Year-on-Year Growth
According to recent figures released by iGaming Ontario (iGO), the online gambling market in Ontario experienced a dip in February after enjoying record successes in January. However, the iGaming market in the province is still growing year-on-year despite the month-on-month decline.
The monthly market performance summary indicates a 9% drop in total wagers, as players placed $7.1 billion in bets. This follows a month when punters placed a record-breaking $7.8 billion wagers in January. Naturally, this has led to a decline in the total gross gaming revenue (GGR) for February, which came out at $280.1 million, compared to January’s record high of $327.9 million. January 2024 was the first time GGR in Ontario had ever exceeded the $300 million mark.
The year-on-year figures make for much happier reading, as the province continues the strong upward trend from the previous year. The total handle for February 2024 rose 26.9% from approximately $5.6 billion in February 2023 to $7.1 billion this year. Meanwhile, non-adjusted gross gaming revenue increased by a significant 32.5% from the previous year.
Although revenue and total wagers declined, the Ontario gaming market enjoyed an increase in active player accounts. iGO reported a total of 1,129,000 monthly active player accounts in February 2024. This is a 2% increase from January this year and a 23% improvement from February 2023.
A rising player base can assuage doubts even when revenue and wagers fluctuate. However, the average revenue per player account reached its lowest point since March 2023. Players spent an average of $248 last month. In February 2023, they spent an average of $232 per account.
Casinos Dominate
February was not as kind to sportsbooks as January, which was the most profitable month for sportsbooks in the history of the province. The handle for sports betting in February dropped 21% to $930 million from January’s record. However, it is up 12.6% year-on-year. Revenue from sports betting appeared to take the largest hit, as it fell 33% to $61.5 million. Again, despite this decrease compared to January, it is still a massive 45.4% improvement on February 2023.
Casino gamers continue to dominate Ontario’s iGaming market, as they account for 85% of total wagers placed and 76% of the total revenue accounted for. The handle raised solely from casino wagers reached $6.1 billion in February. This is a 7% decrease from January but a 30.5% increase compared to February last year. GGR from casino games, such as slots, live dealer tables, and bingo, totalled $213.8 million. This is also a 30.5% increase from the previous year.
While figures may have decreased compared to January, it's essential to consider the relatively short length of February. Overall, the online gambling market continues to grow compared to the previous year, suggesting this market remains positive.
