The opening year of legal single-game sports betting in Ontario was a profitable one.
According to a report released Wednesday by IGaming Ontario, the province’s regulated market generated total gaming revenues of just over $1.48-billion. The analyses was provided as of April 26, 2023.
The industry opened up fully in Ontario on April 4, 2022.
The report, which was conducted by Deloitte, stated the first year of Ontario’s regulated market included 45 operators and 76 gaming sites, with more sites expected to launch.
The report estimates total the economic contribution was $1.58-billion to Ontario’s gross domestic product (GDP), of which $906-million was a contribution to labour income. It also estimates that for every dollar spent by IGaming operations, approximately $1.14 of GDP was supported in the Ontario economy.
A regulated Ontario market resulted in $238-million in federal government revenue, $469-million to the province and $54-million in municipal government revenue, according to the report.
The report pegged potential economic contributions to Ottawa ($238-million), Queen’s Park ($469-million) and municipalities ($54-million) in 2024. The contribution to Ontario’s GDP is projected to be $2.918-billion with estimated increases to government to the tune of $389-million (federal), $849-million (Ontario) and $82-million (municipal).
The report estimates increases of $647-million (federal), $1.39-billion (Ontario) and $115-million (municipal) in the sixth year.
The report also states the open Ontario market supports 12,207 jobs and that figure is projected to increase to 22,132 by Year 5.