% increase from the previous year. The report highlights that online gaming operators employed approximately 2,675 full-time equivalent workers in year two, with an average salary exceeding $122,000 per year—60% higher than Ontario's average annual gross income.
Looking Ahead
Martha Otton, Executive Director of iGaming Ontario, emphasized at the Canadian Gaming Summit that while the industry's revenue growth is impressive, its broader economic impact is equally significant. She underscored the industry's role in driving economic activity and creating high-paying jobs across the province.
The Deloitte report underscores the robust growth and positive economic contributions of Ontario's regulated iGaming industry. As the sector continues to evolve, stakeholders anticipate further economic benefits and sustained growth in the years ahead.
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Kudos to Ontario for leveraging the potential of iGaming to boost its economy. The substantial contributions to GDP and government revenues demonstrate the importance of embracing digital transformation in the gaming sector. Looking forward to more updates on how this industry continues to thrive!
Seeing the growth in job creation and labor income due to Ontario's iGaming industry is encouraging. It's good to know that this sector is not only generating revenue but also providing high-paying employment opportunities. This report highlights the positive impact of innovation in digital gaming.
The figures speak volumes about the potential of online gaming in Ontario. With over $4 billion in economic value and significant contributions to government revenues, it's clear that regulated iGaming is not just a trend but a major player in the province's economy. Exciting times ahead!
As someone interested in economic trends, I find this report on Ontario's iGaming industry fascinating. The growth in GDP, government revenues, and job creation shows how dynamic this sector is becoming. It will be interesting to see how these numbers evolve in the coming years.
Wow, these numbers are staggering! It's amazing to see how Ontario's iGaming industry is not only growing rapidly but also making such a substantial economic impact. This report underscores the importance of regulation and the positive outcomes it can bring to both the economy and job market.