Revenue and Handle Reports in Q4 of 2023 Hit All Records

The Canadian province Ontario has a lot to celebrate when it comes to the iGaming industry. According to the newest report the iGaming Ontario released, the last quarter of 2023 was the best one in the history of the iGaming business in the province since the revenue smashed all previous records.

The records shattered in the fourth quarter:

Both revenue and bets reports hit the records in Ontario when it comes to active accounts. Ontario currently has 49 operators, and in the fourth quarter of 2023, they generated CA$17.2 billion in bets. The revenue in the Q4 was CA$658. 

The numbers are the highest ever since the iGaming industry was legalized in Ontario, back in April 2022.

Online casino operators earned the most revenue: their earnings were almost 80% of the total revenue, with CA$13.7 billion of wagers during Q4.

The second place took sports betting, with CA$3.1 billion in wagers. Sports betting handle recorded an increase of 63.2% compared to the previous quarter, which was expected since the sports season in the fall was more thrilling and filled with games compared to the summer season.

When it comes to annual growth, the worth of bets increased by 49.2% compared to 2022, and the profit increased by 44%. However, the growth w bet646 asn’t unexpected, since the market itself has grown significantly since 2022. In the fourth quarter of 2022, 36 operators and 68 websites were present in the province, and in the fourth quarter of 2023, there were 49 operators and 72 websites. 

The number of users increased:

The interest in online betting and gaming also increased, so for the first time ever the province recorded more than a million active users. In Q4, 1.2 million active users were recorded, which is 31% more than in the third quarter. This is a huge increase compared to last year, since in 2022 that number was around 900.000. 

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Despite the decrease in average spend, which happened in two quarters in a row, the number of users helped in breaking revenue records. In Q2, the average monthly spend was CA$197, in Q3 it was $191, while in Q4 it was CA$186. 

According to the press release about the data iGaming Ontario published, the data from Ontario Lottery and Gaming (OLG) weren’t included in the report. Since OLG is the largest gaming operator in the whole province, the ps might vary a lot – the iGO suspects that the total handle is closer to CA$20 billion (US$14.8 billion), or about CA$670 million, or US$495 million per month.