A new report from iGaming Ontario in conjunction with Deloitte was released on Tuesday morning, highlighting the positive economic impact of Ontario’s regulated igaming market in its second year (April 4, 2023 – April 3, 2024).
The 12-page report, which was released during the Canadian Gaming Summit in Toronto, details how Ontario’s igaming market is exceeding initial economic expectations.
“Our made-in-Ontario igaming sector is being recognized internationally for its success as a leader in this space,” said Attorney General Doug Downey in the release. “Working together with our partners and industry, we will continue to drive innovation and deliver robust player protections, all while displacing the unregulated market. Our igaming sector is not only a job creator here in Ontario, but it shows the world our ongoing commitment to building a sustainable and responsible igaming industry.”
Some of the highlights include:
- The regulated igaming market contributed $2.7 billion to Ontario’s GDP in its second year of operation, up from $1.58 billion in its first year.
- For every dollar spent by igaming operations, an estimated $1.40 of GDP was ed in the Ontario economy, up from $1.14 in Year 1.
- Ontario’s igaming market hit or has nearly reached many of Deloitte’s year-five projections in just its second year, with government revenues (94%), direct jobs sustained (120%), total full-time jobs sustained (92%), and GDP contributions (93%) outpacing initial expectations.
- The market sustained almost 15,000 jobs in its second year of operation (sustained roughly 12,000 jobs in the first year) and added $1.24 billion to federal, provincial, and municipal government revenues.
All of the economic figures in the report exclude numbers from the Ontario Lottery and Gaming Corporation, which also offers robust online casino and sports betting platforms. All of OLG’s profits are reinvested back into Ontario programs.
“This report puts Ontario’s igaming market government revenue contribution at over $2 billion since it launched,” said iGaming Ontario’s Board Chair Heidi Reinhart in the release. “And with job contribution up by 24% from its first year, the benefits to Ontarians are significant.”
Executives from iGaming Ontario and the Alcohol and Gaming Commission of Ontario are set to speak at the major industry conference over the next two days and will surely elaborate on the study’s findings.
Ontario is currently the only province to embrace a regulated igaming market, but Alberta might not be too far behind. Provincial government officials are working hard to develop a revamped online gaming strategy with a target of launching a regulated market in early 2025. The potential gambling expansion in Alberta is the subject of a handful of scheduled s at the conference, with several key industry stakeholders set to speak on the subject matter over the next two days.
The Alberta Government has given no indication of how many or which operators would potentially be allowed to participate alongside its provincial lottery corporation in the new marketplace. With a population of roughly 5 million, Alberta is a desirable jurisdiction for private operators.