Since its launch on April 4, 2022 , the Ontario iGaming sector has certainly made waves, especially in terms of its profitability and the employment opportunities it has generated.
A recent analysis carried out by Deloitte reveals that iGaming Ontario is supporting in excess of 12,000 full-time jobs and has added an impressive $1.6 billion to the province's Gross Domestic Product over the past year.
However, this is merely the tip of the iceberg! The findings from Deloitte’s report uncover even more incredible statistics. Continue reading to discover more!
Deloitte's Insights on the Economic Impact of iGaming Ontario
The publication titled Economic Contributions of Ontario’s Regulated Market evaluates the financial advantages stemming from the now-regulated gaming market in Ontario.
Findings indicate that the regulated gaming sector is facilitating over 12,000 full-time jobs , which translates to more than $900 million in labor income within the province.
In just one year since the regulation of the market in Ontario, there has been a significant contribution of $1.6 billion to the province’s GDP (Gross Domestic Product) .
The projections suggest that by 2031/32, the number of supported jobs could rise to 22,000 , while revenue for the GDP might reach $4.7 billion .
Dave Forestall, the chair of iGaming Ontario , stated in a press release: “The findings of today’s report indicate that the newly regulated iGaming landscape in Ontario is providing genuine benefits to all residents, regardless of whether they participate in gaming. The potential for the iGaming industry to significantly drive the economy in Ontario is substantial, and together we can realize the ambition of establishing the best gaming market worldwide right here in our region.”
Increasing Job Quality and Revenue Expansion
The report clarifies that all of the 12,000 jobs are legitimate positions offered by operators licensed in Ontario. This is rather expected, given there are currently 45 licensed operators under iGaming Ontario .
Moreover, the report highlights“Employees are receiving an average annual salary of $103,000 , which is 41% greater than the average compensation across various sectors in the province.”
Ontario’s share of the revenue is also anticipated to see substantial growth, with projections estimating an increase from the $470 million earned in the last year to a remarkable $1.4 billion by 2031/32.