The Ontario iGaming market's revenue surged by 72% in its second year of operation, reaching $2.4 billion

The iGaming Ontario regulator has released a report detailing the financial performance of the gambling market in the Canadian province for its second full year of operation. The data covers the period from April 1, 2023, to March 31, 2024.
Total gaming revenue for the 12-month period reached CAD 2.4 billion (approximately USD 1.6 billion). This figure represents a remarkable 72% increase compared to the previous year. Specifically, in the fourth quarter, the market generated CAD 690 million (around USD 470 million).
In terms of user spending on gaming, the total amount during the reporting period was CAD 63 billion (about USD 42 billion), marking a 78% increase from the first year of the market's operation. In the fourth quarter alone (from January 1 to March 31, 2024), players spent a total of CAD 17.8 billion (approximately USD 12 billion).
Martha Otton, the Executive Director of iGaming Ontario, commented on the industry's impressive performance. "With a betting volume of CAD 63 billion and gaming revenue of CAD 2.4 billion, the second year of Ontario's gaming market has exceeded the first by more than 70%. As the market enters its third year, I look forward to solidifying the foundation of success alongside operators and other partners investing in Ontario, ensuring residents can continue to play with confidence," Otton stated.
As of March 31, 2024, there were 47 operators active in the province's legal online gaming market, which collectively launched 77 gambling sites.
The report also includes information on user accounts and average monthly spending for the fourth quarter. The regulator recorded over 1.3 million active accounts, with average monthly expenditures per account amounting to CAD 263 (approximately USD 175).
It is worth noting that 86% of players in Ontario utilize legal gambling sites.