Ontario's iGaming Market - Revenue, Jobs, and Economic Growth

Canadian province’s economic framework.

A Financial Windfall for Ontario

Since its inception, Ontario’s regulated iGaming market has been a catalyst for economic prosperity, generating over CAD$2 billion in revenue for the provincial government. This substantial influx of funds shows the market’s robust growth and its critical role in ing public services and infrastructure development across the province.

The iGaming sector has significantly bolstered Ontario’s employment landscape, sustaining nearly 15,000 full-time jobs in its second year. This marks an increase of 2,800 jobs from its inaugural year, reflecting the sector’s expanding footprint and its capacity to create diverse employment opportunities in areas ranging from technology and customer service to regulatory compliance.

Deloitte’s latest report reveals that Ontario’s iGaming market contributed over $1.24 billion to government revenues in its second year alone. Of this total, $790 million flowed into provincial coffers, $75 million ed municipal budgets, and $380 million bolstered federal revenues. This substantial revenue stream underscores the market’s role in funding essential public services and initiatives.

Ontario’s iGaming market has proven to be a potent driver of economic growth, injecting $2.7 billion into the province’s GDP during its second year. This represents a significant increase from $1.58 billion in its inaugural year, highlighting the sector’s expanding economic footprint and its capacity to stimulate broader economic activity across Ontario.

The iGaming industry’s economic influence extends beyond direct contributions, as evidenced by its impressive multiplier effect. For every dollar spent within the sector, an estimated $1.40 of GDP was ed in Ontario’s economy. This multiplier has strengthened over time, reflecting increased efficiencies and synergies within the market.

In a remarkable feat, Ontario’s iGaming sector has not only met but sured many of Deloitte’s projections for its fifth-year performance within just two years of operation. Government revenue targets were exceeded by 94%, while direct jobs sustained sured expectations by 120%. Total full-time job sustainability outpaced forecasts by 92%, and GDP contributions exceeded initial estimates by an impressive 93%.

Charting the Path Forward

Ontario’s iGaming industry is poised for continued expansion and innovation. ed by robust regulatory frameworks and technological advances, the sector is primed to capitalize on evolving consumer preferences and market dynamics. This growth trajectory promises to further enhance employment opportunities, drive additional government revenues, and strengthen Ontario’s position as a leader in the global iGaming landscape.

Ontario’s regulated iGaming market stands as a testament to the province’s economic resilience and innovation. With its significant contributions to revenue generation, employment growth, and GDP expansion, the iGaming sector has not only transformed Ontario’s economic landscape but also set a benchmark for sustainable economic development within Canada and beyond.

As Ontario continues to harness the potential of its thriving iGaming industry, the future looks promising with opportunities for continued growth, prosperity, and economic empowerment across the province.

Source:

”ONTARIO IGAMING MARKET SUSTAINING 15,000 JOBS IN SECOND YEAR SINCE LAUNCH”, gamingintelligence.com, June 20, 2024.