In 2023, Ontario’s online sportsbook and casino industry experienced a significant upsurge, according to iGaming Ontario (iGO). Active player accounts associated with online wagering and casinos amounted to 943,000 during the fourth quarter of 2023, with the number of such accounts peaking at 1.2 million in Ontario. An analysis of the data pertaining to the fourth quarter of 2022 reveals a cumulative count of 910,000. This figure signifies a yearly growth of 31.9%.
In the year 2023, a total of $17.2 billion in bets were placed, generating $658 million in revenue. The data indicates a consistent annual increase of 44% and 49.2%, respectively, which signifies an exponential development in the realm of online wagering in Ontario. Additionally, wagering is 21% higher than the previous quarter.
The fourth quarter saw the highest volume of wagering, with online casinos accounting for $471 million in revenue and $13.7 billion in total wagers.
Based on Canadian sportsbooks news, the sports betting segment generated $171 million in revenue and $3.1 million in handling. Online poker, on the other hand, generated $17 million in income and $431 million in wagers.
The sports betting calendar shows that the most popular sports begin their seasons in the autumn, so it’s no surprise that wagers on these games increased significantly from the previous quarter’s $2 billion.
With 49 providers providing 72 different sites in Ontario, the entire market size is witnessing a strong push. The substantial jump in the Q4 data is encouraging following the somewhat flat Q3 report.
However, the record revenue and rising market trend are obvious. Operators are nonetheless flooding the market, even though some, like Kindred, are opting out.
Customer spending experienced a marginal decline from the previous quarter to the most recent period, falling from $191 to $186.
