iGO Reports Q3 Market Figures: 22% increase in iGaming revenue

The Market Performance Report for the third quarter of the 2023-2024 fiscal year (FY) has been released by iGaming Ontario (iGO), a subsidiary of the Alcohol and Gaming Commission of Ontario (AGCO). 

The period of time that this report takes into account is between October 1st and December 31st, 2023. 

During this time, the iGO reported that a total of $17.2 billion was wagered, a 21% increase over Q2, and a total of $658 million was generated in iGaming revenue, a 22% increase over Q2. 

The total gaming revenue indicated in the Q3 report refers to all cash wagers, including rake fees, tournament fees, and other fees, across all regulated Operators in the province of Ontario. 

In the next section of this article, we shall delve into these values in detail. The following statistical data will shed light on the rapid surge in iGaming revenue in Ontario during the last year. 

The results of the 2023-2024 Q3 Market Performance Report  

• The total value of wagers made equaled to $17.2 billion. This did not include any promotional wagers, also referred to as bonuses. There was a 21% increase in wagers made over Q2. 

• The total gaming revenue made during this time equaled to $658 million. There was a 22% increase in gaming revenue made over Q2. 

• A total of 49 Operators and 72 gaming sites were recorded in the Q3. This marked a slight increase from the Q2 which recorded 47 Operators and 71 gaming sites. 

• The Q3 also reported a total of 1.2 million active player accounts. This marked a substantial increase from the Q2 report that indicated a total of 943K active player accounts. 

• This figure represents those player accounts that had cash or promotional wagering activity shown during this period of time. In addition to this, this value does not represent players as individuals. This is because one player could have player accounts with multiple Operators. 

• In total, the average monthly spend per active player account resulted in $186. This was the only value released in this report that noted a slight decrease. In the Q2 report, a total of $191 was noted for the average monthly spend per active player account. 

In terms of wagers, these were split as follows:

• Casino games accounted for $13.7 billion, or 79%, of total wagers. In addition to this, casino games accounted for $471 million, or 71%, of total gaming revenue. Here, casino games include slots, live dealer games, computer-based table games, and peer-to-peer bingo. 

• Sports betting accounted for $3.1 billion, or 18%, of total wagers. In addition to this, sports betting accounted for $171 million, or 25%, of total gaming revenue. Here, sports betting refers to sports, eSports, proposition, novelty bets, and exchange betting. 

• Peer-to-peer (P2P) Poker accounted for $431 billion, or 2.5%, of total wagers. In addition to this, P2P Poker accounted for $17 million, or 2.5%, of total gaming revenue. 

Q3 (October 1st to December 31st, 2023) 

Wagers and Gaming Revenue by Category (Q3 2023-2024) 

Casino 

Betting 

PSP Poker 

Total   

The Results of the 2023-2024 Q2 Market Performance Report  

In the Q2 Market Performance Report of the 2023-2024 fiscal year (FY), the iGO reported that 14.2 billion Canadian Dollars were wagered in the period of time between July 1st and September 30th, 2023. 

The report also stated that a total revenue of $540 million Canadian Dollars was accrued. 

This results in an increase of 105% over Q2 last year, but a decline of 8.3% from Q1 of the same year. 

In addition to this, the number of active player accounts in the Ontario gaming market increased from 920,000 in Q1 of last year, to 943,000. 

There was a slight decrease in the average monthly spending per player account, with Q1 of last year resulting in $197 CAD, and dropping to $191 CAD this year. 

Additionally, the market performance report indicated that there was a slight increase in the number of licensed gaming operators, from 46 to 47. 

With regards to the number of gaming websites available in Ontario, on the other hand, these remained the same, resulting in a total of 71. 

Q2 (July 1st to September 30th, 2023) 

Wagers and Gaming Revenue by Category (Q2 2023-2024) 

Casino

 Betting 

PSP Poker 

Total

What is the iGO (iGaming Ontario)? 

The iGO (iGaming Ontario) is a subsidiary of the Alcohol and Gambling Commission of Ontario (AGCO). 

The iGO is responsible for the managing and conduct of internet gaming in the province of Ontario: 

“iGaming Ontario (iGO) has worked with the Government of Ontario and the Alcohol and Gaming Commission of Ontario (AGCO) to establish a new online gaming market that helps protect consumers gambling through private gaming companies (Operators).” 

The iGO was established in July 2021, and has worked in collaboration with the AGCO and the Government of Ontario in order to bring the “the world’s best online gambling experiences to the province in a safer environment, helping to protect consumers and provide more choice.” 

In this way, only those gaming operators who have successfully registered their private gaming companies with the AGCO and have made an operating agreement with the iGO can provide their online games to the players pertaining to the province of Ontario, Canada. 

Regarding the operators that are allowed to offer online games in Ontario, the iGO went on to say the following: 

“Operators offer gaming sites in the market on behalf of the province in accordance with these agreements. Through these relationships, gaming revenues are shared with the Government of Ontario to be used in support of provincial priorities.”