A recent study conducted by Deloitte for iGaming Ontario has shed light on the economic impact of both the online sports betting and online casino gaming industry in Canada’s most populous province. The study reveals significant growth in the sector’s contribution to Ontario’s economy during its second year of operation. The success of the Ontario iGaming industry is further proof of why you should start a sportsbook.
According to the study, the regulated iGaming industry contributed an impressive $2.7 billion to Ontario’s gross domestic product (GDP) in 2023. This marked a 70% increase from the $1.58 billion reported in 2022. This growth is not only reflected in monetary terms but also in job creation, with the industry now sustaining 14,935 full-time jobs. This translates to an increase of over 2,000 positions compared to the previous year.
The Ontario iGaming Industry Continues to Grow
The iGaming sector has become a significant employer to residents in the province. The iGaming sector provided jobs for 2,675 individuals. These positions are notably well-compensated, with an average salary of $122,500 per employee, which is 60% higher than the provincial average.
The economic benefits of the iGaming industry extend beyond employment and GDP contribution. Since its launch, the sector has generated over $2 billion in government revenue. In the period covered by the study, from April 4, 2022, to April 3, 2023, licensed gaming operators reported total revenue figures of $1.96 billion. This translated into $1.24 billion in revenues for the government. Ontario received the lion’s share at $790 million. Municipal governments benefited from $75 million, while the federal government collected $380 million.
Demand for iGaming Rises as Well
The study also noted growth in the number of operators and gaming sites. In 2023, the report included 47 operators and 77 gaming sites, up from 45 and 76 respectively in the previous year. This expansion indicates a thriving and competitive market that continues to attract new customers. With legalized sports betting and online gaming becoming more popular and widespread, even just in the Americas, more and more people are interested in sports betting.
This draws people in, which is why a lot of bookies are using a pay per head sportsbook software. With the increasing demand for sports betting products, bookies are looking at the best options to help them manage their own sportsbook operations.
The Future of iGaming and Sports Betting in Canada
Given how large the iGaming landscape in Ontario is, a lot of other provinces are looking at their model. Alberta province plans to open their own iGaming and sports betting market soon. They are looking at the regulations set by Ontario as their basis. Since the commercial gaming market of Ontario not only generates a large amount of tax revenue, but also helps with employment and other industries, they are a great example to follow.
And if you also want to take a page off of Ontario’s book, then you can easily use your bookie software to create an online sportsbook. Then, you can also add an online casino and horse racing to earn even more with a complete iGaming platform.
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