iGaming Ontario has released its latest quarterly report revealing that online gambling revenues increased by 105% year-on-year in Q2 of FY23-24.
Wagers increased by 132% year-on-year
According to the report, total wagers made throughout Q2 of FY23-24 (July 1st – September 30th) came to CA$14.2 billion ($10.4 billion). This represented a 132% increase from Q2 FY22-23 and a 1.4% increase from the prior reporting period.
Combined revenue for the period came to CA$540 million ($395 million), down slightly from the record CA$544 million ($398 million) reported in Q1, but an increase of 105% on the same period last year.
There were 47 providers operating 71 websites during the reporting period.
According to the latest Canadian gambling statistics, the number of active player accounts grew by 2.5% from 920,000 in the previous quarter to 943,000 during Q2. The average monthly spend per active player account dropped slightly from CA$197 ($144) to CA$191 ($140).
Casino Gaming the Driving Force
The report also reveals that CA$11.9 billion ($8.7 billion) — 84% of all bets made — came through online casinos. In terms of revenue, CA$407 million ($297.7 million) — 75% of revenue — was attributed to online casino gaming.
Meanwhile, sports betting operators reported accepting CA$1.9 billion ($1.38 billion) in wagers during the reporting period representing 13% of all betting activity. Combined revenue from online sportsbooks came to CA$118 million ($86.3 million) during Q2 accounting for 22% of all iGaming revenue. This was down slightly from the 25% share reported in the previous quarter.
Peer to peer (P2P) poker operators reported CA$397 million ($290.4 million) in wagers — 3% of total wagers — and CA$16 million ($11.7 million) in gaming revenue — 3% of total revenue.
With iGaming operators taxed at 20% of reported revenue, Ontario collected approximately CA$108 million ($79 million), although this figured was not included in the report.
iGaming Ontario does not include online gaming revenues from the Ontario Lottery and Gaming Corporation (OLG) in its reports.
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.
