Ontario generates revenue of C$162m in its first 88 days
iGaming Ontario publishes long-awaited data on provincial market as active player accounts near half-a-million
Ontario’s igaming and sports betting market generated C$162m (£106.1m) in revenue during the first full quarter of operation, according to data finally published by iGaming Ontario.
Total wagers during the period April 4 to June 30 amounted to C$4.1bn. A total of 18 operators were live in Canada’s most-populous province during the quarter, with 31 websites in operation, although just 17 sites went live from the outset.
It was also revealed that 492,000 active player accounts were registered. These represent accounts where cash or promotional activity took place, and do not represent unique players who may have accounts with multiple operators.
According to iGaming Ontario data, the average monthly spend per active player account amounted to C$113.
These figures do not include data from the province-run Ontario Lottery and Gaming (OLG) and these numbers are unaudited and subject to adjustment.
While the regulator sounded upbeat about the numbers, industry observers were left a little underwhelmed, especially when you consider a US state like Michigan, which offers both sports betting and igaming, generated revenue of $465m in Q2.
A few explanations are that Ontario went from grey to white but still has unlicensed sites targeting the market, while there restrictions around marketing, including bonuses. Also, the OLG’s gaming site and Proline+ sports site aren’t included in the numbers.
In an accompanying statement, iGaming Ontario, said: “Whether measured by revenue performance or by the number of active player accounts, these results suggest that people in Ontario are interested in the strong player and anti-money laundering protections that are being offered in the regulated market.”
In addition to confirming the main financial results of the first quarter of operation, iGaming Ontario has committed to publishing further data on a quarterly basis including product segmentation, player protection measures, player demographics and data on the economic impact of the industry.
Operators are required to sign agreements with iGaming Ontario to operate igaming in the province, with companies obligated to act in accordance with these agreements.
It is independent from the main regulatory entity, the Alcohol and Gaming Commission of Ontario, which issues licenses, maintains and implements standards as well as censuring operators for breaches.
iGaming Ontario board chairman Dave Forestell welcomed the Q1 results as a portent of things to come for the jurisdiction as it moves forward.
“Our aim is to be the best gaming jurisdiction in the world and these positive results are an early sign that we’re on our way,” Forestell said.
“With a competitive revenue share rate and low barriers to entry, Ontario is an attractive igaming market with a strong player base,” he added.