The popularity of gambling online continues to grow in the province of Ontario. It was anticipated that some massive revenue figures would be recorded once a regulated market was launched in April 2022. Recently released revenue results have confirmed that opinion as sites such as Twin.com Canada continue to prosper.
Q2 figures showed that online gambling revenue in Ontario had increased by more than 100% compared to 2022 to $540 million. As for the amount gamblers were spending, that saw a massive 132% year-on-year increase.
Of the $540 million, the lion share came from online casinos. $407 million came from that form of gambling with sports betting accounting for $118 million and $16 million from online poker. These figures consist of wagers made, tournament and rake fees with a deduction then made from the amounts players are lucky enough to win from their bets.
A massive $14.20 billion was spent by players during that second quarter. The same period in 2022 had seen the figure reach $6.04 billion.
As for player spending, total igaming wagers in Q2 reached $14.20bn. This was significantly more than the $6.04bn spent during Q2 of last year. Online casino games are going down a storm with players with $11.90 billion being spent on games such as slots and table games. That’s compared to $1.90 billion for sports betting and $397 million for online poker.
The decision to allow private companies to operate in the Ontario gambling market was always going to be well received. Companies from around the globe were always going to be keen to expand their businesses and open up in the Canadian province.
Those recently released figures revealed that there were 47 licensed operators in Ontario, almost double the amount at the same time in 2022. Overall, there were 71 websites that players could become members of. Again, that’s a big increase as the total was only 42 twelve months ago.
Sites need a good customer base in order to successfully operate. The number of active player accounts is also on the rise. A total of 943,000 was recorded, up from 628,000 and it looks very likely that the million mark will be passed when the next set of figures are published.
Even more money is actually being wagered as those figures we’ve just mentioned exclude bets made using bonuses and free bets given to customers by the gambling sites.
How much are players spending? Well, again there is an increase with the latest published figure being $191 on average each month, an increase of $49 on the previous released amount.
The future looks bright for the online casino market in Ontario. Other provinces are yet to follow suit and open up to private operators but with the success this launch has seen, that may well happen in the future.