The regulated market forOntario online casinos Additionally, the sports betting segment continues its upward trajectory, as highlighted in the 2023-24 market performance report from iGaming Ontario, which covers the fiscal second quarter that coincides with the calendar year's third quarter (from July 1 to September 30).
Aly Lalani, the marketing head at BetRegal, expressed optimism over the impressive triple-digit growth in several critical areas, including total bets placed and overall gaming revenue compared to the previous year.
During the second quarter of the 2023-24 fiscal year, Ontario recorded a staggering $14.2 billion in total wagers, which marks a 1.4% increase from the $14.0 billion reported in the previous quarter, excluding promotional wagers.
There was a slight decrease in Ontario's betting revenue.
Total gaming revenue fromcasino apps Ontario Sports betting revenue reached $540 million in the second quarter, reflecting a minor drop of 0.9% from $545 million in the first quarter. This figure represents all cash wagers, including rakes, tournament fees, and other charges, after deducting player winnings but does not factor in operational costs or liabilities.
In the period from July to September, Ontario had 47 licensed operators and 71 gaming websites, compared to 46 operators and the same number of gaming sites in the first quarter.
iGaming Ontario reported that there are now 943,000 active player accounts, up from 920,000 in the previous quarter, with the average expenditure per active player account coming to $191 monthly on various iGaming activities such asOntario online blackjack slots, table games, sports wagering, and more. This is an increase from an average monthly spending of $174 in the first quarter.
Specifically, during the second quarter, casino-related games, encompassing slots, live and computer-generated table games, and peer-to-peer bingo, constituted nearly $11.9 billion, which is about 84% of total wagers and provided 75% ($407 million) of the gaming revenue.
Ontario Sports Betting Falls in Q2
Wagers related to sports and esports, including proposition and novelty bets, totaled $1.9 billion in the second quarter, representing approximately 13% of the entire online gambling expenditure in Ontario and showing a 5.0% decline from the $2.0 billion seen in the first quarter. Notably, these first two quarterly reports are the inaugural ones to distinctly categorize sports wagers separate from online casino wagers on the iGaming Ontario platform.Ontario sports betting The decline in bets placed on sports in Ontario, particularly during the summer months, aligns with expectations. The report covering the full year from April 4, 2022, to March 31, 2023, indicated that basketball topped the list of preferred betting sports with 29% of the total, followed by soccer (15%), football (13%), hockey (9%), and baseball (8%). Naturally, with no NFL or NBA games, and many popular soccer leagues like the English Premier League on hiatus during summer, activity tends to slow.
Revenue from sports betting also witnessed a dip, dropping from $138 million in the first quarter to $118 million in the second quarter, which equals a 15% decrease. Nonetheless, this revenue still constituted 22% of the overall online gaming revenue in Ontario, presenting a significantly greater share than the handle itself, as per the report.Ontario betting apps Lalani remarked, \"I remain astonished by how minor a share sports betting occupies within the broader spectrum of these key performance indicators. Just 13% of total wagers and 22% of overall gaming revenue (in Q2) is notable. It will be interesting to observe the changes in these figures as major sports like the NBA and NHL commence in Q3.\"
Another noteworthy point lies in the significant value associated with sports wagers within the market. iGaming Ontario report . That was a point Lalani touched on.
Lalani further stated, \"The sports betting revenue, which accounts for nearly double the percentage of the total compared to the sports wagers themselves, indicates that brands capturing the sports market share are maintaining a healthy profit margin. I am curious about the actual player value when considering the marketing expenses necessary to gain this sports segment share.\"
Gaming sites contributed $397 million (3%) to the total wager pool and generated $16 million (also 3%) in gaming revenue, marking an increase from $350 million in total wagers and $15 million in gaming revenue in the preceding quarter.
Online casino games in Ontario continue to gain traction with enticing features and attractions.
Peer to peer (P2P) poker atOntario online poker A player at BetMGM achieved a record-breaking jackpot, creating a buzz in the gaming community.
Fromdeereplanet.com
