How the Canadian online gambling market made a record $2.4 billion in revenue in 2024

It’s been an incredible year for the gambling market in Canada. In 2024, the province of Ontario experienced some record-breaking figures as players have embraced the iGaming online casinos to play their favourite games like poker, blackjack and roulette.

With $2.4 billion in online gambling revenue made for the past year alone, it looks like changes in regulation over the past few years have had an impact. In this article, we look at the facts and figures around this revenue growth, including what’s been driving it, new developments and trends as well as the future of the market. 

2022 marks the start

It was in the spring of 2022 that there was a massive shift, when on April 4th Ontario’s regulations changed around iGaming and sports betting, which meant that the gaming market was finally able to launch. Whereas in countries like the UK online casinos have been able to operate for many years, it’s only been the past two years that iGaming has been legal in Canada – and that’s only within the province of Ontario, so to play at the online casinos in Ontario you need to be in the province itself.

There are government-run lottery sites across the country including Loto-Quebec, Play Alberta and PlayNow, with the Atlantic Lottery Corporation making the lottery available to play in Newfoundland, Nova Scotia, Prince Edward Island and New Brunswick. 

What’s driving the revenue growth?

Now that there are Canadian online casinos in Ontario, the number of players appears to be growing.

It’s accessible and convenient to play at an online casino over a land-based one, which you can do with an internet connection and smart device like mobile phone or tablet. This has allowed more players to get on board with online casino games, which they can enjoy from the comfort of home or while on the go. This shift has also driven younger players who are more tech savvy to try out online casino games as they’re already playing video games online.

Another factor that’s making a difference is the variety of games that’s on offer. Online casinos don’t have the same physical limitations as land-based casinos do which means they can host a wide range of games to suit different preferences. Bonuses and promotions also encourage new players to sites alongside VIP programmes, which of course all contributes to revenue growth.

New developments and trends

Since being legalised in Ontario in 2022, online casinos have gotten even better than ever before. This includes many different aspects including the UX design to improve player experience, security measures put into place that protect customers and the integration of machine learning and AI to provide an ever-more personalized experience for players.

New trends and developments are coming into the fore. For example, many websites including online casinos are integrating blockchain technology into their platforms so that players can make deposits using cryptocurrency which makes the transactions safer and anonymous. While game developers are finding out new ways to use the most advanced technologies, including virtual and augmented reality to enhance the player’s experience of games and make them more immersive. 

Overall, online casino games are getting more fun, interactive and safer to play at casinos around the world, which is also contributing to the growth in revenue in the Ontario market. 

The future of the market

The future's looking bright for the online casino market in Ontario, with some experts estimating that the total revenue will end up being $4.19B overall for 2024. These figures mean that online casinos will continue to work to offer even better experiences from players on their websites, which takes into account everything from game play and range, to bonuses, security and customer support.

The positive strides and demand from players means it’s likely that other provinces will begin to consider the benefits of launching an iGaming market, as the figures continue to rise within Ontario. And while exactly online casinos will be legalised in Canada, the profits have been repurposed in the province in many instances to areas like education, health care and infrastructure in Ontario – which will be noticed by others. 

By GamesAndCasino