Ontario hits $1.48B in sports betting revenue; 2024 rules to ban athlete ads for social responsibility.
Just over a year since Ontario welcomed legal sports betting, the region has rapidly transformed into a North American iGaming titan, alongside the likes of California and New York. April 4, 2022, marked the pivotal moment for Canadian punters as Ontario launched into the betting scene, tapping into an industry with a potential reach of CA$28 billion within five years as forecasted by Deloitte Canada.
In its inaugural year, Ontario didn’t just join the race; it soared, with revenues hitting an impressive $1.48 billion. This windfall came courtesy of 45 operators managing 76 gaming sites, positioning Ontario firmly among the top five iGaming jurisdictions on the continent.
Ontario’s sports betting market soared to $1.48B a year post-legalization, with new 2024 rules enhancing social responsibility.
The surge of sportsbooks has not only filled provincial coffers but has also caught the public’s eye, especially during the inundation of adverts throughout the Stanley Cup games. The resulting financial “facelift” for Ontario is more than just a gloss over, as the province reaps the dividends of legalized sports betting.
Yet, amid the financial celebration, the province is tightening regulations. Starting February 2024, Ontario will restrict the use of athlete endorsements in online gambling ads. This decision, aimed at minimizing the allure of gambling to minors, will see faces like Connor McDavid and Wayne Gretzky retired from betting campaigns.
As Ontario navigates this new landscape with an eye on social responsibility, the rest of Canada watches and learns. With a betting age threshold of 19, except in select provinces like Alberta and Quebec where it’s 18, and a tax framework that benefits public sectors, Ontario’s blueprint is both lucrative and conscientious. The province’s journey may just set the precedent for others contemplating the introduction of sports betting to their markets.
