Canadian iGaming Market to Top $4.19B by the End of 2024

Canada’s online gambling market records $2.4 billion in revenue in 2024.

Canadian online gambling market constantly grows quarter after quarter in most provinces. The expert estimate presumes the total revenue will reach approximately $4.19 billion in 2024. The further perspective is even more promising, with the expected figures of a whooping $5.71 billion by 2029. The looming launch of the Alberta iGaming market and possible legislative amendments in other provinces may significantly facilitate industry growth.

The gambling revenue is uneven across provinces. Ontario is an undisputed leader with $2.4 billion in iGaming incomings in 2023. The latest iGaming Ontario report reveals $726 million and $738 million in revenue in Q1 and Q2 of 2024, respectively. Projecting these figures by the end of the year, we can expect a $2.9 billion Ontario online gambling revenue in 2024. That’s almost 70% of the Canadian numbers.

Other provinces have way more discreet iGaming market figures due to government monopoly in the sphere. Loto Quebec’s online gaming revenue topped $403.9 million in 2023 – only a small fraction of its $2.9 billion overall incomings. It showed 3.3% growth compared to the previous year. The 2024 statistics are yet to be revealed, but we expect minimal improvement.

• Atlantic Lottery Corporation 2023 iGaming revenue across New Brunswick, Newfoundland and Labrador, Nova Scotia, and Prince Edward Island was $126.2 million. It’s a 26% increase from 2022. We deem the growth to continue in 2024.
• PlayAlberta, operated by AGLC, has generated a $235 million income in 2023 – an almost 18% improvement compared to 2022. Our ballpark estimate of 2024 financial results is $245 – $270 million.
• BCLC’s PlayNow is one of the fastest-growing gambling niches in the province. The latest report shows $323 million in the 2022/2023 fiscal year. We currently don’t have 2024 data, but the tendency for quick industry growth is obvious.

The overall statistics prove that the Canadian iGaming sphere is growing at a fast rate. However, the figures vary drastically in Ontario and other provinces. This data elucidates how opening the market to private operators has boosted local government earnings from online gambling. It’s an example other provinces may follow to get the most out of the local iGaming industry. Alberta is already preparing the footing to launch the market in 2025. British Columbia officials also consider such a possibility in the future.

The quick growth of igaming in Canada amazes with its billion-worth revenues, but provincial governments should also invest in responsible gambling. It will ensure that increased earnings won’t come at the cost of higher problem gambler numbers.