Ontario’s Online Casino & Sports Betting Space to Favor Offshore Brands

Ontario’s Online Casino & Sports Betting Space to Favor Offshore Brands

Wall Street experts believe that the newly legalized online casino and sports betting markets in the province of Ontario will be controlled by the same offshore-based corporations that dominated the sector in the early 2000s.

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Ontario Online Casino

Past Transgressions Are Irrelevant

The province’s and the majority of Canada’s permissive gambling legislation enabled offshore enterprises to gain pace and flourish. Their repositioning in the regulated market occurred without the costs of the past, since firms were not labeled as rogue operators and were permitted to seek for licenses with the Alcohol and Gaming Commission of Ontario. Not every regulator has been as liberal as the Kansspelautoriteit, which has labeled a number of large and well-respected industrial businesses as “bad operators” and attempted to punish a number of household names. Today, there is a tremendous incentive to participate in the regulated iGaming business.

VIXIO GamblingCompliance has projected that the market might be worth $2.36 billion by the end of the following year. Betway (which is owned by Super Group, which runs a number of other brands in the province) and bet365 are among the many prominent companies that have recently entered the legal gambling market.

Developing a Plan for the Future

 

Bet365, Betway, and Bodog will gain the most ground in Ontario, since they have established player bases prior to the implementation of the rule. Chad Beynon, an analyst at Macquarie Group, has the same perspective. However, he anticipates a very competitive market. Despite their generosity, Ontario regulators are not completely oblivious to the regulations they are tasked with upholding. This mostly consists of new operators in the space. Regardless, the gray area ones have amassed a significant player following.

Many executives, including the managing director of Truist Securities, Barry Jonas, recognised the peculiarity of the Canadian gaming business and, in particular, the manner in which Ontario had handled affairs, allowing Grey market companies to begin over. Jonas was interviewed by Yahoo News. In addition, operators who had been operating on the Grey market and had applied with the AGCO were permitted to continue doing so until they could establish their enterprises.

Jonas remarked that this was mostly due to how Ontario chose to do business, suggesting that enterprises seeking a regulated status should not be punished for past transgressions. According to Jonas, things are different in the United States, which is not unexpected given that offshore gaming sites are subject to prosecution by the US Department of Justice under the country’s laws.

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.