Ontario Casinos Market Has Taken Off with Impressive Revenue Figures in First 6 Months

The Ontario government launched its iGaming casino market on April 2022 to include both online casinos and sportsbooks. Since then, dozens of Ontario casinos have applied for licenses with the Alcohol and Gaming Commission of Ontario and are now offering gaming services to Ontarians. The legalization also allowed offshore casinos to apply for licenses while setting a low tax rate, namely revenue share.

Legal Ontario gaming sites such as Fallsview Casino Resort have played big roles in terms of providing revenue to the state. Besides providing revenue, Ontario Casino sites are a source of income for a significant fraction of people in the province. Better yet, there are thousands of Ontarians who flock to the casino sites just to have fun. In this article, we will tell you more about the growth of the Ontario casino market, earnings within 6 months, etc.

Growth of the Ontario Online Casinos Market

Until April 4, 2022, operating online casinos and sportsbooks in Ontario was considered illegal. Offshore casinos, however, offered gaming services to Ontarians but would only take bets remotely. During this time, a few provinces had already legalized iGaming and were earning revenue from it. This forced the Alcohol and Gaming Commission of Ontario to set up a regulated casino market just like other provinces.

The Ontario government legalized sportsbooks and online casinos on April 4, 2022. This move attracted land-based casinos, which applied for licenses with the regulator to offer iGaming services. The legalization also attracted dozens of offshore casinos, which initially operated without any regulations. As of now, the Ontario casino market has grown rapidly and is home to well-known gaming sites like LeoVegas AB, FanDuel, Fallsview Casino, etc.

The number of players who join regulated online casinos and sports betting sites has also grown significantly. In fact, the report from the regulator indicates that over 492 000 players have created gaming accounts with online casinos, sportsbooks, and poker sites. The report further indicates that players with active gaming accounts spend $86.33 monthly on average. Well, these figures will continue to increase, considering that Ontario has over 14.2 million residents.

More Brands Entering the Market

As an Ontarian who loves playing games online, you will always have access to unlimited online casinos and sportsbooks. Precisely, there are more brands getting the green light to enter the market as often as every month. Whether you like local online casinos or offshore gaming sites, you will get them in Ontario. Most land-based casinos have also entered the online casino market, meaning you don’t have to travel in order to play.

It is worth noting that more brands are entering the market because the licensing process is pretty simple. In order to go online, an online casino needs a license from the Alcohol and Gaming Commission of Ontario. Also, the casino needs to enter into an operating agreement with iGaming Ontario (iGO). The iGO agreement, however, only applies when there is an iGaming offered through private operators.

Ontario online casinos and sportsbooks entering the market have every gaming product you could ask for. For instance, our Fallsview Casino review found that the site has all popular slot machines and table games. The site also has decent promotional offers, a variety of payment methods, and excellent customer support service. Overall, we can say that new Ontario online casinos and sportsbooks have competitive deals to attract new players.

Earnings of the iGaming Ontario Market

The Ontario Casino market has taken off with impressive revenue figures in the first 6 months. According to the regulator’s report, the iGaming market of Ontario and Canada, in general, produced a combined income of $3.05 billion. Well, this figure is for the first twelve weeks and translates to $123.79 million in combined revenues.

The report also indicated that over 492 000 people had created gaming accounts with commercial online casinos and sportsbooks. All these people who have created accounts at Ontario gaming sites spend approximately $86.33 every month. And remember, the pooled handle figure and the amount players spend every month don’t include promotional wagers. Instead, the collective revenue tally comprises rake and tournament fees from 31 domains run by 18 private operators.

It is worth noting that the above figures didn’t include data from the state-owned Ontario Lottery and Gaming Corporation. Plus, the figures only included legal gaming sites and didn’t factor in iGaming sites operating in the black market. According to the Canadian Gaming Association, the black market sector could be worth $10.69 billion annually. So, if the Ontario government finds a way to curb the black market iGaming, the revenue earning could double up.

What We Can Expect in the Next 6 Months

If you look at the revenues figure within the first 6 months, you can tell that the future is bright. The Ontario government has licensed a plethora of iGaming sites, with some going live as often as every month. With more online casinos and sportsbooks going live regularly, we expect the earnings to double in the next six months. In fact, the state forecasts to collect approximately 13.74 million in aggregated tax revenues during the first year.

Dave Forestell, the chair of iGaming Ontario, asserted that the opening figures place the province as one of the top performers. He further added that Connecticut State, which has a population of 3.5 million people, recorded second quarter revenues of $89.11 million. As you can see, the state generated more revenues despite having just 3.5 million people. Now, considering that Ontario has over 14.2 million people, the earnings will most likely double up in the near future.

It is good to note that there are hundreds of iGaming sites operating in the black market. In other words, these are online casinos and sports betting sites that don’t generate revenue for the state. However, the move to regulate iGaming will force the black market sites to apply for licenses and start generating revenue. And remember, the black market iGaming sites are approximately worth $10.69 billion annually. The amount is indeed more than enough to make the Ontario government double its earnings.

What the First 6 Months of the Ontario Casinos Market

The Ontario casinos market is undeniably one of the fastest-growing casino markets in Canada and across the world. Since its legalization on April 4, 2022, the market has attracted dozens of local and offshore online casinos. For instance, the casino market has attracted big names such as Fallsview Casino Resort, 888 Holdings, FanDuel Group, etc. These iGaming sites are legal and legit as they hold licenses granted by the Alcohol and Gaming Commission of Ontario.

The revenue figures within the first 6 months indicate that Ontario is one of the top performers in the North American region. With more iGaming sites launching as often as every month, we expect the revenue earnings to double in the next six months. And don’t forget, the gaming products at Ontario casinos are similar to the ones available at other leading iGaming sites. For example, they have a wide range of games, including slot machines, table games, poker, live games, and jackpots.

Ontario online casinos and sportsbooks also have impressive promotional offers, multiple payment methods, and great customer support. When it comes to mobile gaming, most Ontario casinos have mobile apps and in-browser apps for Android and iOS devices.