Posted on: December 17, 2024, 06:06h.
Last updated on: December 17, 2024, 06:10h.
The announcement yesterday that Bally’s Interactive has launched a new sports betting and casino app in Ontario has some people asking – how much is too much?
At what point will the Ontario igaming market reach a saturation point? After all, according to iGaming Ontario statistics, the Ontario regulated market, which launched in April 2022, now has 50 licensed operators, and 81 gaming websites.
50 Licensed Operators
Ontario is one of the biggest markets in North America. Government-owned Ontario Lottery and Gaming Corporation reports their own total gross online casino and sports betting revenue – in FY 2023-24 they reported $630 million, up from $561 million in 2022-23.
The Ontario private market, not including OLG, saw $64 billion in total wagers in FY 2023-24 (April 1, 2023, to March 31, 2024), $2.4 billion in gaming revenue.
Bally Bet Sportsbook & Casino
Bally’s Interactive announced yesterday the company has launched its new Bally Bet Sportsbook & Casino app in the province. The updated Bally Bet Sportsbook & Casino app combines the functionalities of the existing Bally Casino app and Bally Bet Sportsbook app into one comprehensive platform.
Powered by White Hat Gaming, this new app allows players residing in or traveling to Ontario to place wagers on both sports and casino games using a single app, account, and universal wallet.
One industry observer said this: “I can’t see it moving the needle for them too much here given how over-saturated Ontario is.”
Industry Insider: Ontario Over-Saturated
How much revenue private igaming operators not named Bet365, FanDuel, Betano, Super Group, Entain and BetRivers are actually generating in Ontario is an issue. The industry source added that the “only way this makes sense (for Bally) is if it’s pushing the same new app out to every state they operate in (and the agenda seems to be to get a license in every state that opens).”
Bally’s Interactive launched its online casino in Ontario in July 2022, just after the market went live.
Need a Defined Strategy
“I think the obvious answer to the question of saturation in the Ontario market is a loud yes,” said Aly Lalani, an iGaming marketing consultant and industry vet. “I know not all operators are created equal but at the starting point that’s a lot of competition. I absolutely think there is room for new operators in the Ontario market, especially ones that can leverage the credibility of a name like Bally’s.
I think it’s crucial for brands (big and small) to have a clearly defined strategy for market entry and share acquisition, and a healthy marketing budget doesn’t hurt either. Regardless of how big or small the budget is, I think the key is making sure that you have identified some sort of niche to focus on.
Rude Awakening
“It doesn’t have to be hyper specific and can take the form of a differentiated marketing strategy, product experience and/or promotional strategy,” he said. “Any brand that willingly comes into the market and wants to be all things to all customers without a definitive understanding of their target customer is going to be in for a rude (and expensive) awakening.”
Another industry source told Casino.org that the issue of over saturation is overblown. In Bally’s case, they’ve been in the market for a while, and all they’re doing is offering a better product.
Ontario is a competitive market offering a wide selection of options for consumers. Gaming operators understand the market and will compete on product and service and ultimately it is the customer who will decide who’s successful and who isn’t,” said Canadian Gaming Association president and CEO Paul Burns.
