As per Paul Burns, the President and CEO of the Canadian Gaming Association, Ontario's financial figures for Q2 FY 2024-25 indicate a market that has “matured.” 

The most recent iGaming Ontario market performance report came out on Thursday. Total bets in Q2 ($18.7 billion) increased by 1.6% relative to Q1 – and by 31.7% compared to Q2 2023-24. 

Ontario Bets Rise 

In Q2, Ontario's total gaming revenue reached $738 million, showing a 1.7% rise from Q1 and a 35.4% increase compared to the same period last year. 

The competitive Ontario igaming market was introduced in April 2022. The financial outcomes exclude income earned through the Ontario Lottery and Gaming Corporation, which is owned by the government. 

“Following a tradition, she established when the market first opened, [iGaming Ontario] Executive Director Martha Otton gave attendees at her panel at G2E [earlier this month, in Las Vegas] a sneak peek at iGaming Ontario’s Q2 2024 numbers,” Burns said. “These results show what we hoped would happen with the market – operators have hit their stride, advertising is levelling off, and AGCO and iGO are still admitting more operators into Ontario to replace the handful that have left.

CGA President: Operators Have Hit Their Stride

"Overall numbers are now more representative of a mature market versus a new one, and it points to long-term sustainability for both the province and the industry.”

The market performance report spanned from July 1 to September 30, 2024. Gaming revenue is the overall cash bets, which includes rake fees, tournament fees, and additional fees from all operators, subtracting player winnings from cash wagers, while excluding operating expenses or other obligations. 

In the second quarter, there were 51 operators and 83 active licensed gaming websites. In Q2, there were over 1.32 million active player accounts, a decrease from 1.9 million in Q1, and the average monthly expenditure per active account was $308 (up from $284 in Q1). 

Casino Sector Leads 

Casino (slots, live and online table games, peer-to-peer bingo) remains the leading sector in the Ontario market – 86% of total bets ($16 billion) and 75% of gaming income ($553 million). 

Wagers on sports, esports, proposition, and novelty bets accounted for 12% of overall bets ($2.2 billion) and 23% of gaming income ($167 million). Peer-to-peer poker accounted for 2.2% of overall bets ($417 million) and 2.4% ($18 million) of earnings. 

In the meantime, Alberta is still pursuing the implementation of an Ontario-like igaming regulatory framework, expected in 2025.