Recently, there has been considerable discussion following the release of the quarterly report by iGaming Ontario on August 30, which provided insights into the market's performance since its launch on April 4.
The market report reveals data for the first complete quarter of operations for iGaming Ontario, which encompasses both online gaming and sports betting. By the end of June 30, the total cash bets (excluding any promotional bets or bonuses) exceeded $4 billion, with total gaming revenue reaching $162 million.regulated Ontario online casinos As clarified by iGaming Ontario, this figure for cash wagers includes rake fees, tournament costs, and additional charges from all active operators, subtracting player winnings. However, it does not factor in operating expenses and other financial obligations.
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‘I Think It Will Get Stronger’
Contrary to that, Paul Burns, the president and CEO of the Canadian Gaming Association, has a more optimistic outlook.
He remarked, 'I believe the market has shown strong performance during the first quarter and will only continue to grow. I anticipate we'll witness the figures double in the next quarter.'
What’s contributing to this optimism? Numerous factors are at play. Burns describes Ontario's market as 'semi-mature', especially since it has a long-standing history with a billion-dollar illegal market that predates recent regulations, as well as some operators who were previously operating in a grey market during their transition to being regulated by the Alcohol and Gaming Commission of Ontario. The deadline for operators to secure their licenses is set for November.
Burns highlighted a recent study by Regulus Partners, indicating that the reported $162 million in gross gaming revenue does not account for revenue from OLG, which operates outside iGaming Ontario's regulations, nor does it include some major grey market players pushing towards legitimate licensing.
The parent companies behind Bet99 and Pinnacle made announcements about their licenses this week, with expectations for BetRegal to follow soon, along with operating agreements for Super Group's Betway and Spin brands.Ontario sports betting Considering the typical summer drop in betting activity and the upcoming busy fall season driven by NFL and college football, Burns concurs with Regulus' assessment that the actual Ontario market is significantly larger than what iGaming Ontario has reported.
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"A Very Good Launch\"
Paul Burns: The launch was very successful. There's a tendency to compare, but we observed that both grey market operators transitioned alongside new entities entering the scene. The key takeaway was understanding that the iGaming and sports betting landscapes have been in flux for the last 15 to 20 years.
The circumstances here are unique, as many customers already have established loyalty to certain operators, and this may have influenced the results reflected in the initial quarter's performance.
It's important to recognize that it may take several more quarters to fully grasp the market's dynamics. Let's see what happens when everyone is on board and how that will impact results. When critics claim the numbers aren't sufficient in terms of overall churn and spending, one should consider how long it took states like New Jersey and Pennsylvania to hit the $4 billion mark; it wasn't achieved in just three months!
From what I've seen, the behavior of the casino market and sports betting appears to align with expectations, operating at around a 60/40 ratio for casinos versus sports betting, which aligns with our previous assumptions.
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It's a really exciting moment for those intrigued by sports betting to explore their options. The NFL reigns supreme as the favorite for sports betting numbers, even in Canada. Coupled with hockey and basketball, plus the potential for the Blue Jays to reach the playoffs, it's shaping up to be a thrilling fall season. Don't forget about the World Cup, either! I anticipate that this will draw in new bettors, including those who have never placed a wager before, which will further expand the market.BetMGM Sportsbook Ontario Offering more than 400 slots, interactive play tutorials, and a top-notch DFS product.
'A Major Blow to the Illegal Gaming Market'
Burns: It's wonderful that a date has finally been established, and that time is now approaching. It did extend longer than I had anticipated. I can't say definitively why this occurred, possibly due to the volume of applications. Nonetheless, what matters most is that action is forthcoming. Ontario has made significant strides against illegal gaming, and as an organization, we've always advocated for iGaming regulation in Canada.
Ontario was the trailblazer in this regard, and we are thankful for that, hoping that other provinces will follow suit. The most effective way to tackle illegal gaming is by creating a regulated environment and subsequently enforcing it. That’s the direction Ontario is headed now — nurturing the market while ensuring its growth and success.
OntarioBets: Some operators have expressed frustration with the AGCO's slow licensing process. How do you view this situation?
Burns: I'm aware of the frustrations because I've spoken with numerous operators who hoped for a quicker process. However, it's important to note the large number of unique applications that the AGCO is managing. Each licensing application requires thorough review.
While delays have caused some agitation, which is why the deadline has shifted to November, it’s crucial to ensure a smooth transition for as many operators as possible. Remember, the application process began in late 2021, and nearly a year has passed now. The AGCO has reviewed many companies and approved numerous sites.
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