Ontario’s open single-game sports betting industry continues to thrive.

TORONTO — Ontario’s single-game sports betting industry is on a winning streak.

On Wednesday, iGaming Ontario (iGO) released a report stating that the industry will contribute $2.7 billion to Ontario’s gross domestic product in 2023. That’s an increase of about 70% from $1.58 billion in 2022, the initial year of operation.

The industry fully opened in Ontario on April 4, 2022. Ontario remains the only province in Canada to have an open and regulated gaming market.

The report, which was carried out by Deloitte, covered the period from April 4, 2022 to April 3, 2023.

“I like this report because it’s more about the overall economic benefits for the province,” said iGO Executive Director Martha Otton. “It’s easy to focus on the revenue share we provide to the province, but what this report highlights are all the other benefits to the three levels of government.”

The report says the second year of Ontario’s regulated market included 47 operators and 77 gambling sites. These increased slightly from 45 and 76, respectively, in 2022.

The report added for every dollar spent by igaming operations, an estimated $1.40 of GDP was supported in the Ontario economy. That’s up from $1.14 in the first year.

The report also said the Ontario market supported 14,935 jobs (up from 12,070, a 24 percent increase). Operators employed approximately 2,675 people directly, with average compensation of $122,500 per person, which was 60% higher than the average stipend per job in Ontario.

And the estimated labor contribution rose 45% to $1.31 billion from $905 million.

“Our gaming sector is not only a job creator here in Ontario, but it shows the world our continued commitment to building a sustainable and responsible gaming industry,” Ontario Attorney General Doug Downey said in the report.

Total government revenue generated through the industry exceeded $1.24 billion. The breakdown was $790 million (Ontario), $380 million (federal) and $75 million (municipal).

Ontario provincial and municipal government revenue contributions increased 66% from $525 million to $865 million.

The report also shows that the industry has already met or is close to meeting many of Deloitte’s projections for the fifth straight year. These include: government revenue (94 percent), direct employment sustained (120 percent), full-time employment sustained (92 percent), and GDP projections (93 percent).

“Certainly, we anticipate that at some point there will be a leveling off,” Otton said. “To be honest, we don’t see a leveling off yet, but year-on-year it’s unrealistic to expect growth of more than 70%, so we’re certainly not expecting that.

“But I think operators see Ontario as (being) attractive, we have a lot to offer that other jurisdictions don’t.”

This report by The Canadian Press was first published on June 19, 2024.

The Canadian Press