Financial results for Q3 have now been released by iGaming Ontario and results from the quarter show a 22% increase in wagering when compared to Q2 and a 32% rise in comparison to Q3 of the previous year.
Over the course of Q3, iGaming Ontario saw total wagers of $22.7 billion, a figure that does not include promotional wagers such as bonuses.
Gaming revenue totaled $825.8 million, a 10% increase compared to Q2. That’s the sum of all cash wagers, rake fees, tournament fees, and other fees across all legal operators in the province, once player winnings and other costs are taken into account.
Casino games continue to pull in the crowds
Casino games continued to top the charts as the most popular option for Ontario players, although the percentage share for these games dipped slightly from Q2.
In Q3, casino games accounted for 83% of total wagers and $644 million (78%) of gaming revenue. In Q2, these games accounted for $16 billion (86%) and $553 million (75%), respectively.
Games like slots, computer-based table games and peer-to-peer bingo were the go-to for players in both quarters. There were approximately 997,000 active player accounts in Q3, with each active player spending an average of $277 per month.
Sports betting remains popular in Ontario
Sports betting, esports bets, proposition, and novelty bets also attracted a huge amount of attention in Q3; players parted with $3.4 billion in wagers on these. Betting represented 15% of total wagers for Q3 and $166 million (20%) of gaming revenue.
Peer-to-peer (P2P) poker remained a popular choice in the province, with Ontario players gambling $418 million as they perfected those poker faces. The figure accounted for 1.8% of total wagers and $16 million (1.9%) of gaming revenue in Q3.
Market saturation warnings for Ontario operators
Q3’s steady results come in the context of saturation warnings from commentators.
Ontario is now one of North America’s biggest markets, with 50 operators for players to choose from, and 83 different gaming sites.
Companies hoping to launch in the province have to apply for an operator registration from the Alcohol and Gaming Commission of Ontario (AGCO), before entering into an operating agreement.
In December, Bally’s Interactive announced the launch of the new Bally Bet Sportsbook and Casino, with a new app designed to bring together the functionalities of its existing casino and sportsbook apps. But commentators have warned that market saturation could make things difficult for new operators there.
Currently, there are 24 operator applications pending registration with the AGCO, so this is a problem that’s unlikely to go away any time soon.
New CEO on the horizon
Last year, iGaming Ontario announced that its CEO, Martha Otton, would be retiring at the end of 2024.
The organization launched a leadership search at the time, but is yet to find her successor. Otton therefore plans to remain in position as iGaming Ontario’s chief executive until March 31, to help facilitate an orderly transition once a new CEO has been appointed.
The board has stated that it remains “committed to iGaming Ontario’s vision, and to continue building on our collective work to establish and grow Ontario’s iGaming market.”
