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

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

Gaming income amounted to $825.8 million, a 10% boost compared to Q2. That's the amount of all money wagers, rake charges, tournament fees, and other charges across all legal operators in the province, as soon as player jackpots and other expenses are taken into consideration.

Casino video games continue to pull in the crowds

Casino games continued to top the charts as the most popular choice for Ontario gamers, although the portion share for these video games dipped slightly from Q2.

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

Games like slots, computer-based table games and peer-to-peer bingo were the go-to for gamers in both quarters. There were approximately 997,000 active player accounts in Q3, with each active player investing approximately $277 per month.

Sports betting remains popular in Ontario

Sports betting, esports bets, proposition, 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 overall wagers for Q3 and $166 million (20%) of video gaming revenue.

Peer-to-peer (P2P) poker remained a popular choice in the province, with Ontario gamers betting $418 million as they improved those poker deals with. The figure represented 1.8% of overall wagers and $16 million (1.9%) of video gaming revenue in Q3.

Market saturation cautions for Ontario operators

Q3's steady results come in the context of saturation cautions from analysts.

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

Companies wanting to introduce in the province have to get an operator registration from the Alcohol and Gaming Commission of Ontario (AGCO), before participating in an operating arrangement.

In December, Bally's Interactive announced the launch of the new Bally Bet Sportsbook and Casino, with a brand-new app developed to unite the functionalities of its existing casino and sportsbook apps. But commentators have warned that market saturation could make things challenging for new operators there.

Currently, there are 24 operator applications pending registration with the AGCO, so this is an issue that's unlikely to disappear any time quickly.

New CEO on the horizon

In 2015, iGaming Ontario announced that its CEO, Martha Otton, would be retiring at the end of 2024.

The organization launched a management search at the time, but is yet to discover her successor. Otton therefore prepares to stay in position as iGaming Ontario's chief executive up until March 31, to help assist in an organized shift once a brand-new CEO has actually been selected.