The online gambling market of Ontario is thriving. The second quarter just recently finished up and total gaming revenue reports show $267 million in earnings. Players are visiting websites in the province at a higher rate to play casino games, plus post sports and esports bets.
iGaming Ontario reported a close to 65% increase in overall revenues from the gaming industry in the province for the quarter. The earnings range from July 1 to September 30.
Breakdown of the Revenue Figures
The second quarter revenue reports show that just over $6 billion in total wagers were placed. This was a 48% increase from the last financial report. The figures show earnings from all operators except the Ontario Lottery and Gaming Corporation online gaming platform, as well as free wagers and promotional offers. Essentially, the overall total would be even higher with the inclusion of this information.
In the report, it indicates that 24 operators are now offering online gaming in the province. Of that number, 42 websites are in operation. This is quite the difference from the previous quarter. The last report showed that only 18 operators were running 31 sites.
Both average monthly spending among gamers and active player accounts were on the up and up in Ontario. Officials reported that there were 628,000 active accounts in the last quarter which is higher than the first part of the year. Monthly spending was up over 25%.
Falling Short of Predictions
While the online gaming market is doing quite well, the province is still underperforming based on early estimates. Once iGaming was legalized in the province, officials in Ontario allowed private companies to offer services along with government-operated entities. This has caused the market to be quite large but also still short of estimated earnings.
In an estimate, VIXIO GamblingCompliance found that the Ontario market should reach $1.6 billion this year in gross gaming earnings. By next year, that total should shoot up to $2.36 billion. So far, the province is not on track for that number.
The market also has an issue with illegal betting platforms. Regulators have warned illegal platforms that they have until October 31 to move into the legal sector. Those that do not will be at risk of losing out on eligibility for licensing registration.
It will be interesting to see if these companies decide to take the high road for legitimacy or continue to offer services illegally. What will those who made the list do by the end of this month, stop or continue?