Ontario is Canada’s first competitive regulated market for online gambling and sports betting. Following its launch in April 4th 2022, the market has gained a well-deserved attention as one of global online gambling industry’s most vital emerging market. The territory’s sizeable population and the market’s European-style licensing framework gives Ontario the potential to grow even further.
According to VIXIO, Ontario has the potential to become the 3rd largest regulated online gambling market in North America in less than five years. Only New Jersey and Pennsylvania, which are way more mature markets, will be ranked better than Ontario. If the region is to witness the rapid liberalization that was evident in the U.S market, the gross gaming revenue for the region will grow even faster.
In addition to the good market conditions in Ontario, other indicators also predict a lucrative online gambling industry in the future. Below are the two primary indicators.
Projected Gross Revenue
According to VIXIO GamblingCompliance’s most recent publication, the Ontario market will be valued at C$1.6 billion (USD 1.25) this year. The figure is expected to increase to approximately C$2.36 billion (USD 1.84 billion) in 2023, and C$3.27 billion (USD 2.54 billion) in 2026. Other than the region’s population, the growth of legal online gambling and internet gaming in the United States will also contribute to the projected growth. The situation in the states being bordered by Canada to the north will facilitate quicker customer adoption. Also, according to VIXIO, the expected high rates of spend per adult will also cause an increase in gross gaming revenue.
Existing and Future Operators
Based on market regulations, any private operator in Ontario must register with the Alcohol and Gaming Commission of Ontario (AGCO). Therefore, the number of operators getting into a commercial contract with AGCO’s iGaming Ontario subsidiary can be used as an indicator. Within the first day of the launch, 13 legal operators joined the Ontario gambling market. Some of the popular bookies included bet365, Unibet, 888, LeoVegas, and Coolbet, among others. Although not all platforms are yet launch operations, a total of 27 online betting companies registered with AGCO. Companies waiting to launch include bwin, PartyPoker, and WSOP. In the course of this year, many other operators are expected to join the Ontario market.
Online Casino Guide
At the moment, only a few operators have started offering their services in the Ontario market. However, the number of online betting platforms is expected to increase significantly before the close of the year. It will soon be impossible to have exhaustive information about all operators in the Ontario market. Therefore, as a new player, you may require assistance in determining casino sites or sports betting platform with best offers. If you wish to get more information about operators running business in Canada, particularly Ontario, click here. You should get a comprehensive review of operators, detailing the available bonuses, games, and the quality of the services offered in the online platform.
Ontario has the potential to become one of the biggest online gambling markets in North America. Besides, based on activities that unfolded following the launch, the market is expected to significantly increase its gross revenue within the first five years. The sizeable population, proximity to U.S.A, and the expected increase in private operators will contribute to the higher gross revenue as projected by VIXIO.
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