Gaming Realms has gained a supplier’s license in Ontario via its subsidiary Alchemybet Limited just ahead of the launch of the iGaming market in the province, which is scheduled for April 4, 2022. Thanks to the license, it will be able to supply games, which is a huge development and opportunity for Gaming Realms.
Ontario Is Larger than Any US State That Allows Online Gambling
The reason why this is such a huge milestone for the group is the fact that it opens up countless possibilities and opportunities. Ontario is larger than any US state that allows online gambling and it has a population of around 15 million. The initial focus will be on supplying Slingo games and after that, the company will launch its full portfolio.
Gaming Realms’ executive chairman, Michael Buckley, stated that he thinks that Ontario is a much bigger market than any of the US states where the company is currently operating and that is why everyone at Gaming Realms is excited. As the company is focused on expanding and strengthening its global presence, approval in Ontario is a significant step forward.
The company will have competitors on the market, one of which is the well-established 888 Holdings. The Alcohol and Gaming Commission of Ontario provided the operator with a license at the start of March.
888 Holdings’ chief executive, Itai Pazner, stated that as the company is getting ready to launch in the province, everyone at 888 is excited for the opportunities that lie ahead. Pazner also added that the company’s main goal at the moment is to strengthen its presence in regulated markets. 888 Holdings is known for operating brands such as 888poker, 888casino, and 888sport. Bragg Gaming is also among the suppliers that received license from the AGCO.
Great Canadian Gaming Disagrees with the Launch of Online Gambling
One of the main benefits that would come from the launch of online gambling in Ontario is the fact that the province would collect millions of dollars in tax revenue. However, not everyone agrees with this. The biggest casino operator in Ontario, Great Canadian Gaming, commissioned a report that warns the government that it could actually lose millions of dollars in revenue.
“Ontario Gaming Market Assessment” is the name of the report and it is issued by HLT Advisory Inc. According to this report, Ontario faces the challenge of losing more than CA$2 billion ($1.57 billion) in the next 5 years with the launch of online gambling.
Land-based casinos’ tax on net gaming revenue is 55% and according to the report, if online casino operators are taxed at 20%, the province will end up losing billions of dollars. Additionally, the report estimates that the annual losses could be as high as CA$550 million ($474 million).