Ontario Online Revenues Soar
Ontario, one of the 13 provinces and territories that make up the North American nation of Canada, has reported that its online gambling revenues have risen by a stunning one-quarter in its most recent yearly results roundup.
However, while this fiscal year has been an incredible success story when taking into account results from this time last year. It is still well behind in comparison to some of the country’s other provinces, which must be something of a concern given that Ontario – which contains capital city Toronto – is by far the most populous region of Canada.
PlayOLG – the internet-based gambling portal that was launched back in January 2015 by the Ontario Lottery and Gaming Corporation (OLG) – reported revenues of C$73.1m.
This is a stunning increase of 25.2% when compared to the previous year’s financial results. Net income from “online only” rose by around 37.3% to C$37.6m, which is largely being attributed to new, lower operating costs.
However, OLG is still casting jealous glances due to the hugely successful performances of some of its provincial rivals.
British Columbia’s PlayNow, for example, revealed revenues of over C$180.6m in its most recent financial reports, while Loto-Quebec’s report for the same period showed an annual result of C$118m for its Espacejeux site, which was only launched in 2017 – two years after Ontario’s site.
However, when competitors are taken out of the picture, Ontario’s online gambling results have revealed a lot to be positive about.
The number of active players rose by a 23.6% year-on-year, which OLG believes is largely down to the launch of the PlayOLG Casino mobile app, as well as the launch of online lottery subscriptions, which was introduced at the very start of 2018.
And the future looks as though it could be even brighter.
OLG has not been shy in admitting that it wants to reach the financial successes being achieved in neighbouring provinces, and this could be achieved through numerous new apps, games and online portals, many of which are still in the proposal stage. OLG has stated that the requests, if they come to fruition, will enable Ontario to offer ‘an enhanced and expanded sports betting offering‘.
The future of online gambling in Canada looks bright, and we are very interested to see how next year’s results will pan out.