Financial outcomes for Q3 have actually now been launched by iGaming Ontario and results from the quarter show a 22% increase in betting when compared to Q2 and a 32% increase in contrast to Q3 of the previous year.

Over the course of Q3, iGaming Ontario saw overall wagers of $22.7 billion, a figure that does not consist of marketing wagers such as bonus offers.

Gaming profits amounted to $825.8 million, a 10% boost compared to Q2. That's the amount of all cash wagers, rake costs, competition costs, and other charges throughout all legal operators in the province, when gamer earnings and other expenses are considered.

Casino video games continue to draw in the crowds

Casino games continued to top the charts as the most popular option for Ontario players, although the percentage share for these video games dipped somewhat from Q2.

In Q3, casino video games accounted for 83% of overall wagers and $644 million (78%) of gaming profits. In Q2, these video games represented $16 billion (86%) and $553 million (75%), respectively.

Games like slots, computer-based table video games and peer-to-peer bingo were the go-to for players in both quarters. There were roughly 997,000 active gamer accounts in Q3, with each active player spending an average of $277 each month.

Sports betting remains popular in Ontario

Sports betting, esports bets, proposal, and novelty bets likewise attracted a substantial amount of attention in Q3; gamers parted with $3.4 billion in wagers on these. Betting represented 15% of total wagers for Q3 and $166 million (20%) of gaming profits.

Peer-to-peer (P2P) poker stayed a popular choice in the province, with Ontario players gambling $418 million as they refined those poker deals with. The figure represented 1.8% of overall wagers and $16 million (1.9%) of video gaming earnings in Q3.

Market saturation warnings for Ontario operators

Q3's consistent outcomes come in the context of saturation cautions from analysts.

Ontario is now among North America's biggest markets, with 50 operators for gamers to select from, and 83 various video gaming websites.

Companies intending to release in the province have to apply for an operator registration from the Alcohol and Gaming Commission of Ontario (AGCO), before entering into an operating agreement.

In December, Bally's Interactive announced the launch of the brand-new Bally Bet Sportsbook and Casino, with a new app created to unite the functionalities of its existing casino and sportsbook apps. But analysts have actually cautioned that market saturation might make things tough for brand-new operators there.

Currently, there are 24 operator applications pending registration with the AGCO, so this is a problem that's not likely to disappear at any time soon.

New CEO on the horizon

Last year, iGaming Ontario revealed that its CEO, Martha Otton, would be retiring at the end of 2024.

The organization launched a leadership search at the time, but is yet to find her follower. Otton therefore prepares to remain in position as iGaming Ontario's chief executive till March 31, to help assist in an organized shift once a new CEO has actually been selected.