The waiting (and guessing) game about how sports betting in Ontario is faring is finally over, as iGaming Ontario released its first market report for Q1 2022 today.
The initial numbers for April — when Ontario gave the green light to legal sports betting — until June revealed that the province took in $4.076 billion in total gaming wagers (comprised of both sports betting and casino action), offered by 18 operators and 31 gaming websites.
The report also noted there were 492,000 active player accounts and an average monthly spend of $113 per player — with the total also not including cash wagered on promotional/bonus offers.
Ontario has finally released its first gaming numbers:
— Brandon DuBreuil (@CoversBDB) August 30, 2022
$4.076M in total wagers
$162M in total gaming revenue
492K active player accounts
$113 average monthly spend per player account
Revenue numbers low
The total gaming revenue for Q1 was $162 million, which is a fair bit below initial analyst predictions, and the resulting 3.9% hold raises concerns as that factors in both sports betting and casino games (which traditionally carries a much higher win rate) — and sits well below another comparable major market in New York, which reported a hold percentage of 6.63 for sports betting alone in its initial quarter post launch.
It should be noted, however, that these numbers did not include a number of popular former grey-area gaming brands, which were not licensed iGO operators until Q2 2022.
The numbers are low, but should be noted that the following long-standing grey area brands would not but counted in the numbers as they only recently were regulated:
— Brandon DuBreuil (@CoversBDB) August 30, 2022
Sports Interaction
betway
Jackpot City
Ruby Fortune
Spin
And ofc Pinnacle, which hasn't yet received licensing
Despite the lower revenue number, iGO is pleased with the initial performance of Ontario, which still also only offers online sports betting.
"Our aim is to be the best gaming jurisdiction in the world and these positive results are an early sign that we’re on our way," says Dave Forestell, iGO’s Board Chair. "With a competitive revenue share rate and low barriers to entry, Ontario is an attractive igaming market with a strong player base."
