Government agency iGaming Ontario reported on Wednesday the financial results of the Ontario online gaming and sports betting market for the second quarter of 2022. The figures show that gamblers in the Canadian province wagered more than CAD 6 billion ($4.3 billion) and the market produced CAD 267 million ($191.9 million) in total gaming revenue.
There were 628,000 active player accounts over the three-month period from July 1 to September 30, with an average monthly spend of CAD 142 ($102) per user. iGaming Ontario doesn't provide the details of every individual operator’s revenue, nor based on iGaming discipline.
These figures show an increase in comparison with the Q1 data released in late August. During the quarter, the first in activity for the province, the market saw total wagers of CAD 4.07 billion ($3.09 billion), leading to a total gaming revenue of CAD 162 million ($123.9 million) for the period.
Back then, there were only 18 operators and 31 live gaming sites with 492,000 active player accounts. Now, a total of 42 operators and 42 gaming websites offer their gambling services in the regulated market of Ontario.
As the legal market continues to grow and establish itself, the Alcohol and Gaming Commission of Ontario recently set a deadline for October 31 for operators to fully transition from the gray market into the legalized one. Those who are non-compliant with the new standard as of that date will “risk having their application for registration refused,” and the AGCO will “take appropriate regulatory action against any registrant that does not meet the Standard.”
Operators such as Pinnacle, Bet99, Kaizen Gaming and BetRegal are expected to join the regulated market in the near future. Regulators have said that there could be up to 73 gaming sites live in the jurisdiction before the end of 2022.
Numbers are expected to continue to grow, and to skyrocket once the market is at full throttle in Q3 and Q4. The province’s 2022 spring budget estimated that iGaming Ontario would generate a net income of CAD 18 million ($12 million) in 2022-2023, and would reach CAD 31 million ($22.3 million) in 2024-2025.