Open sports wagering boosts Ontario revenue

Ontario is currently experiencing a substantial surge in revenue generated from the open sports wagering sector. According to the forecasts, the province is anticipated to generate revenue of $94 billion in 2024.

This is due to international gaming and the growing demand for certified sports wagering, according to a report by the International Betting Integrity Association (IBIA). 

Information from the IBIA, sports betting operators, and the gaming consultancy supports the research that H2 Gambling Capital conducted. A consortium of organizations, including the Brazilian Institute of Responsible Gaming, the Canadian Gaming Association, the Netherlands Online Gambling Association, and Responsible Wagering Australia, provide financial support.

Using data from twelve authorities, the study evaluates the impact of certified structures on attaining markets, as well as in-play wagering and monitoring. Furthermore, the study examines the impact of soccer, tennis, and other sports on the international gaming scene.

Countries including Portugal, Spain, Brazil, Australia, and Sweden were incorporated to enhance the scope of the research. Nevertheless, the gaming market in the United States was excluded due to the numerous state licensing structures.

The certified international sports wagering sector is projected to yield an estimated aggregate gambling revenue of $94 billion by 2024. Approximately $61 billion is anticipated to be generated through online wagering.

With an estimated $93 billion wagered on online platforms, the global sports betting market is projected to generate gross gambling income of $132 billion in 2028.

According to the study focusing on Ontario, gaming markets will become more competitive. The province’s open market allows authorities to gain a better knowledge of certified betting while also deterring people from traveling overseas.

Ontario transitioned to an open gaming market in 2022. Before this occurred, the operations were under the control of the government, constituting a monopoly. It is anticipated that Ontario will achieve a 92% onshore sports wagering channelization rate by 2024 as a result of its open market policy. The rate for the remainder of the province will be 11%. 

As per the Canadian sports betting news, it is estimated that between 2024 and 2028, collections from overseas users will amount to over $2 billion in lost taxable gross gambling revenue. 

IBIA projections indicate that in-play wagering will account for 47% of all wagers in 2024, generating close to $28.4 billion. The channelization rate was recorded at 78% in 2022; under the existing regulatory framework, that number could potentially escalate to 79% within that span of four years. It could generate an additional $1 billion in tax revenue for Australia over the next five years.

By 2024, the most desirable sport is anticipated to generate $53 billion, with Asia and Europe accounting for 85% of that revenue. Markets that fail to promote soccer will forfeit a significant portion of their revenue. 

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