Ontario's Single-Game Sports Betting Industry Thrives
On Wednesday, iGaming Ontario (iGO) released a report stating that the industry contributed $2.7 billion to Ontario’s gross domestic product in 2023. This marks an impressive increase of roughly 70% from $1.58 billion in 2022, its first year of operation.
The industry fully opened in Ontario on April 4, 2022, making Ontario the only province in Canada with an open, regulated igaming market. The report, conducted by Deloitte, covers the period from April 4, 2022, to April 3, 2023.
Broader Economic Benefits
“I like this report because it goes broader into the overall economic benefits to the province,” said iGO Executive Director Martha Otton. “It’s easy to focus on the revenue share that we provide to the province, but what this report highlights are all of the other benefits to the three levels of government as well.”
Growth and Employment
The second year of Ontario’s regulated market saw an increase in operators and gaming sites, with 47 operators and 77 gaming sites compared to 45 and 76 in 2022.
The report also noted that for every dollar spent by igaming operations, an estimated $1.40 of GDP was supported in Ontario’s economy, up from $1.14 in the first year. Additionally, the Ontario market sustained 14,935 jobs, a 24% increase from 12,070 jobs in the first year. Operators directly employed approximately 2,675 people, with an average compensation of $122,500 per person, which is 60% higher than the average stipend per job in Ontario.
Spartan113 Informative, thanks to the author! Now I will know that this has happened. The lesson for the future is to check everything three times.
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o0oSoyao0o Well, soon there will be not only skyscrapers in Dubai, but also Book of Ra slot machines.
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Kudos to iGaming Ontario for a successful second year! The significant GDP support and job creation show that a regulated market can really benefit the economy. Keep it up!
While the economic benefits are clear, I hope the province also focuses on responsible gambling initiatives. It's important to balance growth with player safety and support.
As someone who loves sports betting, it’s awesome to see the industry thriving in Ontario. The increase in operators and gaming sites means more options and better experiences for us players.
Fascinating to see how a well-regulated market can boost the economy. The job creation and high compensation rates are especially noteworthy. Looking forward to seeing how this progresses!
Incredible growth for Ontario’s sports betting industry! The 70% increase in GDP contribution is impressive. It’s great to see such positive economic impacts. Well done, Ontario!