Ontario iGaming Operators Break Revenue Record In Third Quarter

The third full quarter of regulated iGaming on a competitive market in Ontario, Canada’s most populous province, has generated revenue of 457 million Canadian dollars as players in the province staked a combined 11.53 billion Canadian dollars on sports betting and iGaming during this period.

Both figures represent significant increases compared to the second quarter, when total revenue amounted to 267 million Canadian dollars while the total handle was 6.04 billion Canadian dollars.

The number of licensed online casinos and sportsbooks in the province has also increased from 42 at the end of the second quarter to 68 in the third quarter. The increase in betting handle could also be attributed to the start of the season for two of the most popular sports teams in the province, the Toronto Raptors in basketball and the Toronto Maple Leafs in ice hockey.

Moreover, the presence of the Canadian national team in the FIFA World Cup finals in November 2022 might also have positively contributed to the record figures, considering that the Canadian team had not qualified for this event since 1986.

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In addition to that, the number of active player accounts in the province has also gone up significantly compared to the second quarter, getting closer and closer to 1 million but currently standing at 910,000.

The total number of active accounts at the end of the second quarter amounted to 628,000. The average monthly spend for players in Ontario amounted to 167 Canadian dollars, a figure which also represents an increase from the 142 dollars that were recorded in the second quarter.

The launch of online betting and gaming in Ontario was made possible by a bill that became law in 2021, repealing Canada’s ban on single-event betting. From 27 August 2021, provincial lotteries were allowed to offer single-event betting, but Ontario took everything a step further by planning to allow private operators to enter the market.

Legislation for this purpose was introduced in November 2020 and then passed in 2021. In September 2021, the Alcohol and Gaming Commission of Ontario published its regulatory standards for sports betting, including integrity rules and advertising standards and then the market opened on April 4, 2022.

SOURCE: “Ontario operators accept $11.53bn in handle for Q3“. Gambling Insider. January 27, 2023.