TORONTO — The opening year of legal single-game sports betting in Ontario was a profitable one.
According to a report released Wednesday by IGaming Ontario, the province's regulated market generated total gaming revenues of just over $1.48 billion. The analyses was provided as of April 26, 2023.
The industry opened up fully in Ontario on April 4, 2022.
"Today’s report reveals that the newly regulated igaming market in Ontario is delivering real benefits to every resident of Ontario, whether they play or not,” Dave Forestell, chair of iGaming Ontario, said in a statement.
The report, which was conducted by Deloitte, stated the first year of Ontario's regulated market included 45 operators and 76 gaming sites, with more sites expected to launch.
The report estimates total the economic contribution was $1.58 billion to Ontario's gross domestic product (GDP), of which $906 million was a contribution to labour income. It also estimates that for every dollar spent by IGaming operations, approximately $1.14 of GDP was supported in the Ontario economy.
A regulated Ontario market resulted in $238 million in federal government revenue, $469 million to the province and $54 million in municipal government revenue, according to the report.
"Over the past year, Ontario’s igaming market has been internationally recognized for creating a safe, legal and competitive landscape while supporting the province’s economy and displacing the existing unregulated market," said Ontario's Attorney General Doug Downey.
The report pegged potential economic contributions to Ottawa ($238 million), Queen's Park ($469 million) and municipalities ($54 million) in 2024. The contribution to Ontario's GDP is projected to be $2.918 billion with estimated increases to government to the tune of $389 million (federal), $849 million (Ontario) and $82 million (municipal).
The report estimates increases of $647 million (federal), $1.39 billion (Ontario) and $115 million (municipal) in the sixth year.
The report also states the open Ontario market supports 12,207 jobs and projected that figure is projected to increase to 22,132 by Year 5. It also found employees make an average of $103,000 annually
The report only included the potential economic contribution of the igaming industry as conducted and managing by IGaming Ontario and did not include data on igaming offered by the Ontario Lottery and Gaming Corp.
This report by The Canadian Press was first published June 14, 2023.
Dan Ralph, The Canadian Press
