Ontario continues to thrive, the same can be said for the iGaming industry in the state. Its most recent performance report corroborates the industry’s growth, with Ontario’s iGaming industry showing a 32% year-on-year increase in Q2.
Understanding iGaming Ontario
iGaming Ontario, also known as iGO, acts on behalf of the province of Ontario to help regulate the iGaming market in the area. It grants private gaming operators licenses so they can operate in the province. iGaming Ontario also ensures that the province’s online gaming market is safe, legal and accessible to players.
It provides support and free resources to players and ensures that every private gaming operator’s services are up to standard. In short, iGaming Ontario oversees Ontario’s online gaming market. It gives players access to a safe and regulated gaming market made up of private gaming companies.
Thanks to iGaming Ontario, players now have access to the best online slots in Canada without fear of playing with unregulated providers, as long as they access them via the correct channels, they can also access a wide variety of other casino games and sports betting options. Not only is iGaming Ontario helping players have a better and safer gaming experience, but it is also helping the province grow and develop. The revenues that the online gaming industry brings in contribute to the overall growth of the province.
iGaming Ontario may sound like a common and ordinary gaming body. However, it was the first of its kind in Canada’s regulated online gaming market. Its success is now encouraging other Canadian provinces to create their own iGaming body. Many of them are now looking to create a body that will act on behalf of the local regulator to oversee and regulate their province’s local online gaming market.
iGaming Ontario’s recent growth
iGaming Ontario’s most recent performance report came out at the end of October. It covers the second quarter of the 2024-2025 fiscal year (July 1 to September 30, 2024). The figures are based on the trading activity of private online gaming companies that operate in the province of Ontario.
iGaming Ontario’s total wagers have reached $18.7 billion in Q2 of 2024. In Q2 of 2023, iGaming Ontario had reported total wagers of $14.7 billion. Compared to Q2 of last year, this quarter’s total wagers sum has increased by 31.7%. Not only is the industry growing year after year, but it is also visibly growing within the same fiscal year.
Earlier this year, in Q1 of 2024, iGaming Ontario had reported a handle of $18.4 billion. The most recent Q2 report shows an increase of 1.6% in wagers compared to Q1 of 2024. In other words, the revenues in Q2 have surpassed revenues in Q1, proving that the iGaming industry continues to grow, quarter after quarter and year after year.
Breaking down these figures
– Increase of online casino gaming
The main source of revenue of the iGaming Ontario industry is online casino gaming. This type of gaming includes slot games, blackjack, poker and more. As iGaming Ontario’s latest report shows, casino gaming continues to grow and expand. It consistently brings in millions of dollars in quarterly revenue.
– The role of sports betting
Sports betting is the second most important source of revenue in the iGaming Ontario industry after casino gaming. It also brings in millions of dollars in quarterly revenue. That being said, the latest report shows that sports betting is not growing as much as casino gaming is.
Q2 of 2024 brought in $167 million whereas Q1 of 2024 brought in $181 million. In other words, there has been a slight decrease in revenue this second quarter compared to the first quarter of the year.
– The role of peer-to-peer poker gaming
Peer-to-peer poker gaming is the third source of revenue in the iGaming Ontario industry. It brings in several millions of dollars in quarterly revenue. However, peer-to-peer poker gaming does not appear to grow in popularity.
The latest report shows that peer-to-peer poker brought in $18 million in Q2 of 2024. It had brought in $16 million in Q2 of 2023 but $19 million in Q4 of 2023. Compared to Q2 of last year, peer-to-peer poker is on the rise. However, compared to Q4 of last year, peer-to-peer poker is not as successful this fiscal year.
Final thoughts
The iGaming Ontario industry continues to grow year after year. Their most recent Q2 report shows a 32% year-over-year handle increase, led mainly by casino gaming. The last few years’ figures show the popularity of the iGaming Ontario industry. This industry will most likely continue to grow and expand over the next decades.
