iGO Releases Q1 FY23-24 Market Performance Report; iGaming Dominates Handily in Ontario

In its most recent quarterly revenue report, iGaming Ontario (iGO), a subsidiary of the Alcohol and Gaming Commission of Ontario (AGCO), brakes down the figures by sector for the very first time. According to the report, which was published on July 19, total wagers made over the first quarter (Q1) of the 2023-24 fiscal year (FY) (April 1st – June 30th) in Ontario came to CAD$14 billion (USD$10.6 billion). These figures from iGO represent a staggering 243 percent swell from the $4.076 billion reported across Q1 FY22-23. The previous quarterly record, $10.5 billion, was set in Q4.

Also provided by the agency were full fiscal year 2022-23 figures spanning from the April 4, 2022, launch of online wagering, through March 31, 2023. That period’s total handle was reported at CAD$35.6 billion (USD$27.01), with combined revenue across the iGaming, sports wagering, and poker sectors, totaling roughly CAD$1.4 billion (USD$1.06 billion).

New Record

Meanwhile, the combined revenue for the period spanning April 1 to June 30 set a new record for the Canadian province, coming in at CAD$544 million, (USD$413.4 million), a 236 percent rise on the CAD$162 million (USD$123 million) reported for the same time period a year ago. That means we could see revenue totals from FY 2022-23 doubling. Moreover, handle increased 0.7 percent compared to the previous fiscal quarter, and revenue saw a 3.6 percent rise.

Attributing to the substantial growth of the sector was considerable increases in betting activity and revenue. Compared to 31 websites being operated by 18 online gambling providers in Q1 FY22-23, there were 71 websites operated by 46 providers in the most recent reporting period. According to the report, CAD$11.6 billion (USD$8.8 billion), or 83 percent of all bets made, was generated by online casinos. Revenue-wise, CAD$392 million (USD$297.4 million), or 72 percent of revenue, was attributed to iGaming. Another significant increase was seen in the number of active player accounts, which rose to 920,000 from 492,000, an 87 percent swell, while a 74 percent surge was reported for the average monthly spend per player account, increasing from CAD$113 (USD$86) to CAD$197 (USD$150).

Ontario Opens the Door

Since 1985, Canada’s federal and provincial governments have allowed provinces to create their own regulations for online and land-based gambling (except for horse racing). Taking the lead, the government of Ontario officially launched its legal and regulated iGaming market on April 4, 2022. The expansion from brick and mortar casino to mobile and desktop has been successful in attracting casual players, many of whom were likely in-person only gamblers.

When the province launched its new online gaming market last year, industry figures estimated that approximately $500 million a year was being spent on internet gambling by Ontarians, most of which was with companies that operate beyond the Canadian province. Some 16 months later, and online gamers are now able to take advantage of sites such as https://sportslens.com/online-casinos/offshore/ to help them decide which online betting sites and online casinos to spend their money at, whether it be in Ontario or an offshore gambling site.