While it took longer than expected, Ontario now has a clear perspective on the performance of its regulated iGaming sector since the launch on April 4.
On Tuesday, iGaming Ontario published its initial public report, detailing the activities of the market during its first complete quarter.Ontario online casinos and sports betting, ending June 30.
The total amount of cash wagers (excluding promotional bets and bonuses) reached a staggering $4.076 billion Canadian, which is around $3.113 billion in U.S. dollars. The gaming revenue stood at $162 million, approximately $123.7 million in U.S. currency. As outlined by iGaming Ontario, these figures include cash wagers from various fees such as rake and tournament fees across all operators, deducted by the total winnings of players (operating expenses and liabilities are not factored in).
More Details on the Market
As of June 30, there were 18 live operators and 31 iGaming platforms available (currently, there are 40 iGaming platforms and 22 live operators). The total number of active player accounts reached 492,000, with several individuals holding accounts with multiple operators, as of June 30.
According to the report, players typically spent an average of $113 monthly (which is about $86.26 in U.S. dollars).
The report issued on Tuesday does not encompass the iGaming services provided by the Ontario Lottery & Gaming Corporation, the release mentions.
iGaming Ontario has indicated plans to publish at least one market report on a regular basis.Ontario sports betting and online casinos every quarter.
Future reports are expected to include in-depth metrics covering gaming product segments, player safety measures, demographics of players, and the overall economic influence of the iGaming sector.
It’s a Start for Ontario iGaming
The increase in revenue and the growing number of active player accounts indicate that Ontarians are responding positively to a regulated iGaming environment, which emphasizes player protection and anti-money laundering efforts. according to the report .
During the same timeframe (April-May-June), online sports betting in New York reported a handle of $3.7 billion with a revenue of $287.3 million. Since New York has yet to approve online casinos, a direct comparison with Ontario's iGaming market is not feasible, but this highlights why both Ontario and New York were viewed as top contenders for market launches this year.
The revenue figures for combinedOntario online casino apps Online sports betting and casinos in that period have been considerably lower in volume compared to U.S. states like New Jersey, Pennsylvania, and Michigan, where both online sports betting and casinos operate.
"Our goal is to establish Ontario as the premier gaming jurisdiction worldwide, and these promising results indicate we are progressing in that direction,\" states Dave Forestell, chair of iGO's board. \"With a competitive revenue sharing rate and minimal entry barriers, Ontario presents a compelling opportunity for igaming with a robust player community.\"
Fromdeereplanet.com
