Ontario Breaks iGaming Wager Record with Growth Surge
According to financial figures given today by iGaming Ontario, total wagers in Ontario increased significantly in October. Total cash wagers for last month came in at CAD $9.249 billion, up 8% from the previous month.
That’s a record for Ontario, going back to when the regulated market went live in April 2022. The market's total wagers of CAD $8.54 billion in September was the previous peak. October 2024 saw a total of CAD $7.45 billion in wagers.
The total non-adjusted gross gaming revenue was CAD $367.7 million, a record for the market and a 12% increase over September.
Casino Maintains Its Domination
In October, there were 1,287 active player accounts, a 9% increase. The average revenue per active player account increased by 2% to $286. The Ontario market had 50 licensed operators in October. That number has now decreased to 48, with the news the other day that Betiton was dropping out of the market.
Casinos have a huge market share, accounting for 85% of cash wagers (CAD $7.88 billion, up 7% from September) and 83% of income (CAD $303.8 million, up 9% from the previous month).
Sports betting wagers reached CAD $1.23 billion in October, with a 13% market share—a significant 16% increase from September—as the NFL season got underway. In terms of income from sports betting, the market brought in CAD $58.3 million last month, a 25% rise from September and a 16% market share.
Everyone is watching P2P poker
It will be interesting to see how the P2P poker industry develops in terms of earnings in the future. The Ontario Court of Appeal made history earlier this month by ruling that Ontario could lawfully provide foreign liquidity. This means that Ontario-based DFS and poker players now have a legitimate opportunity to compete with their international counterparts.
It is anticipated that enterprises in those industries would see an increase in revenue now that there is a means to expand the market for DFS and online poker outside of Ontario. Up to today, that liquidity has been restricted. Players will be able to participate in bigger pools thanks to the new open global environment.
P2P poker saw CAD $131 million in wagers in October, a 9% drop from the previous month and a 1% market share. At CAD $5.6 million, revenues increased by 10% for a 2% market share.
