iGaming Ontario reveals year-on-year growth in February – Finance
Ontario’s Online Gambling Sector Sees Significant Growth in February: Year-on-Year Increases in Spend and Revenue
Recent statistics released by iGaming Ontario indicate a robust year-over-year growth in both online gambling expenditure and revenue for the province during February. This marks a significant development in Ontario’s regulated iGaming market, as the regulatory body has transitioned from quarterly updates to monthly reports, with the latest data published on March 19.
In February, the total expenditure by consumers reached an impressive CA$7.13 billion (approximately £3.84 billion, €4.56 billion, or US$4.96 billion). This figure reflects a remarkable increase of 26.9% compared to the same month last year, indicating a thriving online gambling landscape since the legalization of iGaming in Ontario in April 2022. Despite this strong annual growth, it is essential to note that February’s total was recorded at a decline of 9.1% from January’s figures.
Online Casino Gambling Dominates Ontario Market
An in-depth look at consumer behavior reveals that online casino gaming led the expenditure, with players wagering CA$6.07 billion on casino-type games in February. This figure not only surpassed last year’s spending by an impressive 30.5% but also constituted approximately 85% of the total wagers made during the month.
Online sports betting also demonstrated substantial growth, with consumers spending CA$930 million, marking a year-on-year increase of 12.6%. Meanwhile, peer-to-peer online poker gaming attracted a total spend of CA$130 million, though this represented a decline of 6.5% compared to the previous year.
February Online Gambling Revenue Reaches CA$280 Million
On the revenue front, Ontario’s online gambling sector generated CA$280 million in February, demonstrating a year-on-year growth of 19.2%. However, this total reflected a 5.7% decrease from the revenue reported in January.
Breaking it down further, online casino game revenues accounted for CA$214 million, indicating a 30.5% increase from last year and representing 76% of the overall monthly revenue. The sports betting sector also performed well, generating CA$62 million in revenue, up 47.6%, which resulted in a monthly hold rate of 6.67% for the province. Conversely, online poker revenue saw a downturn, slipping 9.4% to just under CA$5 million.
It is important to highlight that these statistics encompass all operators with a contractual agreement with iGaming Ontario, excluding the Ontario Lottery and Gaming Corporation’s (OLG) iGaming offerings and pari-mutuel wagering on horse racing. This comprehensive data provides valuable insights into the landscape of Ontario’s burgeoning online gambling industry.
