- Sportsbooks in Ontario launched on August 27, 2021.
- Since going live, 45% of total wagers have been placed on football, with the NFL seeing 34% of the total handle.
- Ontario sportsbooks could generate up to $570 million CAD in 2022 at this rate.
TORONTO – The Ontario sports betting market has been off to a strong start since going live on August 27, 2021.
Within its first week of opening, sportsbooks reported $1 million CAD (roughly $803,821.04 USD) in wagers placed.
The regulated sports betting market’s early success has led to major projections heading into 2022 and beyond.
Canada Sports Betting Boom
The passing of Bill C-218 in April kicked off the start of the single wager Canada sports betting industry. Popular gaming research firm Eilers & Krejcik Gaming has taken a closer look at the market since then.
A recent Canada Online Gambling Tracker Report projected that more than $570 million CAD will be generated from online sports betting in Canada in 2022.
These projections, based on the early success of the market and other factors, also predict Canada seeing $904 million CAD by 2026.
The Ontario Lottery and Gaming Corp. are embracing sports betting as an added revenue stream. With the launch, Ontario is expected to bounce back from the $49 million CAD lost in 2020 due to COVID-19 shutting down sporting events, according to the latest annual report.
What Does The Market Look Like?
Ontario sports bettors have been wagering heavily on football games. Over 45% of total wagers have come from football with 34% coming from NFL betting lines.
The province has also seen 30% of bets on baseball and 18% of wagers on soccer with action coming from both the MLS and the EPL.
PointsBet is the biggest sportsbook in Ontario, seeing the most activity, with BetMGM and DraftKings rounding out the top three platforms.
Toronto-based sportsbook theScore is expected to see a bigger market share going forward. Penn National Gaming purchased theScore back in August and is aiming to use the sportsbook to expand its Canadian market share.
Ontario and the entire Canadian sports betting industry is already off to a great start with the future looking like a bright one for sports gaming.
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News tags: Alcohol and Gaming Commission of Ontario | BetMGM | Canada | Canada legal sports betting | DraftKings | Eilers & Krejcik Gaming | English Premier League | EPL | football | MLB | MLS | NFL | Ontario | Ontario Lottery and Gaming Corp. | Penn National | PointsBet | theScore | Toronto
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.