If you were to ask any of the online casino operators in Ontario what their opinion of the market is and you’re pretty much guaranteed to get the same answer: It’s very competitive. The newly established market is still in its relevant infancy and one thing has firmly been established – it’s become one of the most competitive gaming markets around.
It’s almost been one year since Ontario legally opened its figurative doors to the big wide world of online casino operators. April 4th 2023 will mark the anniversary, and in those short 12 months, a whopping 46 live casino operators have moved in on the territory, offering 70 different sites for gamblers to play at.
Official fiscal numbers for the year haven’t been released yet – they’re expected to be released around April. The numbers for the first three quarters of the financial year have been released though and they’re pretty telling: up to December 31st 2022, the total amount wagered in Ontario had exceeded $12.6 billion. Total revenue from gaming was at $886 million and from the first quarter to the third revenue grew a huge 182%.
To say it’s been lucrative would be putting it lightly! From further analysis, we can conclude a few key points:
Some big US and European brands have claimed a stake
Compared to other locations on the planet, Ontario has quite a low barrier to entry. There are lower costs to get licensed and they’re taking a more welcoming approach to online casino operators than other countries.
This has led to some big-name operators from other countries offering their platforms to gamblers in Ontario. You’ll find brands like Unibet, FanDuel and more offering different types of gambling to the residents of Ontario.
Bonuses are leading the way
Sure, a casino bonus is pretty much commonplace with any online casino site. But the brands that have launched in Ontario are placing more of an onus on bonuses to attract new players from the lucrative market whilst also finding the right bonus that resonates with the Canadian players.
There isn’t too much expansion – yet
Because the market is so new, many online casino operators are just finding their feet in the territory. They’re still trying to figure out the best casino games to offer, the most suitable bonuses and the right marketing needed to attain sustainable growth year after year.
This has led to the market not quite being saturated or dominated by one particular brand yet. There’s still plenty of room for more brands to ‘pitch their tent’ in the Ontario market and claim a foothold, leading to more choices for bettors.
It’s clear to see that the online casino market is thriving in Ontario and there won’t be any surprises if the full financial year numbers reflect that. There’s still the question of the grey market though – the operators who were taking bets illegally before the restrictions and laws were changed.
The next big question would be how Ontario deals with this long-standing sector of the industry and whether the market can fully transition to a fully legal gambling landscape. If they can, the revenue would shoot through the roof, surely grabbing the attention of more brands and giving the fans more choices.
Last Updated: May 2, 2023