Albertans are betting in record numbers this week that the Edmonton Oilers will pull off the next-to-impossible: four straight wins to take home the Stanley Cup.
But beyond the NHL playoffs, it’s Ontario that’s seeing the real sports betting surge.
Driving the news: Ontario is reaping the benefits of legalizing single-game sports betting through private companies back in 2022. According to a new report by iGaming Ontario, the industry contributed $2.7 billion to the province's GDP last year, up 70% from 2022.
- Prior to Ontario opening up its gambling market, an estimated 70% of the $1 billion Ontarians wagered was on the so-called grey market, including unregulated sites.
Big picture: A year after making the move, 85% of Ontario bettors started making their picks on legal betting sites, like Bet365 or DraftKings. The government, which takes a 20% cut of those betting sites’ revenues, pulled in $790 million last year as a result.
- That has put Ontario’s betting industry ahead of other provinces, like B.C., Québec, and Alberta, which only allow single-game sports bets through government-run apps.
Why it matters: Almost half of Canadians are now active online gamblers. Ontario opened up the floodgates, but from coast to coast, the foundation has been laid for what’s already one of the fastest-growing industries in the country.—LA