Ontario online sportsbooks and casinos ended 2023 on a high note per the latest quarterly revenue report from iGaming Ontario (iGO).
For the first time, the number of active accounts in the province was in seven-figure territory. Active player accounts jumped from 943,000 in the last quarter to 1.2 million in the final quarter of the year. The number of accounts was up 31.9% year over year from the 910,000 accounts recorded in Q4 of 2022.
The more than a million bettors placed $17.2 billion in wagers across the period, generating $658 million in revenue. These numbers are up 49.2% and 44% respectively year over year and signal the continued growth of an industry that is approaching its second birthday. The wagers are also up 21% over the previous quarter.
The total wagers and total revenue are both records for the province.
Online casino comprised the bulk of bets in Q4, accounting for $13.7 billion of the wagers and $471 million of the revenue.
Sports betting in the province generated $3.1 billion in handle and $171 million in revenue while online poker generated $431 million in wagers and $17 million in revenue.
Sports betting was up substantially from $2 billion in wagers during the previous quarter, but that largely coincides with the sports betting calendar, as the fall is when many popular sports start their seasons back up.
The size of the market continued to grow as well with 49 operators offering 72 different sites in Ontario.
The Q4 report’s noticeable uptick is good news after a relatively flat Q3 report in the fall.
It is difficult to gauge the specific growth of online casino and online sports betting in Ontario year over year, as last year’s report did not break down revenue by vertical.
Nonetheless, the record revenue and continued upward trajectory of the market is clear. Even as some operators like Kindred are choosing to leave the market, other, new operators are continuing to come in.
One category that was slightly down quarter-over-quarter was customer spend, which dipped from $191 last quarter to $186 in the most recent period.