The Canadian Gaming Summit commenced with an exciting announcement from iGaming Ontario, leaving attendees in awe. The group unveiled a comprehensive report prepared by Deloitte outlining the remarkable economic impact of the gaming industry on the province over the past year.
According to the report, the gaming industry’s economic contribution reached an impressive C$1.54 billion, with C$900 million dedicated to wages. The industry was responsible for creating nearly 12,000 job opportunities. The report further suggests that these numbers are projected to rise. Let’s delve into the ten-year projections.
Gaming Industry’s Impact on the Canadian and Ontario Economies
Canadian Gaming Association CEO, Paul Burns, addressed the audience during a panel on innovation, shedding light on the economic impact of the gaming industry. Burns expressed his enthusiasm, stating, “It’s having a real impact on the Canadian and Ontario economies. We have a broad spectrum of operators and suppliers that have joined this market.”
Lucrative Wages in the iGaming Ontario Sector
The report also highlights the substantial wages offered in the iGaming space, with an average salary of C$103,000. This figure surpasses the average wage in the province by a remarkable C$30,000.
The higher wages can be attributed, in part, to the specialized nature of the positions available in the gaming industry. These roles often revolve around STEM-related fields such as product development, fraud services, and other technology-related disciplines. The provincial government’s focus on fostering STEM opportunities, particularly for women and indigenous individuals, is finding success through the gaming industry.
Burns commented on the Deloitte report’s findings: “The report highlighted the existing infrastructure in Ontario, leveraging partnerships with other high-value sectors, ongoing tech innovation, and the ability to create a marketplace. These factors contribute to the growth of the gaming industry.”
Positive Returns for the Canadian Government
The gaming industry contributes to the province’s economy, directly benefits the Canadian government, and bolsters the GDP. In its inaugural year, the sector generated a substantial C$761 million in revenue. The report projects this number will skyrocket to almost C$2.2 billion in the next decade.
While concerns about the market becoming oversaturated with 46 operators have been raised, Burns dismissed this notion during his remarks. He emphasized that the report suggests ample room for many operators to thrive, stressing that this outcome is intentional.
iGaming Ontario Exec Reflects on Gaming Future
Dave Forestell, Chair of iGaming Ontario, stated, “Today’s report reveals that the newly regulated iGaming market in Ontario is delivering tangible benefits to every resident, whether they participate or not. The iGaming industry is a significant economic driver in Ontario, enabling us to lead the world’s best gaming market right here at home.”
Attorney General Doug Downey added, “Over the past year, Ontario’s iGaming market has been internationally recognized for creating a safe, legal, and competitive landscape while supporting the province’s economy and displacing the existing unregulated market.”
Operators Acknowledge the Importance of a Local Approach in Ontario
During the panel discussion, industry operators highlighted the crucial role played by a local presence in Ontario for their success. They expressed their appreciation for the province’s pool of talented individuals.
Scott Woodgate, CEO of BetMGM Canada, emphasized the need to establish a dedicated staff in Ontario. With a Toronto office and access to advanced technology through their ownership via Entain and MGM, BetMGM Canada recognized the importance of having a team proficient in anti-money laundering, customer service, and creative aspects across various sectors.
Amanda Brewer, overseeing Canada operations for Kindred Group, concurred, stating, “You cannot compare the Ontario experience to anything you see in Europe and you cannot compare it to anything you see south of the border. Ontario is a very unique market. How gaming is conducted and managed, which are two words that don’t exist anywhere else in the world, is very unique to Canada.”