Martha Otton, Executive Director of iGaming Ontario, gave a keynote speech at the SBC-hosted Canadian Gaming Summit in Toronto, discussing a robust quarter for Ontario’s iGaming market. Although specific performance metrics for the first quarter remained undisclosed, Otton alluded to a more than three-fold increase in year-over-year results, reflecting a vibrant start for the market segment that will conclude its first quarter on June 30.
The Economic Impact: Jobs and Revenue
A report presented by Deloitte, titled “Economic Contributions of Ontario’s Regulated iGaming Market,” lends support to this optimism. The report suggests that the iGaming industry has already begun to significantly impact Ontario’s economy, contributing CA$1.6 billion and 12,000 full-time roles spanning the province. Otton’s commentary on the report was positive, “Numbers were reassuring,” she said, adding that iGaming sector employees were enjoying salaries surpassing the average provincial rates. In fact, iGaming professionals are earning an annual average of $103,000, a figure 41% higher than the provincial average.
Projections for a Bright Future
According to Deloitte, the Ontario iGaming market’s full potential could be even more impactful, with projections suggesting up to 22,000 full-time jobs and government revenue of CA$2.1 billion. A conservative estimate, however, pegs the revenue the provincial government can expect from iGaming at around CA$1.4 billion by the early 2030s, citing annual compounded growth. For context, the government garnered $470 million in revenue from iGaming last year.
The panel, which included AGCO CEO Tom Mungham, iGaming Ontario board chair Dave Forestell, and Ontario AG Doug Downey, noted that Ontario’s market could be a bellwether for broader iGaming and sports betting legalisation across Canada. However, concerns remain about potential market oversaturation and the risk of marketing content targeting vulnerable groups.
3 Key Takeaways
- Promising Growth: The Ontario iGaming market’s early success indicates a strong potential for growth in the sector. This could serve as a blueprint for other Canadian provinces considering similar initiatives.
- Economic Impact: The iGaming industry is making a considerable economic contribution, not only through direct revenue but also by creating full-time jobs. This could encourage further support and regulation of the industry from the government.
- Regulation Considerations: As the iGaming industry expands, it will be crucial to manage issues like market saturation and ensure responsible marketing practices. This highlights the importance of a strong regulatory framework to safeguard vulnerable groups.