The first year of legal single-game sports betting in Ontario was quite a profitable one.
According to a report released on Wednesday by IGaming Ontario, overall gaming revenue in the province's regulated sector was little over $1.48 billion.
The first year of Ontario's regulated industry, which opened on April 4, 2022, quickly grew to include more than 1.6 million active players, 45 gaming operators and 76 facilities, with additional sites expected to launch.
Add to that over $35.6 billion in total wagers and its clear why Ontario now ranks among the top five iGaming jurisdictions in North America after New York, New Jersey, Michigan and Pennsylvania.
The report estimated that the legal sports betting market contributed $1.56 billion to the province's GDP, $906 million of which went toward labor income. The regulated Ontario market produced $238 million in federal government revenue, $469 million in provincial revenue, and $54 million in municipal government revenue.
In 2024, the industrys contribution to Ontario's GDP is projected to reach $2.9 billion
Ontario remains the only Canadian province with a legal sports betting and online casino gambling market, however a group of sportsbook operators are urging Quebec regulators to become Canadas next open sports betting jurisdiction.
NorthStar Gaming launched its casino and sportsbook gambling platform Northstar Bets in May 2022 and has continued to grow its userbase and revenue. Along with the most popular online casino games, the NorthStar Bets sportsbook gives real-time news, data, analysis, and scores directly in the betting environment.
In the first quarter of 2023, NorthStar Gaming reported total wagers of $139.5 million, marking a 24% increase from the previous quarter. Gross gaming revenue was $4.4 million, up 8% from the previous quarter, with a gross margin of $1.2 million, up 20% from Q4 2022.
NorthStar Bets was developed in partnership with Playtech (LSE:PTECH) (OTC:PYTCY), a major provider of B2C gambling technology. Playtech became NorthStar's strategic software and services partner as part of the agreement, supplying its IMS platform and casino services to Ontario's gambling sector.
In addition, Playtech made a C$12.25 million strategic investment in Northstar Gaming to help the Canadian gaming industry grow and thrive. The investment completed Northstars reverse takeover (RTO) funding, which brought in total gross proceeds of C$22.33 million.
NorthStar has found a lot of success in Ontario with its service that blends high-quality sports journalism with betting/casino games since its market debut in March 2023. Following the acquisition of Slapshot Media Inc., an iGaming marketing and managed services company, this company is poised to provide its unique slice of the industry to the rest of Canada.
Along with live, on-call agents, exclusive sports news, and an unmatched casino and sportsbook experience, NorthStar Gaming also offers these services. The company benefits from its local presence by leveraging its strong Ontario roots, which enables it to keep in tune with and adapt to the preferences of the province.
Because of collaborations and agreements with significant media firms, including an omnichannel advertising and marketing services agreement with Torstar Corporation, the originator of the Toronto Star, NorthStar is well-positioned to become a leader in the convergence of sports media and sports wagering.
To learn more about NorthStar Gaming Holdings Inc. (TSXV:BET), visit the companys website at northstargaming.ca.
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