Ontario’s new market for iGaming has already risen to the top five jurisdictions in North America, as since its launch it saw the licensing of 55 operators. But the Alcohol and Gaming Commission of Ontario projects that the sector will grow even larger in the future, as currently, there are 28 operators waiting in queue for a license.
Overseen by AGCO and iGaming Ontario, the iGaming market debuted on April 4, 2022. In its first 12 months, local players placed wagers of over CA$35 billion, thus creating over CA$1.4 billion in revenue. The market also took away the monopoly from the Ontario Lottery and Gaming Corporation which was the only legal online gaming option in the province.
Expectations to Grow Larger
At a panel at the Canadian Gaming Summit, Tom Mungham, Chief Executive Officer of AGCO said that there are 28 applications waiting for review and approval. He predicts that the local sector will see further growth and become even larger in the future. Currently, there are more than 30 operators up and running and it seems that more are on their way.
Most of the leading names in the gambling industry have already made their wait into the market but some big ones are still missing. Previously, cryptocurrency-friendly sports betting site Stake was mentioned as one interested in joining. It was reported by Financial Times a few months ago, that the operator applied for a permit and is now awaiting a decision.
There are also operators who have already obtained approval from the iGaming watchdog but are still not online. This includes STX, which previously announced that it will be launching the first-ever sports betting exchange in the province. The list of operators may also include BetRegal, which a while back said that it plans to go online in the province’s sector.
Another operator looking to join is 5Dimes, which in May reported that it was applying for a license. In order to do so, the company needs approval from AGCO and sign an operating agreement with iGaming Ontario. The operator was among the brands to suspend offshore operations in the province while waiting for its regulatory permit.
AGCO Issues Two Fines
In the meantime, AGCO is keeping a close look at the iGaming sector and recently had to impose two monetary fines on operators offering services in it. The regulator said BV Gaming and Fitzdares Canada Limited breached the province’s Standards for Internet Gaming by offering illegal bets on Canadian major junior hockey to customers.
In its statement, AGCO stated BV Gaming Limited breached Standard 4.34, paragraph 15, by offering bets on Ontario Hockey League, Quebec Major Junior Hockey League and Western Hockey League. Fitzdares Canada was also penalized for offering bets Ontario Hockey League, Quebec Major Junior Hockey League and Western Hockey League. Each received a CA$15,000 monetary fine.
Source: Zochodne, Geoff “Ontario Could Add Even More Legal Sports Betting Sites, Regulator Suggests” Covers, June 28, 2023