Ontario iGaming sees record wagers of $17.8 billion in 2023-2024

Ontario iGaming wagers hit $17.8 billion in 2023-2024

“Ontario’s online gaming market is booming, with sports fans eagerly awaiting the start of the NBA and NHL playoffs. A recent report from iGaming Ontario sheds light on the staggering $18 billion in wagers placed during the 2023-2024 period in the province.

A Spike in Wagers and Revenue

During the fourth quarter alone, total wagers soared to $17.8 billion, contributing to a yearly total of $63 billion for the fiscal year. This represents a significant 78% increase compared to the previous year. Notably, the report does not include promotional wagers.

In terms of gaming revenue, the fourth quarter saw $690 million, adding to a total of $2.4 billion for the year, marking a 72% increase from the previous year. This revenue includes various fees and player winnings but does not factor in operational costs.

A Bright Future Ahead

Martha Otton, executive director of iGaming Ontario, expressed excitement about the market’s growth, stating that the second year was over 70% larger than the first. As the industry enters its third year, there is great potential for further success and partnership opportunities to benefit Ontarians.

Where the Money Goes

Casino wagers dominated the scene, accounting for $14.6 billion in the fourth quarter and a total of $51.7 billion for the year. The report highlights the popularity of casino games like slots, table games, and bingo. Gaming revenue from casinos also saw a notable increase of 89% compared to the previous year.

Transition to Legal Platforms

The report also reveals a shift from grey market sites to legal platforms since Ontario opened its online gaming market. Previously, Ontarians were using unregulated sites without adequate consumer protection. With the introduction of legal options, the majority of players have transitioned to safer platforms.

Looking Ahead

As the online gaming market in Ontario continues to evolve, it raises important questions about consumer protection, responsible gambling practices, and the economic impact of the industry. It is essential for regulators, operators, and the community to work together to ensure a safe and sustainable gaming environment.

In conclusion, while the growth of Ontario’s online gaming market presents exciting opportunities for revenue and entertainment, it also underscores the need for responsible oversight and measures to protect consumers. By balancing growth with safeguards, Ontario can maximize the benefits of the industry while prioritizing the well-being of its residents.”



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