The Ontario online betting industry has just reported its market performance report for Q3 of 2023-24, and the numbers are definitely impressive. The quarter reflected improvement over Q2 in plenty of major categories, including total amount wagered, gaming revenue, and active accounts.
Ontario Betting Brings In $658 Million In Q3 Revenue
iGaming Ontario has just released its Q3 market performance report for the fiscal year of 2023-2024. While there are plenty of takeaways from the report, the $17.2 billion in total wagers is possibly the most interesting number. This is a 21% increase over Q2’s $14.2 billion and is the largest total in the history of Ontario betting.
Total gaming revenue for Q3 of the 2023-24 fiscal year added up to $658 million. This is a 22% jump over Q2’s $540 million revenue totals. This is also the highest revenue total in Ontario wagering history.
Active player accounts in Ontario also ballooned to the millions in Q3 with a total of 1.2 million. In comparison, there were 943 thousand active player accounts in Q2. For reference, active player accounts are any betting accounts that promotional betting activity or cash throughout the time period. Since bettors might be active with multiple operators, active players don’t represent unique players. Active player accounts spent an average of $186 throughout the quarter.
The number of overall operators and gaming websites also increased throughout the quarter, adding five new operators and an additional gaming site. The province is now home to 49 operators such as Score Media And Gaming Inc., ElectraWorks Maple Limited, BetMGM Canada Inc., and Rootz Ltd.
Online Casinos Drove The Majority Of Q3 Handle And Revenue
While both sports betting and online casinos are available in the province of Ontario, the latter was responsible for most of the high Q3 numbers. According to the report from iGaming Ontario, online casino games like table games, peer-to-peer bingo, and slot machines drove $13.7 billion in handle and $471 million in revenue. This means Ontario online casinos represented 79% of handle and 71% of gaming revenue.
Meanwhile, sports betting, as well as wagers on novelty wagers, esports, and prop bets, accounted for a $3.1 billion handle and $171 million in gaming revenue. So sports betting was behind 18% of the province’s Q3 handle and 25% of revenue.
Rounding out the totals was peer-to-peer poker, which was responsible for a $431 million handle (or 2.5% of the total) and $17 million of revenue (also 2.5% of the total).
Ontario Betting Industry Fully Launched In 2022
The online Ontario betting market is closing in on two years of availability. The launch date for both Ontario online casinos and Ontario sports betting was April 4, 2024, bringing a wide variety of betting operators to the province. Before this, sports bettors only had access to a single platform (ProLine) and could only place parlay-style wagers.
With the addition of online casino apps and mobile sportsbooks, Ontario added even more betting options. In addition to those options, Ontario has retail casinos, brick-and-mortar sportsbooks, horse racing, bingo, live poker, and a lottery. The legal betting age in the province is 19 and up, although individuals must be at least 18 to participate in bingo and the lottery.