February brought a notable decline in Ontario's online gaming and sports betting revenue, dropping 14.7% to CA$342.4m. This marks the third consecutive month of revenue below CA$400m. Active player accounts also saw a decrease, signaling potential challenges in the market.
Recent figures from iGaming Ontario reveal a significant downturn in gross revenue, which plummeted by 14.7% from January’s impressive CA$401.5 million to CA$342.4 million in February. This marks a continuation of a troubling trend, as it is now the third consecutive month that revenue has dipped below the CA$400 million threshold.
This decrease in gross revenue coincided with a corresponding drop in total handle and stakes, which fell 8.2%, moving from CA$9.5 billion in January to CA$8.7 billion in February. Additionally, the number of active player accounts across various online sportsbooks and casinos in Ontario decreased by 2%, following a 4% increase from December to January.
Breaking down the revenue sources, casino gaming, which includes online bingo, dominated the landscape, accounting for 81% of February’s online gaming revenue at CA$257.7 million. However, this figure represents an 11% decline from the previous month.
On the sports betting front, revenue took a more substantial hit, falling 29% to CA$61.3 million, making up 18% of the overall revenue. Peer-to-peer poker added a modest CA$5.4 million, holding a mere 2% market share, indicating a challenging environment for this segment.
The cash wagers in the casino segment saw a 6% decrease, totaling CA$7.65 billion, while the betting handle slumped by 20%, landing at CA$946 million. Furthermore, peer-to-peer poker stakes fell by 14% to CA$135 million, contributing to a broader sense of contraction within the market.
Adding to these challenges, average revenue per active player account witnessed a decline of 13%, dropping to CA$264, further underscoring the difficulties facing the online gaming sector in Ontario.
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