Ontario has released numbers that show the success of its online gambling market. The market is regulated and licensed since April 2022. Online casinos and sports betting sites generated revenue of $2.2 million during the first quarter. $4.1 Billion.
With Q3 coming to a close, industry operators excitedly await iGaming Ontario’s second report on market performance, wondering if the sports betting revenue will surpass the already achieved 4% ($162 million) from Q2.
The Q2 results become even more impressive since they don’t consider the revenue from the Ontario Lottery and Gaming Corporation, such as ProLine+, but only those from private operators that have received an operating license.
Market Regulations on April 20, 2022
Ontario’s regulated sports betting market launched on April 4th, opening its doors to numerous legal betting sites in Canada that, until then, operated on the gray market. Ontario is poised to be one of the most popular online gambling and betting areas in North America, thanks to the growing number of licensed operators.
The results speak for themself. iGaming Ontario’s first report was released on August 30th 2022. The report includes data from the date the market started sports betting to June 30th.
The total cash wagers excluding bonus or promotional bets amounted to $4,076 Million, which translated into $162 million in gaming revenue. These numbers, which don’t include fees and players’ winnings, are an excellent first result for iGaming Ontario.
Dave Forestell (the Board Chair of iGaming Ontario), stated that these revenue figures are due to a strong player base, low entry barriers, and low barriers to entry into the regulated markets. These numbers are growing, with 18 live operators and 31 iGaming sites receiving their operating licenses at the end of Q2.
The same applies to the number of players. As of Q2, 492,000 player accounts were currently active. These don’t consider unique playing individuals but rather the number of player accounts on all licensed operators. The numbers are clear: Ontario is a market where operators and players want to open businesses.
Q3 Revenue Forecasts
iGaming Ontario should publish its second report in the coming weeks. But all of the analysis currently points to substantial growth in revenue, and the number users.
Projections point towards $439M The company will be generating $621M in revenue by 2022. This is a combined annual growth rate between 2022-2027 of 7.88%. These predictions are likely to come true and Canadian online casinos and sports betting sites can expect a market volume in excess of $621M within five year.
This will also affect player accounts. With steady growth each year, the online gaming market should have 7.7 millions users within the next few decades.
iGaming Ontario should see a rise in operators. There are many brands that are still waiting for the regulatory body’s final decision.
What Can You Expect From The Regulated Marketplace?
If current predictions are true, it is most likely that the launch of regulated online gaming and betting market will be the best decision for the province.
Nevertheless, iGaming Ontario and Alcohol and Gaming Commission of Ontario could need to implement additional responsible gaming tools to keep up with the increasing number of players.
Although online betting should be practiced as entertainment, these activities might lead to additive habits – which the regulatory authorities must act upon early on and ensure all the necessary tools are in place for players.
With the continuous development of new betting and gambling options, especially those that might now seem futuristic, such as the case of Virtual Reality gambling, ensuring players remain safe should be one of iGaming Ontario’s main priorities.
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