iGaming Ontario (IGO) recently took stock of the province's new online gambling market launched on April 4 last year. New numbers reveal a 71% revenue increase from the second quarter of the fiscal year.
According to iGO, CAD 457 million ($341 million) was collected from October 1 to December 31 (Q3). That's a substantial increase from CAD 267 million ($198.5 million) in the preceding quarter. It's even higher than CAD 162 million ($120.4 million) in Q1.
The report further reveals that the online gambling sector regulated by the Alcohol and Gaming Commission of Ontario has total wagers of over CAD 21.6 billion ($16 billion) since its inception. The total gaming revenue stands at CAD 886 million ($658.9 million).
This success comes as the industry anticipates a booming Q4, thanks to the Super Bowl and March Madness.
Dave Briggs, a managing editor for PlayCanada.com, told The Canadian Press that "the fourth-quarter numbers will undoubtedly improve" due to the Super Bowl and March Madness, two of the most significant sports-betting and television events in Canada.
Meanwhile, Q3 of the Canadian gambling calendar saw a total of CAD 11.53 billion ($8.5 billion) wagered, a jump of 91% from CAD 6.04 billion ($4.4 billion) in Q2. Remember that this does not take into account wagers from gambling bonuses and promotions. In Q1, the handle was CAD 4.07 billion ($3.03 billion).
An increase of 45% in active player accounts was also seen in Q3, with 910,000 active accounts compared to 628,000. Still, the Q2 numbers mark an 85% rise from Q1, which had 492,000 active accounts, according to The Canadian Press.
iGaming Ontario also revealed that the total number of operators in the province grew by 50% to 36. In addition, the number of regulated online casinos and sportsbooks increased to 68, a 62% boost. Furthermore, the average monthly spend per active player account was CAD 167, an 18% increase from Q2.