Launched on the 4th of April 2022, the Ontario iGaming market has undoubtedly made ripples, particularly regarding its profit margin and job creation.
A recent study by Deloitte estimates that iGaming Ontario supports more than 12,000 full-time jobs, and over the last year, has contributed $1.6 billion to the province’s Gross Domestic Product.
But this is only the cream of the cake! Delottie’s report reveals more astonishing figures. Keep reading to find out more!
Deloitte’s Report on Economic Contributions of iGaming Ontario
The report Economic Contributions of Ontario’s Regulated Market, has assessed the economic benefits of the now-regulated Ontario gaming market.
The report has revealed that the regulated industry supports over 12,000 full-time jobs, translating into more than $900 million in labour income.
The province’s GDP (Gross Domestic Product) saw a contribution of $1.6 billion in just a single year since Ontario’s regularisation.
The report forecasts that by 2031/32, supported jobs will go up to 22,000, while the GDP might see revenue of $4.7 billion.
iGaming Ontario’s chair Dave Forestall has commented in a press release: “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. The iGaming industry has the potential to be a real economic driver in Ontario and, together we can help realize that goal of leading the world’s best gaming market right here at home.”
Higher Paying Jobs and Growth in Revenue
According to the report the 12,000 jobs are all legal and come from Ontario licensed operators. This comes as no surprise given that a total of 45 operators are currently licensed by iGaming Ontario.
Furthermore, according to the report “Employees receive an average of $103,000 a year in compensation, which is 41% higher than average job compensation across all industries in the province.”
Ontario’s share is also expected to grow significantly, with forecasts projecting a growth from the $470 million made over the last year to a staggering $1.4 billion by 2031/32.