Ontario’s iGaming Industry Achieves New Revenue Peak in October
Ontario’s iGaming industry reached an unprecedented milestone in October 2023, recording its highest-ever monthly revenue. The regulated market generated an impressive CA$367.7 million in revenue. This significant figure underscores the robust growth and increasing player engagement within the province’s digital gaming sector.
Record-Breaking October Performance
The October results mark a substantial leap from previous months. Revenue climbed from CA$333 million in September to CA$367.7 million, following CA$307 million in August. This consistent upward trajectory highlights the expanding popularity and financial success of online gaming platforms in Ontario. The data, compiled by iGaming Ontario (IGO) and the Alcohol and Gaming Commission of Ontario (AGCO), covers operations from April 1, 2023, through December 31, 2023.
Strong Q3 Foundation for Ontario’s iGaming Industry
Before October’s record, the third quarter of 2023 (July-September) also demonstrated powerful performance. IGO reported substantial activity during this period. Total wagering, excluding promotional wagers, reached CA$14.2 billion. Gaming revenue for the quarter stood at CA$658 million, a significant increase from CA$5.7 billion in the second quarter. The market saw 9.2 million active player accounts, slightly up from 9.1 million in Q2. On average, each active account spent CA$71.50 per month, showcasing consistent player engagement.
Market Growth and Economic Contributions
Ontario stands out as the sole Canadian province with a fully regulated and open iGaming market. Its scale is comparable to some of the largest regulated markets in the United States. This robust sector has made significant economic contributions. It has generated CA$525 million in provincial taxes since its inception. With the recent revenue surge, this figure is expected to climb even higher. The market features 47 licensed operators, offering services across more than 70 gaming websites. This diverse landscape provides a wide range of choices for consumers.
Sports Betting Drives Further Expansion
A key driver of October’s record performance was the surge in sports betting. The start of major sports seasons, including the NFL and NHL, fueled this growth. Sports betting revenue specifically increased from CA$117.8 million in September to CA$139 million in October. This segment continues to be a vital component of the province’s overall iGaming success, attracting a broad audience of sports enthusiasts.
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