Expansion Continues in Ontario's iGaming Market Throughout Q3
Ontario's digital gambling sector for private operators is flourishing, and the latest figures substantiate this claim. This week, iGaming Ontario released its sector report covering the third quarter of the 2023-24 fiscal year. From October 1 to December 31, 2023, the province recorded a staggering CA$17.2 billion in wagers, marking a substantial 21% surge compared to Q2.
Nearly two years ago, Ontario became the inaugural Canadian jurisdiction to open its digital gambling and sports betting market to external and third-party operators. This competitive arena operates independently from the Ontario Lottery and Gaming Corporation's online offerings, and metrics from OLG's iGaming ventures are not reflected in the report.
Expanding Horizons in Q3
According to iGO, during Q3 of FY 2023-24, operators in the province collectively amassed a total wagering volume of CA$17.2 billion, marking a remarkable 21% uptick from Q2, which stood at CA$14.2 billion. However, these figures do not encompass promotional wagers or bonuses. The data was compiled from a total of 49 operators and 72 gaming platforms active throughout the quarter.
Revenue also saw a surge in Q3, with operators and platforms generating approximately CA$658 million in gaming revenue for the quarter. This represents a robust 22% increase from the preceding three-month period. These figures include cash wagers, rake fees, tournament fees, and other charges from all operators. Player winnings from cash bets are excluded from costs or other liabilities.
The report unveils that there were approximately 1.2 million player accounts active online during Q3. Active accounts denote those with cash or promotional betting activity during the quarter and do not signify unique players, as users can possess accounts with multiple operators. Estimates suggest that the average monthly expenditure per active player account stood at CA$186.
Moreover, the latest quarterly update provides insights into the most popular iGaming categories in the province. Casino games, encompassing slots, live and computer-based table games, and peer-to-peer bingo, accounted for almost CA$13.7 billion or 79% of the total wagers for the quarter. They also contributed CA$471 million or 71% of the total pre-tax gambling revenue.
In contrast, sports betting, eSports, proposition bets, novelty bets, and exchange betting totaled CA$3.1 billion or 18% of the total wagers, yielding CA$171 million or 25% of the gaming revenue. Peer-to-peer poker recorded the lowest volume, with CA$431 million or 2.5% of the total betting activity and CA$17 million (2.5%) of the total revenue.
Pursuit of Self-Exclusion Program Partner
Last month, iGO announced its plans to seek a centralized self-exclusion solution to streamline the process for users. It intends to initiate a request for proposals in early 2024. The chosen bidder will be tasked with developing and implementing a centralized self-exclusion system capable of integrating with all operator systems. This system will facilitate players' self-exclusion registration, renewal, and reinstatement.
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As the iGaming market in Ontario continues to thrive, it's essential to maintain transparency and accountability. Initiatives like the centralized self-exclusion program are steps in the right direction toward responsible gambling practices.
The surge in gaming revenue reflects not only the popularity of iGaming but also the economic benefits it brings to Ontario. It's a win-win situation for both players and the province's economy.
The partnership between iGaming Ontario and external operators has undoubtedly enriched the gaming landscape in the province. It'll be exciting to see how this collaboration continues to shape the industry moving forward.
It's interesting to note the breakdown of wagering activity across different iGaming verticals. Casino games clearly dominate, but it's encouraging to see sports betting and eSports gaining traction as well.
I'm glad to see efforts being made to enhance player protection with a centralized self-exclusion program. Responsible gambling measures are crucial in ensuring a safe and enjoyable gaming experience for all.