Auditor: Ontario iGaming will generate $75 million in net income in next three years

[The Buzz]

Ontario Auditor General Bonnie Lysyk on Monday released her pre-election review of the provincial government’s multi-year fiscal plan, and said the competitive market for online casino gambling and sports betting in Ontario is currently expected to generate around $75 million in revenue for the provincial government over the next three years.

From Toronto Star:

Lysyk’s office is an independent arm of the provincial legislature that audits the government and its agencies. The auditor’s fiscal review is required by law, and her latest report included a breakout of the estimated net income of iGaming Ontario, the government agency legally responsible for the online sports betting and casino gambling market that launched in the province on April 4.

Ontario’s new iGaming market allows private-sector operators of online sportsbooks to legally take bets in Canada’s most populous province in return for a percentage of bookmakers’ revenue. It is up to iGaming Ontario to “implement and oversee reconciliation of igaming revenues on behalf of the province,” the agency’s website says.

Lysyk’s report said the provincial government expects iGaming Ontario to generate net income of $18 million (in Canadian dollars) for the 2022-23 fiscal year, which started April 1. That is to be followed by $26 million in net income for 2023-24 and $31 million for 2024-25, or a combined $75 million over three years.

“This is the bottom line that’s projected at this point from the iGaming operations in Ontario,” Lysyk said in an interview.

Read more: https://torontosun.com/sports/sports...-years-auditor

[ocreditor]

Lets just hope that the Canadians will not learn from the UK and keep regulation reasonable