New Study Shows Ontario Leading the Way in Global Gaming Trends
Last week, the International Betting Integrity Association (IBIA) unveiled a groundbreaking study shedding light on the thriving landscape of regulated sports betting worldwide. A key focal point of this study was the vibrant sports betting market in Ontario.
Conducted by H2 Gambling Capital, the study examined 12 legal jurisdictions, collaborating with esteemed organizations such as the Canadian Gaming Association, the Brazilian Institute of Responsible Gaming, the Netherlands Online Gambling Association, and Responsible Wagering Australia. Ontario emerged as a standout performer due to its concerted efforts in enticing bettors towards the legal gaming sphere.
"Canada provides a compelling case study, particularly Ontario, which deviated from the traditional monopoly model prevalent across the country. Since the inception of its online sports betting licensing system in April 2022, Ontario has witnessed remarkable success, with an anticipated onshore sports betting channelization rate of 92% by 2024," the study highlights. In contrast, the rest of Canada is projected to achieve a mere 11% channelization rate, potentially losing $2 billion in taxable sports betting GGR (gross gaming revenue) to offshore entities during 2024-2028.
Ontario's Triumph in Drawing Bettors to Legitimate Platforms
The primary objective of Ontario, upon entering the regulated market, was to repatriate a substantial portion of the revenue previously lost to offshore operators. Its resounding success has spurred other provinces to explore similar strategies, with Ontario now celebrated as one of North America's most triumphant iGaming ventures.
In addition to fostering a robust market, the study underscores the importance of granting operators diverse sports betting options and considering various factors such as taxation, licensing expenses, advertising regulations, bonuses, and the availability of alternative gambling avenues.
"Creating a thriving market hinges not only on the array of sports betting products offered by operators, but also on broader considerations such as taxation policies, licensing fees, advertising guidelines, promotional incentives, and the accessibility of alternative gambling options," the report emphasizes.
Ontario's regulatory framework is characterized as "minimally restrictive," despite certain restrictions on bonus promotions and advertising. The study delineates Ontario's successful efforts in steering players away from unregulated offshore markets.
For instance, offshore sports wagering revenues, which amounted to $177 million in 2021, are projected to dwindle to $27 million by 2028. Conversely, revenues from regulated onshore sports betting surged from $249.6 million in 2022 to an estimated $454.3 million in 2023, poised to reach $891.5 million by 2028.
This paradigm shift in betting behavior heralds significant gains for government revenues, with estimated tax losses plummeting from $26 million in 2020 to a mere $5.4 million by 2028.
In aggregate, the global regulated sports betting market is anticipated to soar to $94 billion by 2024, with online wagers contributing a substantial $61 billion. By 2028, this figure is expected to swell to $132 billion, with online platforms commanding a commanding share of $93 billion.
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It's exciting to see the potential growth trajectory of the global sports betting market, especially with the increasing shift towards online platforms. Ontario's success story serves as a beacon of hope for jurisdictions worldwide grappling with similar challenges, offering valuable insights into effective regulatory frameworks and industry best practices.
The findings of this study emphasize the importance of striking a balance between regulation and innovation in the gaming sector. Ontario's ability to create a thriving market while minimizing restrictions is a testament to the power of forward-thinking policies that prioritize consumer protection and market sustainability.
This study highlights the pivotal role played by government policies in shaping the dynamics of the gaming industry. Ontario's move away from a monopoly model towards a more open and competitive market seems to have paid off remarkably well, setting a promising precedent for other regions to follow suit.
Ontario's success in channeling bettors towards legitimate platforms is a testament to the effectiveness of well-thought-out regulatory strategies. It's encouraging to see proactive measures being taken to curb offshore gambling and maximize tax revenues for the province.
It's fascinating to see how Ontario's innovative approach to regulating sports betting has yielded such impressive results. This study underscores the importance of adapting to changing trends and embracing legal frameworks that not only protect consumers but also benefit the economy.