If you’ve been keeping an eye on Ontario’s online gaming market, you might have noticed a dip in February. After January, total cash wagers dropped to $7.1 billion—a 9% drop from the $7.8 billion bet the month before. That also meant a drop in revenue, with non-adjusted gross gaming revenue falling 15% from $327.9 million to $280.1 million, according to iGaming Ontario (iGO).
But before you start thinking the market is losing steam, the bigger picture tells a different story. More people are playing, and the industry is still growing compared to last year. Offshore platforms, for example, offer near instant withdrawals that let you cash out quickly. Elements like this keep may players engaged, even when overall numbers take a slight dip.
Year-over-year, the market is growing. In February 2024, total wagers sat at $5.6 billion. Fast forward a year, and that number has jumped nearly 27% to $7.1 billion. Revenue has climbed even higher, up 32.5%, from $211.4 million to $280.1 million.
One thing that stands out is the number of active player accounts. In February, there were 1.129 million, 2% more than in January and a massive 23% jump from last year. But in addition to this, the average revenue per account dropped to $248, the lowest it’s been in a year.
That doesn’t mean players are losing interest.. Last February, the average revenue per player was $232, so even with the dip, it’s still higher than it was a year ago.
In February, players bet $6.07 billion on casino games. That’s down 7% from January, but if you compare it to last year, it’s up 30.5%. The same goes for revenue from casino gaming, which also saw a 30.5% increase year-over-year, hitting $213.8 million. Even with slight dips, casino games remained steady according to Ontario’s iGaming market.
Sports betting in February also wasn’t as strong as in January. The total amount wagered on sports was $930 million, a 21% drop from January’s record high. Revenue for sportsbooks also fell by about a third. Compared to last February, sports betting is still up 12.6%. That may suggest long-term growth, even if monthly numbers fluctuate.
The drop in average revenue per player might have operators thinking about new ways to keep bettors engaged, whether that’s better promotions, new game options or more personalized offers.
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