Ontario smashes records with $18.4 billion gambling handle

Jade Denosta July 26, 2024

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Ontario smashes records with $18.4 billion gambling handle

Ontario’s online gambling industry is experiencing unprecedented growth, according to the latest report from iGaming Ontario. The province’s total gambling handle surged to $18.4 billion (approximately €17 billion) in the second quarter of 2024, marking a 31 percent increase compared to the same period last year. This explosive growth has translated into substantial revenue for operators, with total gaming revenue reaching $726 million (approximately €669.6 million), a 34 percent jump year-over-year.

Casino games, including slots, table games, and bingo, continue to be the driving force behind Ontario’s iGaming success. Players wagered a massive $15.5 billion (approximately €14.3 billion) on these games, accounting for 84 percent of total wagers. This category alone generated $529 million (approximately €487.9 million) in revenue for operators.

“When talking about Ontario’s iGaming market, the numbers tell us a lot, but what I’m most proud of are the countless ways that our government partners, operators, responsible gambling experts, players, and employees have worked together to help us create a world-class market that is Ontario-made for Ontarians.”
– Heidi Reinhart, Chair of iGaming Ontario

The Edmonton Oilers’ presence in the Stanley Cup Finals increased betting activity throughout the quarter. Sports betting had a significant impact on the province’s overall performance. With a total handle of $2.5 billion (approximately €2.3 billion), sports betting produced $181 million (approximately €166.9 million) in revenue.

While poker experienced a modest increase in handle compared to the previous year, it saw a decline from the previous quarter. The $402 million (approximately €370.8 million) wagered on peer-to-peer poker translated into $16 million (approximately €14.8 million) in revenue. This slight dip could be attributed to the overlap with the World Series of Poker in Las Vegas, which often draws professional poker players away from online competition.

Economic impact and job creation

The thriving iGaming market has a substantial economic impact on Ontario. A joint report by Deloitte Insights and iGaming Ontario revealed that the industry generated over $4 billion (approximately €3.7 billion) in economic value for the province in its first two years of operation. This includes $2.7 billion (approximately €2.5 billion) in GDP, $1.2 billion (approximately €1.1 billion) in government revenue, and the creation of nearly 15,000 jobs.

Martha Otton, Executive Director of iGaming Ontario, emphasised the positive contributions of the regulated iGaming market to the province, stating, “I look forward to building on this foundation of success with operators and other partners as they invest in Ontario so that Ontarians can continue to play with confidence.”

As the Ontario iGaming market matures, industry experts anticipate sustained growth and increased competition, benefiting the province’s economy and consumers.

Pictured above is Heidi Reinhart, Chair of iGaming Ontario.