Record Growth: Ontario’s iGaming Sector Hits Deloitte’s 2028 Targets by 2024
A Deloitte report about Ontario’s regulated online gambling market has nearly reached year-five projections within the second year. Reaching projections much faster, the Ontario market contributed CA$2.7bn (US$1.97m) to GDP, excluding the provincial lottery operator’s contributions. The industry has created 15,000 full time jobs in Ontario as well.
The first year Ontario was operating their online gambling market, there was a total of $1.58bn made when it went live April 4, 2022. From April 2023 to April 2024, sustained jobs were 120% of the five-year prediction from Deloitte. Other projections that went beyond expectations were the government revenues and GDP contributions.
Deloitte’s report went on to say that about $1.4 of the GDP economic activity was added to Ontario’s economy for every dollar spent by online operators over the year. According to the latest iGaming news, the contributions to the Ontario government was as much as $1.24bn. A huge improvement from the year before, which was $761m.
Government revenue was given to the provincial, municipal, and federal government. With Ontario’s regulated iGaming market, the OLG contributed to 2,800 full time jobs. The regulator in Ontario reports that $63bn in wagers happened in the second year of regulating the Ontario online gambling market. In 2023, the highest wagering occurred in Q4 at $17.8bn. At the beginning of the year, it started with $14bn in Q1 and following on with $14.2bn in Q2. Wagers then jumped significantly to $17.2bn in Q3.
The growth throughout the second year has done nothing but grown, which was unexpected. Hitting 2028 targets by 2024 is monumental and the attorney general of Ontario has said the iGaming sector in Ontario is being recognized globally due to their success. They work together with partners and industry, continuing to deliver player protection and displacing unregulated markets. It has created more jobs than expected by creating a sustainable, responsible iGaming industry in the province.
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