iGaming Ontario (iGO) recently unveiled its market performance report for the third quarter of the 2023-2024 fiscal year, showcasing remarkable growth in the Canadian online gaming industry. During the period from October 1 to December 31, 2023, a total of CAD$17.2 billion was wagered, marking a significant 21.1% increase from the second quarter and an impressive 49.1% surge year-on-year. This report dives into the key aspects of iGaming Ontario’s performance, highlighting the driving forces behind the industry’s robust expansion.
Wagering Trends:
The substantial growth in total wagers is a noteworthy indicator of the thriving iGaming sector in Ontario. Online casino activities dominated the landscape, accounting for CAD$13.7 billion or 79% of the total wagers. Betting contributed CAD$3.1 million, while peer-to-peer poker generated CAD$431 million in wagers.
Revenue Breakdown:
The financial results for Q3 reveal a substantial increase in gaming revenue, totaling CAD$658 million. This represents a 22% surge compared to the previous quarter and a remarkable 44% increase compared to the same period in 2022. Online casino games were the primary revenue driver, contributing CAD$471 million, a 15.7% increase from Q2. Betting activities accounted for CAD$171 million, with peer-to-peer poker generating $17 million in revenue.
Platform and Operator Dynamics:
The province witnessed an upswing in the number of active gaming websites during Q3, with 72 platforms in operation, reflecting a growth of four from the previous quarter. Furthermore, the number of operators increased by 13, reaching a total of 49. This expansion in the gaming landscape showcases the increasing competitiveness and opportunities within the iGaming sector in Ontario.
Player Engagement:
The report also sheds light on player engagement metrics, with the average number of active player accounts reaching 1.2 million, marking a substantial 31.8% year-on-year increase. Additionally, the average monthly spend per active player account was reported at $186 between October and December 2023, indicating a sustained and lucrative player base.
iGaming Ontario’s Q3 2023-2024 report underscores the robust growth and financial success of the online gaming industry in the province. The surge in total wagers, revenue, and player engagement signifies a thriving market with significant economic implications. As the sector continues to evolve, the data presented in this report serves as a valuable resource for stakeholders, providing insights into the trends and dynamics shaping the future of iGaming in Ontario.