After revealing some very positive and encouraging figures for Q1 in the current financial year, the Canadian province of Ontario has revealed that the iGaming industry continues to grow at a very fast rate within the region.
That’s because its reported figures for Q2 have exceeded expectations and point to a very healthy iGaming and Sports betting industry starting to develop within the Canadian state.
So just how much has the iGaming and Sports Betting industry taken off in Canada over this time? Let’s take a look at the figures in more detail.
Ontario iGaming And Sports Betting Q2 Financial Report Highlights
Just how quickly these individual betting markets, including the esports industry, have grown from Q1 to Q2 is best highlighted within the figures produced by Ontario iGaming.
Headline financial figures highlighting the increase in Ontario betting and iGaming includes:
- Active Player Accounts in Ontario – Q1 – 492,000, Q2 – 628,000 (136,000 increase)
- Number of Operators – Q1 – 18, Q2 – 42 (24 increase)
- Number of Gaming Sites – Q1 – 31, Q2 – 42 (11 increase)
- Total Market Wagers – Q1 – CAD $4.07 billion, Q2 – CAD $6 billion (CAD $1.93 bn increase)
- Total Gaming Revenue – Q1 – CAD $162 million, Q2 – CAD $267 million (CAD $105 million increase)
- Average Spend Per Player – Q1 – CAD $113, Q2 – CAD $142 (CAD $29 increase per customer)
In amongst this very favourable set of results, it is also worth noting that while the popularity of esports betting in Canada is growing, it still has immense potential to become even more popular across the state, especially with increasing numbers of operators offering their services within the state.
Increased Acceleration Of iGaming Industry In Ontario
Furthermore, there is potential for increased acceleration of growth within the existing iGaming markets, ostensibly due to the deadline set for operators currently operating in the semi-legal markets within Ontario, to transition to the new legalized framework by October 31st 2022.
There is significant incentive for companies currently operating in this gray area to meet the legal requirements for registration as those that do not comply will “risk having their application for registration refused” according to the Alcohol and Gambling Commission of Ontario (AGCO).
Additionally, the AGCO will also seek to “take appropriate regulatory action against any registrant that does not meet the standard.”
Amongst the names set to be ready to join the regulated markets within Ontario in the near future include the likes of BetRegal, Pinnacle, Bet99 and Kaizen Gaming.
This means that before the end of 2022, there could be as many as 73 gaming sites live within the province, according to AGCO predictions.
It is believed an increase in the number of providers and sites will facilitate an even faster acceleration of growth within the state.
What Are The Implications For Esports And Esports Betting Within Ontario?
It is safe to assume that those operating within the Ontario esports industry are going to be thrilled with these latest figures.
While these do not highlight specific esports figures, there is every reason to believe that the industry has played a significant role in the surge of public interest in betting and iGaming within the state.
And with more companies set to join the market, that bodes very well for the future of esports betting in Ontario too.