Ontario’s first year of iGaming generates CAD$1.6 billion in GDP

New research undertaken by Deloitte has estimated that the first year of Ontario’s regulated iGaming market contributed nearly CAD$1.6 billion to the Canadian province’s gross domestic product (GDP).

The report found that the market sustained more than 12,000 full-time jobs across the province in the first year, with the industry having the potential to grow to support up to 22,000 full-time jobs by 2031/32.

The iGaming market contributed nearly $1.6 billion to Ontario’s GDP, including over $900 million in labour income, which could rise to $4.7 billion by 2031/32.

“Today’s report reveals that the newly regulated igaming market in Ontario is delivering real benefits to every resident of Ontario, whether they play or not,” said iGaming Ontario chair Dave Forestell. “The iGaming industry is a real economic driver in Ontario. Together, we can help realize our goal of leading the world’s best gaming market right here at home.”

When looking at the jobs contributed directly by iGaming operators in Ontario, the report also found that employees receive an average of $103,000 a year in compensation, which is 41 per cent higher than average job compensation across all industries in the province.

“This is early evidence that the iGaming employment base, which generally relies on science, technology, engineering and mathematics (STEM) skillsets, is sustaining and creating demand for highly skilled and productive talent in Ontario,” stated the report.

In the report, Deloitte estimates that provincial government revenue in Ontario will grow from about $470 million last year to just under $1.4 billion in 2031-32.

In addition, the annual federal government revenue will grow from an estimated $238 million to $647 million in those years, and revenue to Ontario municipalities will more than double, from $54 million to $115 million.