GeoComply, a prominent geolocation data firm, has released the Ontario Anniversary Risk Report, shedding light on the initial year of Ontario’s regulated iGaming and online sports betting market. As the provider of geolocation and anti-fraud services to operators in Ontario, GeoComply’s report reveals the global interest in this burgeoning market. This comprehensive report offers a glimpse into the challenges and successes faced in this dynamic industry.
Global Attention:
The Ontario Anniversary Risk Report unveiled impressive figures, including 19.9 million worldwide login attempts and over 219,000 login attempts from devices associated with fraudulent activity since the market’s inception in 2022. Furthermore, GeoComply identified 1,045 fraud rings impacting multiple operators.
GeoComply’s director of risk services, Danny DiRienzo, commented on the findings: “Online fraud is not uniquely a sports betting or iGaming problem. Recent data shows that cybercrimes were up 50 percent in 2022 across all forms of e-commerce. However, our industry’s high standards of compliance put us in a strong position to combat it. Because every bettor must verify their location, we have the data to stop fraud before it gets a foothold.”
Ontario’s iGaming Success:
In just one year, Ontario’s newly established legal iGaming market has garnered impressive results, generating CAD$35.6 billion ($26.5 billion) in wagers and approximately $1.4 billion in gaming revenue. This remarkable performance has firmly established the Canadian province as one of the top five iGaming jurisdictions in North America, according to insights from iGaming Ontario (iGO).
Most Popular Betting Sports:
The report also provides insights into the preferences of Ontario’s bettors. Basketball emerged as the top choice for wagers, accounting for 28 percent of total betting activity. Soccer followed closely at 15 percent, with football at 14 percent, hockey at 9 percent, and baseball at 8 percent.
Success in Regulation:
A separate report commissioned by the Alcohol and Gaming Commission of Ontario (AGCO) and iGaming Ontario, conducted by research firm Ipsos, unveiled that over 85.3 percent of players in Ontario are participating on regulated sites. This figure underscores the province’s substantial success in transitioning players from unregulated sites to platforms that adhere to Ontario’s stringent standards of game integrity and player protection.
GeoComply’s Ontario Anniversary Risk Report provides valuable insights into the global interest and challenges faced by Ontario’s regulated iGaming market. The exceptional revenue figures and high player participation on regulated sites underscore the success of Ontario’s approach to gaming regulation. As the industry continues to evolve, these findings offer important lessons and opportunities for further growth and improvement in the world of iGaming.