iGO reports results from first quarter of igaming in Ontario

iGaming Ontario (iGO) has revealed the results from the first quarter of regulated gambling in Ontario. The report specifically focuses on iGaming operators and covers the period between April 4 and June 30, 2022. Ontario officially launched interactive gambling on April 4, but the latest report excludes PROLINE+ results, which are operated by the Ontario Lottery and Gaming Corporation.

The numbers clocked over the period were immediately criticized by some observers as not "quite hitting the mark" relevant to Ontario’s population, but this is only the first quarter for the province, which has almost 15 million residents. Many of them are still not aware of the availability of private gambling products.

In terms of actual results, iGO reported $4.1bn placed in total wagers, generating a total gaming revenue for operators of $162m. During the first quarter, there were 18 operators who ran 31 gaming websites, iGO confirmed with the average player count reaching 429,000 people. The average spend was clocked at $113. All numbers are in Canadian dollars.

The numbers were welcomed by iGO and the organization’s chair, Dave Forestell. The recent results are a clear indicator that residents of Ontario are interested in the vertical and that they would like to continue exploring it in the future. Market saturation may take some time, though, as Ontario operates according to strict advertisement rules that require consent before bonuses can be shared with audiences.

This has somewhat restricted the potential reach of the new companies and market entrants. Forestell remains optimistic about the future, however. "With a competitive revenue share rate and low barriers to entry, Ontario is an attractive gaming market with a strong player base," the chairman said outlining the future of the industry in the state.

iGO did caution that the numbers are unaudited, and they may change, but the organization does not expect big deviations. iGO is also planning to double down on its reporting and provide more actionable data to operators and regulators, with a look into the gaming product segments, player protections, demographics, and the economic impact the iGaming industry is having.

These additional metrics could be of particular importance to other provinces that are hesitant about launching their gaming products in the province. Ontario has already handed down some penalties and fines as well, particularly to Unibet, PointsBet, BetMGM, and DraftKings in recent weeks and months. While a competitive market, Ontario may need some time before it can reach its true potential.

Image credit: Unsplash.com