Ontario iGaming Wagers Reach $17.8 Billion in 2023-2024
As Ontario sports fans gear up for the NBA and NHL playoffs, a newly released report sheds light on the province's booming online gaming market, which saw nearly $18 billion in wagers during the 2023-2024 period.
The report, published Wednesday by iGaming Ontario—a platform that regulates and approves private gaming companies in the province—covers the period from April 1, 2023, to March 31, 2024. It revealed a significant increase in total wagers and gaming revenue.
In the fourth quarter alone, iGaming Ontario, a subsidiary of the Alcohol and Gaming Commission of Ontario (AGCO), reported total wagers of $17.8 billion, contributing to an annual total of $63 billion for the 2023-2024 fiscal year.
This represents a substantial 78% increase compared to the previous year, excluding promotional wagers (bonuses).
Additionally, Q4 total gaming revenue reached $690 million, contributing to an annual total of $2.4 billion for the 2023-2024 period. This marks a significant 72% increase over the previous year.
The report clarified that this figure includes total cash wagers, such as rake fees, tournament fees, and other charges, as well as player winnings derived from cash wagers. It does not account for operating costs or liabilities.
Mark Patterson is the news writer at CasinosInCanada who covers the latest developments in the iGaming industry, including casino launches, regulations, and market updates.
These numbers are staggering. Hopefully, alongside this growth, there are also robust measures in place to ensure responsible gambling and player protection.
Great to see Ontario's gaming industry booming! With $2.4 billion in gaming revenue, it’s clear that more people are enjoying online betting.
An impressive 78% increase in total wagers is no small feat. Ontario's iGaming sector is clearly thriving and showing no signs of slowing down.
Wow, $18 billion in wagers! Ontario's online gaming market is on fire. Can't wait to see how these numbers grow with the upcoming playoffs.