The iGaming industry in the Canadian province of Ontario is thriving, as the latest report from iGaming Ontario revealed record-breaking numbers for the fourth quarter of 2023. The revenue and bets reports hit all-time highs, with 49 operators generating CA$17.2 billion in bets and a revenue of CA$658.
This marked the highest revenue and bets numbers since the legalization of iGaming in Ontario in April 2022. Online casino operators were the top earners, accounting for nearly 80% of the total revenue with CA$13.7 billion in wagers during Q4. Sports betting took the second spot, recording CA$3.1 billion in wagers with a 63.2% increase from the previous quarter, driven by a more active sports season in the fall.
The annual growth in the industry was also substantial, with a 49.2% increase in the value of bets compared to 2022 and a 44% increase in profit. This growth was expected, given the significant expansion of the market, which saw an increase from 36 operators and 68 websites in Q4 of 2022 to 49 operators and 72 websites in Q4 of 2023.
The influx of users also made a significant impact, as the province recorded over a million active users for the first time ever in Q4, representing a 31% increase from the previous quarter and a substantial increase from the approximately 900,000 users recorded in 2022. Despite a decrease in average spending over two consecutive quarters, the growing number of users contributed to breaking revenue records.
The report did not include data from the Ontario Lottery and Gaming (OLG), the largest gaming operator in the province. However, based on estimates, the total handle is believed to be closer to CA$20 billion (US$14.8 billion), or around CA$670 million (US$495 million) per month.
Overall, the iGaming industry in Ontario experienced a landmark quarter in Q4 of 2023, setting new records and demonstrating significant growth and potential for the future.