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5 Key Results from iGaming Ontario's Q1 2024 Report
mkodo Team
iGaming in Ontario has maintained an impressive growth trajectory since the market's inception in April 2022. The Q1 2024 results from iGaming Ontario further confirm this trend, offering valuable insights into market dynamics, player behaviour, and the industry's overall performance. We have taken a look into these results and below is a breakdown of some of the key findings.
Remarkable Revenue Growth
In Q1 2024, iGaming Ontario reported total gaming revenue reaching $726 million, a significant 34% increase compared to Q1 2023. This growth indicates a thriving and expanding regulated iGaming market within the province, indicative of growing player engagement and increased wagering activity.
The significant growth rate reflects not only the robust health of the iGaming sector in Ontario but also an evolving and increasingly competitive landscape. Enhanced game offerings, improved technology, and successful promotional strategies likely contributed to this upward trend.
Surge in Wagering Activity
Total wagers for Q1 2024 amounted to $18.4 billion, marking a 31% year-over-year increase. This reflects a growing enthusiasm for online gambling, supported by a diverse array of gaming options and improved accessibility. Not only that the average monthly spend per active player account was $284, indicating strong player investment and engagement in the gaming ecosystem. The appetite for online gaming in Ontario certainly isn’t slowing down.
Increased Player Participation
Nearly 1.9 million player accounts were active during Q1 2024, a substantial increase from previous periods. This number of active accounts reflects the expanding reach of regulated online gambling in Ontario and indicates that more individuals are not only signing up but also engaging regularly with iGaming platforms.
This trend suggests successful market penetration strategies by operators, managing to attract, retain and grow their user base. Not only that, but this rise in participation points to a broader acceptance and normalisation of online gambling within the province, likely driven by increased awareness and trust in the regulated market.
Growing Operator Numbers and Gaming Categories
There were 50 operators with 80 active gaming websites during Q1 2024. This diversity of operators and platforms provides players with a wide range of choices and gaming experiences.
Casino games were the dominant category, accounting for $15.5 billion (84%) of total wagers and $529 million (73%) of gaming revenue. Betting activities, including sports and esports, contributed $2.5 billion (14%) to total wagers and $181 million (25%) to gaming revenue. Peer-to-peer poker, while a smaller segment, still accounted for $402 million in wagers and $16 million in revenue.
Commitment to Responsible Gambling
iGaming Ontario continues to prioritise responsible gambling initiatives. As mentioned in our recent blog updates to regulations, such as tracking key player interactions, highlight a strong emphasis on player safety and enhanced interaction with players, signaling a significant shift towards improving responsible gambling practices in North America.
Operators are required to implement tools and resources to promote safe gambling practices and provide support for players who may need it. We go into more detail about these tools in our blog Player Safety in Ontario.
The Q1 2024 results from iGaming Ontario showcase a vibrant and expanding market. The success of Ontario makes it the perfect blueprint as other regions look to open up including Alberta. With significant revenue growth, increasing player engagement, and ongoing advancements, the future of iGaming in Ontario continues to look promising. Maintaining regulatory compliance and promoting responsible gambling will be crucial for operators and suppliers as the market continues to evolve.
For a detailed look at the full Q1 2024 report, you can visit the official iGaming Ontario report.
