Ontario has finally pulled the curtain on when private operators will be allowed to enter the regulated single-event sports betting market with the date now set for April 4. The news was confirmed by the Alcohol and Gaming Commission of Ontario subsidiary iGaming Ontario.
Private operators that have registered and satisfied the agency’s prerequisites will be able to open their betting platforms for business in a little over two months’ time. The launch will be tailored to satisfy consumer expectations and provide them with rigorous protection standards. Commenting on the launch, iGaming Ontario executive director Martha Otton said:
“Consumers can be assured that companies who successfully enter the new Ontario market will have met rigorous standards of game and operator integrity, fairness, player protections and social responsibility, allowing all players to play with confidence.”
iGaming Ontario executive director Martha Otton
The arrival of single-event sports betting has been used as a promise to restrict the reach of the offshore betting market which has fueled and served betting appetites over the past decade. However, Bill C-218 passed in August 2021 changed that as it allowed each province to pursue a dedicated regulatory framework.
Regulated Sports Gambling to Boost the Economy
The Canadian Gaming Association (CGA) estimates that billions worth of wagers will be retained in the country, which will generate jobs, taxes, and a vibrant and safe gambling industry at home. Ontario’s online gambling market alone should lead to some $989 million in gross revenue in the first year of operation.
This could then be followed up with as much as $1.86 billion annually by 2026. Commenting on the confirmation date, CGA CEO Paul Burns said that the province will finally be able to reap the economic benefits of legalizing its gambling industry:
“We finally have the opportunity to safeguard the economic benefits that will start to flow to licensed gaming operators and the provincial government.”
CGA CEO Paul Burns
Already, there has been no shortage of companies that are looking to make their entry in the highly-promising market. Penn National Gaming has been able to advance in Canada through the $2 billion acquisition of Score Media and Gaming.
FanDuel and Flutter Entertainment already have skin in the game and so do BetMGM and DraftKings. PointsBet has been one of the earliest entries into the market, achieving numerous activations and working to advance its visibility ahead of the official launch that has now been fixed for April.