Ontario’s Betting Industry Is Skyrocketing in Revenue

Written By Grant Taylor-Hill on January 20, 2024
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On April 4, 2022, sports betting became legal in Ontario, Canada. Since then, the market has been on a constant upward trend, gathering steam and bringing in revenue-based boons for the operators granted licenses in the region, such as BetMGM, Caesars, and Bet365. A recent report revealed that Q3 of FY 2023 – 2024 was a thriving time for the province, with $488 million in revenue being generated over a three-month period.

There are forty-nine operators in the province – and seventy-two sports betting sites. That number is also growing over time, as Ontario is enjoying fewer restrictions than some US states that have strict rules around the number of operators that can be actively licensed at any one time.

Strength in the North

It was revealed by a report in the Canadian Press that a whopping $12.7 billion in wagers was made between October and December 2023. That figure was up a staggering 21% quarter-over-quarter, and around 1.2 million active player accounts were recorded on the various betting sites live in the region. In the data-led report, it was revealed that the average monthly spend per bettor floated around $137.

In the casino and virtual sports betting worlds, a clear lead was established. As per the data, a staggering 79% of all wagers placed were on casino games, computer-based table games, and virtual games. For sports betting, a princely 18% of total wagers was secured, showing the gulf of distance between those enjoying virtual betting solutions and sports betting markets in Ontario.

Last year, Rivalry rolled out an advanced sports betting app in the region. This landed around a year after the operator entered Ontario, and it saw a successful launch, with many thousands of bettors making their way into the app. Back then, the CEO of Rivalry, Steven Salz, said:

‘Mobile betting is a significant addition for our Ontario operations and core audience of Millennial and Gen Z consumers that prefer the flexibility of betting on their phones. Launching a mobile app adds an important layer of accessibility to our product, increasing our addressable market in Ontario, and allowing us to bring esports betting to more customers in the region and ultimately grow the category.’

Before that, BetMGM opted to launch a string of NHL-branded casino games to target regions in North America – including Ontario.

Ontario is enjoying a period of remarkable growth in the betting sector – as is most of North America. Recently, more states and even entire countries have opened their doors to the legalisation of sports betting. Most recently, Brazil implemented a new legislature to legalise more betting practices in the South American nation.

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Grant Taylor-Hill

Grant is a lifelong, multi-platform gamer with a passion for journalism and more than ten years' experience in the industry. He'll try any game once, and when he's not playing them, he's watching them, being as he is an avid esports fan.

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