iGaming Ontario reports $4 billion in wagers in first ever earnings since launch

Article content

More than $4 billion in cash wagers were placed in the first quarter of Ontario’s new online gaming regime, according to figures released Tuesday by the agency overseeing the program.

Article content

In its first quarterly report, iGaming Ontario said $162 million in total gaming revenue was earned by 18 operators and 31 iGaming websites in the period ended June 30. It said there were 492,000 active player accounts in the quarter.

Article content

The agency, which is a subsidiary of the Alcohol and Gaming Commission of Ontario, defines gaming revenue as total cash wagers — including rake fees, tournament fees and other fees — minus player winnings. It does not include operating costs.

“With a competitive revenue share rate and low barriers to entry, Ontario is an attractive iGaming market with a strong player base,” board chair Dave Forestell said in a press release.

iGaming Ontario did not provide specific breakdowns for its revenue but said in an email that “sports betting and online casino games are both performing well.”

Article content

Ontario’s internet gambling market became the first of its kind in Canada when it launched in April.

JD McNamara, a director with Canada Sports Betting, a resource for the online betting industry, said Tuesday’s results provided one of the first measures of how the market has been performing since its inception.

He said that iGaming Ontario’s numbers seem to be “on the low side” compared to U.S. markets with a similar population size as Ontario. McNamara said he estimates sports betting comprises 10 per cent of the total iGaming numbers.

Article content

“Obviously, the U.S. market is a more mature market … but Ontario is underperforming (relative to its) size,” he said, adding it does not come as a surprise given the way the market was launched.

McNamara said the information around the transition from the “grey market” to the legally regulated market may have been confusing for some users.

Before its launch, Ontarians were estimated to be spending hundreds of millions of dollars a year on sites in the so-called grey market, in which operators took bets from individuals inside the province despite being operated and regulated abroad.

• Email: [email protected] | Twitter: denisepglnwn