Ontario's legal gambling revenue surpasses the billion-dollar mark in the first year.According to a study released by IGaming Ontario on Wednesday, the first year of regulated single-game sports betting in Ontario proved to be financially beneficial, with the legalized gaming market generating just over $1.48 billion in gambling revenue as of April 26, 2023. The industry officially kicked off in Ontario on April 4, 2022.
Dave Forestell, chair of iGaming Ontario, commented in a statement how the release of the analysis today demonstrates that all Ontarians, whether they participate in gambling or not, are seeing tangible benefits from the newly regulated realm of online gaming. In this inaugural year, the report noted 45 operators and 76 gaming venues, with even more venues set to launch.
The research detailed that Ontario's GDP gained approximately $1.58 billion in overall economic activity, with $906 million emanating from labor income. Furthermore, it finds that for every dollar spent by iGaming operations, the Ontario economy received $1.14 in GDP.
The analysis indicates that Ontario's regulated market generated revenues of $469 million for the provincial government, $238 million for the federal government, and $54 million for local administrations. Doug Downey, Ontario's Attorney General, acknowledged that over the past year, Ontario's igaming sector has been lauded globally for its safety, legality, and for invigorating the provincial economy while removing the previously unregulated elements from the industry.
From the estimates, Ottawa is anticipated to gain $238 million, Queen's Park $469 million, and local governments $54 million in 2024. With projections for government revenue increasing to $389 million (federal), $849 million (Ontario), and $82 million (municipal) over time, Ontario is expected to contribute a gigantic $2.918 billion to GDP. Future projections expect a growth of $647 million (federal), $1.39 billion (Ontario), and $115 million (municipal) by the sixth year. The report also reveals the support of 12,207 jobs by the open market in Ontario, with that number set to soar to 22,132 by the fifth year. Employees are posited to earn an average salary of $103,000 annually, the study notes.
The Ontario Lottery and Gaming The research by-passes online gaming services directly from Corp., instead focusing specifically on the economic implications of the sector as managed by IGaming Ontario.
Canada has been gradually warming to the idea of single-game betting, which truly began gaining momentum only in 2021. The movement picked up speed after PASPA, the US federal law against sports betting, was struck down by the Supreme Court in 2018, which marked a global shift in attitudes, embraced even by professional sports. Given that many top Canadian sports teams participate in leagues with American backing, a crossover in popularity seemed inevitable. Momentum shifted when the transformative bill C-218 was proposed in Parliament in 2021 to legalize the practice. gamble on sports in Canada came to a head.
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Last Updated: December 4, 2023
