This week Ontario announced its brand-new gaming entity that will be responsible for all regulated online gaming offerings in the province. The Torstar Corporation almost immediately congratulated the local government on its quick action ahead of the incoming gaming expansion of Canada as the single-sports betting legislation is now almost a law.
The Safe and Regulated Sports Betting Act or also known as Bill C-218 was introduced last year, and its purpose is to lift the prohibition on single event wagering in the country. This has been a long-awaited change as many gambling and sports fans prefer placing bets on their preferred sporting event instead of the current parlay betting on two or more games.
Getting Ready for the Expansion
iGaming Ontario will be the official name of the new entity for internet betting and it will be a subsidiary of the Alcohol and Gaming Commission of Ontario. Jordan Bitove, co-owner of Torstar Corporation has expressed his satisfaction over the passing of the bill and voiced the company’s support for the legal and regulated iGaming market, which will provide the needed protections for players and an exceptional responsible gaming program.
Torstar Corporation provides media coverage and news services, but recently the corporation has decided to join in on the expanding gaming market of Ontario and launch an online casino. The outlet plans on bringing single-event sports wagering with the launch of its digital platform sometime during Q4 of 2021.
John Boynton, Vice-Chair of NordStar Capital, the parent company of the media company, stated that they are excited to offer gaming fans sports betting products in the regulated online space of the province. Mr. Boynton added that the company’s top-notch sports coverage by its devoted journalists will be a great fit for its online sportsbook platform.
Paul Rivett, Chair and co-owner of the media outlet believes that officially regulated sports betting will prevent gamblers from pouring millions of dollars into offshore internet casinos. And this way the revenue could be used for funding health care and education. He also noted that legal sports betting would provide consumers with the needed protections while taking and settling bets.
Exploring New Fields
Torstar Corporation first announced its plans to join Ontario’s developing online gaming industry in March this year. The publisher’s desire is to launch an online casino platform as a way of bringing more revenue and financing its down-the-road journalistic projects. The inexperienced in the industry company will use the help of former OLG official Jim Warren who will be providing his excellent expertise on the matter thanks to his rich practice in the sector.
New Gaming Entity
Shortly, after Bill C-218 received its Royal Assent to move one step closer to becoming law in Canada, Ontario revealed its plans for the new gaming entity. As already mentioned, iGaming Ontario will be a subsidiary of the Alcohol and Gaming Commission of Ontario, and it will operate separately from the OLG. The new entity will have its own staff and board of directors, but as of right not they are still not revealed to the public.
Source: “Torstar Corporation Welcomes Single-Event Sports Wagering to Canada”, Yahoo! Finance, July 7, 2021