Ontario has recently emerged as one of the top 5 biggest regulated online gambling markets in North America. To prove this, a recent report by iGaming Ontario shows that the market has generated slightly over $1.48 billion in total gaming revenues since its launch on April 4 last year. This report covers the market performance up to April 26, 2023.
In the report generated by Deloitte, the regulator says that Ontario, Canada, is home to 45 operators and 76 regulated sites. The market regulator hopes more live online casino sites will be launched in the Canadian province soon.
Dave Forestell, iGaming Ontario’s Chair, said in a statement:
“Today’s report reveals that the newly regulated iGaming market in Ontario is delivering real benefits to every resident of Ontario, whether they play or not.”
In what should attract Ontarians to join the local gambling market, the report says the industry contributed $1.58 billion to the province’s GDP (gross domestic product). Of this amount, $906 million was from labor income. The report adds that each dollar used in gambling supported the economy with $1.14.
The federal government also got its cut from the industry, with the report revealing $238 million went to national operations. In addition, $469 million went to the provincial administration, while the municipal government received $54 million from the Ontario iGaming market.
Commenting on the new report, Ontario’s Attorney General, Doug Downey, remarked:
“Over the past year, Ontario’s iGaming market has been internationally recognized for creating a safe, legal and competitive landscape while supporting the province’s economy and displacing the existing unregulated market.”
In Q1 ending June 30, 2022, the Ontario iGaming market recorded C$162 million in revenues, with 18 companies operating in the province. Note that there were only 31 gambling sites in Ontario during this period.
The report revealed potential economic contributions to the province in 2024. Below are the numbers:
By the market’s sixth year, the report says the federal government will receive $647 million, whereas the provincial government will get $1.39 billion. Also, the municipality will get $115 million from the iGaming sector.
Lastly, the industry report says the market overseen by the Alcohol and Gaming Commission of Ontario currently employs 12,207 jobs. This figure will increase by nearly 10,000 people by the industry’s fifth year. Employees in the iGaming sector take home an average annual salary of $103,000.