iGaming Ontario Reports Another Record-Breaking Quarter as Online Casinos Dominate

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iGaming Ontario has released its latest quarterly revenue report breaking down the figures by sector for the first time.
83% of all bets made at online casinos

According to the report, total wagers made throughout Q1 of FY23-24 (April 1st – June 30th) came to CA$14 billion. This represented a 243% increase from the $4.076 billion reported in Q1 FY22-23.

Combined revenue for the period came to CA$544 million, a new record for the province and a 236% increase on the CA$162 million reported a year ago. This was also a 3.6% increase on the CA$526 million reported in the previous fiscal quarter.

The significant increases in both betting activity and revenue can be attributed to the growth of the sector. In Q1 FY22-23 there were 18 online gambling providers operating 31 websites while there were 46 providers operating 71 websites in the most recent reporting period.

The number of active player accounts grew by 87% from 492,000 to 920,000 while the average monthly spend per active player account jumped by 74% from CA$113 to CA$197.

The report also reveals that CA$11.6 billion (83% of all bets made) came through online casinos. In terms of revenue, CA$392 million (72% of revenue) was attributed to online casino gaming.

While previous reports failed to give a detailed breakdown of each sector, online casino revenue and market share has increased when compared to the same period in the previous fiscal year. At that time, iGaming Ontario reported that “casino games, including slots, live and computer-based table games as well as peer-to-peer bingo” accounted for 78% of all wagers made and 67% of revenue.

Meanwhile, sports betting operators reported accepting CA$2 billion in wagers during the reporting period representing 14% of all betting activity. Combined revenue from online sportsbooks came to CA$138 million during Q1 accounting for 25% of all iGaming revenue.

With iGaming operators taxed at 20% of reported revenue, Ontario collected approximately CA$109 million, although this figured was not included in the report.

iGaming Ontario does not include online gaming revenues from the Ontario Lottery and Gaming Corporation (OLG) in its reports.

Based in Galway, Ireland, Ciaran has over a decade of experience writing for some of the biggest names in the sports-betting, gambling, poker & casino industries.