In its inaugural year of operation, the iGaming industry in Ontario, Canada, has made a substantial positive economic impact, generating a total of C$1.5 billion (US$1.2 billion) for the province, according to research conducted by Deloitte. This report, released by iGaming Ontario, coincides with the first full day of the Canadian Gaming Summit. Notably, the industry has also contributed significantly to job creation, with 12,000 new positions emerging in the province, resulting in C$900 million in benefits through salary payments. Furthermore, this economic surge is characterized by well-paying jobs, with the average wage in the gaming sector at C$103,000, which is C$30,000 more than the average wage in Ontario.
Year One Milestones:
iGaming was officially launched in Ontario in April 2022, and it has since achieved remarkable milestones in terms of wagers and revenue. In just one year, the legal iGaming market in Ontario has witnessed an astounding C$26.5 billion in wagers, solidifying its status as a significant player in the industry. The revenue generated has also been substantial, with the Canadian province recording C$415.5 million in the fourth quarter, marking a 13.6 percent increase over the third quarter and bringing the annual figure to an impressive C$1.4 billion.
iGaming Ontario’s Impact on Jobs:
One of the standout achievements of the Ontario iGaming industry is its contribution to employment. With 12,000 new jobs created within the first year, it has not only fueled economic growth but also provided opportunities for many individuals. Furthermore, these jobs come with attractive salaries, averaging C$103,000, which is substantially higher than the average wage in the province. This shift towards high-paying positions is a testament to the industry’s potential to boost the region’s overall prosperity.
Revenue Generation:
The revenue generated by iGaming Ontario has been nothing short of remarkable. In the fourth quarter of operations, the province saw a 13.6 percent increase in revenue compared to the previous quarter. This surge, combined with earlier earnings, has resulted in a yearly revenue figure of C$1.4 billion. This financial windfall is critical for the province, as it can be reinvested in various sectors to further enhance economic development and public services.
Wagering Statistics:
The wagering statistics in Ontario’s iGaming market have been consistently impressive. In the fourth quarter, C$10.2 billion was wagered, representing a 20.8 percent increase compared to the third quarter. This sustained growth is a clear indicator of the industry’s popularity and its ability to attract and retain a substantial customer base.
iGaming Beyond the Numbers:
While the financial aspects are crucial, the Ontario iGaming industry is not just about the numbers. It is a sector that has redefined the job market by offering well-paying positions, providing a substantial boost to the region’s economy, and showcasing the potential of emerging industries to transform communities. Additionally, the industry’s influence extends beyond the financial realm as it introduces innovative betting options, such as esports wagering, through mobile apps.
Rivalry’s Mobile App Launch:
Rivalry, a prominent sports betting and media company, has recently launched its mobile app in Ontario. This mobile app introduces an array of betting options, including esports betting on popular games like Counter-Strike: Global Offensive, League of Legends, and Dota 2. Users can also engage in traditional sports betting, covering a range of popular sports such as football, soccer, and basketball. This move by Rivalry not only enhances accessibility but also caters to the preferences of its target audience, primarily comprised of Millennial and Gen Z consumers who favor the flexibility of mobile betting.
The success of the Ontario iGaming industry in its first year of operation is a testament to its potential to stimulate economic growth and create high-paying jobs. With impressive revenue figures, sustained wagering growth, and a commitment to innovation, the industry is set to continue its positive impact on the province. As it expands, introducing mobile apps like Rivalry’s, it further enhances accessibility and introduces exciting betting options to a diverse audience. The Ontario iGaming industry serves as a model for how emerging sectors can drive economic prosperity and redefine traditional employment structures.