iGaming Ontario Releases Hopeful Q3 2023-24 Market Performance Report

Article by : Milena Petrovska Jan 24, 2024

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iGaming Ontario has released the quarterly market performance report for the third quarter of the 2023-2024 fiscal year. The report covers the period from the 1st of October to the 31st of December, the last three months of 2023.

At first glance, the figures seem to show a hopeful situation for the iGaming market performance in Ontario. Most segments noted growth, including the total wagers and gaming revenue ones.

iGaming Ontario’s report also provides insights into wagers and gaming revenue by category, revealing the most popular verticals among players in the province.

Total Wager Hit CA$17.2 Billion Noting 21% Increase Compared to Q2

The main points covered in the Q3 report are total wagers, total gaming revenue, number of operators, number of gaming websites, active player accounts, and average monthly spend.

Here are their values for the period in question:

• Total wager – CA$17.2 billion.
• Total gaming revenue – CA$658 million.
• Number of operators – 49.
• Number of gaming websites – 72.
• Active player accounts – 1.2 million.
• Average monthly spend per active player account – $CA$186.

Let’s see what a more detailed analysis of the wagers section reveals. First, please note that there are three main sectors – casino, betting, and player-to-player poker (P2P poker).

According to the report issued by iGaming Ontario, the casino sector is by far the most developed one; at least, when it comes to total wagers.

As mentioned, the total wagers in Q3 reached CA$17.2 billion. Over three-thirds of those funds (79%) were generated from the casino vertical, which saw total wagers of CA$13.7 billion.

Unsurprisingly, the second most popular sector was betting, which generated CA$3.1 billion and contributed to 18% of the total wagers.

Finally, P2P poker represents only a drop in the ocean with total wagers of CA$431 million and a 2.5% contribution towards the total iGaming wagers in Ontario.

More Active Players, Lower Monthly Spend

If the total wagers figures of Q3 are compared to the ones from Q2 and Q1, there’s an evident upwards trend. In fact, the progress is much more considerable when focusing on the numbers from Q1 to Q2. The total wagers in Ontario iGaming in Q1 and Q2 were respective CA$14.0 billion and $14.2 billion.

These figures make the Q3 results that much more impressive as they represent a significant increase quarter-over-quarter of 21%.

Similar results are seen when comparing the total gaming revenues of Q2 and Q3.

There’s a 22% increase quarter-over-quarter in this segment, and the gaming revenue went from CA$545 million to CA$658 million. The difference is much more striking than the one noticed between Q1’s CA$540 million and Q2’s CA$545 million.

With iGaming gaining more and more traction in the Canadian province, seeing the number of active players going up isn’t a surprise.

The regulator’s market report for Q2 counted 943,000 active player accounts. The figure has jumped to 1.2 million in just three months, noting a 27% quarter-over-quarter growth.

Compared to Q2, there were more operators and gaming websites in Ontario. The number of operators went from 47 to 49, while the number of gaming websites jumped by one.

Not everything improved, though. The average monthly spend went down from CA$191 in Q2 to CA$186 in Q3, perhaps highlighting the spending priorities of Canadian consumers during the holiday season.