Connect with us

Gambling

The Ontario Gambling Industry Could Boast $545 Million Revenue in Q1 of 2023

Published

on

This summer, the regulatory authority iGaming Ontario reported that the first quarter of 2023 was a profitable year. With a total gaming revenue of 545 million Canadian dollars, the industry experienced an increase in revenue compared to last year.

This summer, the regulatory authority iGaming Ontario reported that the first quarter of 2023 was a profitable year. With a total gaming revenue of 545 million Canadian dollars, the industry experienced an increase in revenue compared to last year. As the numbers show, the online gambling industry is accelerating in Ontario, but why is that?   

Gaming reaches revenues of billions

iGaming Ontario is a subsidiary of the Alcohol and Gambling Commission of Ontario, also called AGCO for short. They collect all numbers for the Canadian gambling industry, although it doesn’t comprise the revenue from the Ontario Lottery. But as the report from iGaming Ontario shows, the sector reached a record of $545 million for the first quarter of the year. 

Online casinos make up $11.6 of the $14 billion of bets, which shows the popularity of online gambling compared to physical gambling. New online casinos in Ontario are reaching new players because of a greater game variety and bonuses. You can read more about the features they offer at that link.

The sports betting industry

While online casinos are undoubtedly flourishing, this is also the case for sports betting. As the report shows, sports betting wagers made $2 billion in the first three months of 2023. This includes betting on football, ice hockey and baseball, which are popular sports in Canada. Online sports betting has opened up new opportunities, as bettors can bet live and change their bets as the game develops. Since the online betting market opened in Ontario, sports betting has accounted for 20% of the total gaming revenue. 

The online gambling industry

Ontario was quick to move when it came to online gambling. Back in 2022, Ontario was the first Canadian province to launch an open and regulated iGaming market. Since then, there has been a total gaming revenue of $1.4 billion, where casinos accounted for 78 percent, with sports betting and poker generating the rest. Online gambling is allowed for citizens older than 19, and since the market’s opening, the people of Ontario have tried their luck with online casinos. 

Online casinos offer different types of gaming, depending on the kind of casino. Some strictly offer table and poker games, while others might focus on slot machines. There are some that offer just about every type of betting you could want. If you’re looking at online casinos, make sure it has the types of games or sports betting you’re looking for. 

The appeal of online gambling

Besides offering slot machines and poker, some prefer online gambling purely because of its convenience. While there are land-based casinos in Ontario, not everyone might have access to them. Since the online gambling market was opened and regulated, it become possible for anyone over 19 to participate. 

Furthermore, there are features available at online casinos which are not available at physical casinos. These are features such as bonuses and specific characters in slot machines. Online casinos focus heavily on appearance, so players will often see dazzling graphics and high-quality gameplay. The games will often have different themes, which can appeal to players who are used to the same types of games at physical casinos.

The legality of iGaming in Ontario

In 2021, the Alcohol and Gaming Commission of Ontario formed iGaming Ontario as a subsidiary under the commission, as the goal was to create a safer gambling environment for players. Today, people in Ontario are able to play on a variety of gambling sites. IGaming Ontario can do so because gambling sites are monitored and inspected closely to ensure safer gaming and responsible operations. This is why there will often be a logo with iGaming Ontario on the bottom of the page to signify that the site is safe for playing.  

 

Continue Reading