The competitive market for online sports betting sites and internet casino gambling in Ontario could soon become even more crowded.
One of the top regulators of Ontario sports betting said earlier this month there are 55 registered iGaming operators in the province and that 45 or so have launched in its regulated market.
There are another 28 applications in the queue, added Tom Mungham, chief executive officer of the Alcohol and Gaming Commission of Ontario (AGCO).
“My message to you is this sector is poised for further and greater growth,” Mungham said during a panel earlier this month at the Canadian Gaming Summit.
Plenty of room
More than $35 billion in wagering has occurred in Ontario since the province's competitive market for iGaming launched in April 2022, and more than $1.4 billion in revenue has been generated.
Not only that, but research conducted for the AGCO suggests a large majority of bettors in the province have switched to provincially regulated operators. Ontario already has more than 30 online sportsbooks legally taking action within its borders, including the PROLINE+ site offered by the government-owned Ontario Lottery and Gaming Corp.
Which begs the question: who else plans to join the legal sports betting market in Canada’s most populous province?
The answer, it seems, is plenty. Ontario’s relatively low cost of entry, sizable population, and authorization of online sports betting and casino gambling have proven attractive for operators, turning the province into one of the bigger wagering markets in North America. And, while some operators may be keeping their plans private, others have let slip details through regulatory applications or comments to the media.
Cryptocurrency-friendly sports betting site Stake is one operator whose name has been bandied about in connection with Ontario. The Financial Times reported in March that the bookmaker had indeed applied for a permit in Canada’s most populous province.
Stake is also pursuing the acquisition of a company in the United States, according to an interview given recently by its co-founder. If it were to buy a regulated gambling firm with preexisting licenses, it could give the sportsbook operator access to those markets and go a long way toward winning over regulators in Ontario and beyond.
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— STX (@stx_app) June 12, 2023
Say goodbye to traditional sportsbooks and embrace a new era of trading options. Join us as we make history by being the first Sportsbook Exchange to launch in… pic.twitter.com/R6YIhXDaV4
Other operators have received a key approval from the AGCO, but have yet to launch, such as betting exchange STX. But, to hear Mungham tell it, there are two dozen other applications in the AGCO's hopper. That likely includes BetRegal, which has long said it will launch in the province’s regulated market.
Another offshore operator looking to come aboard in Ontario is 5Dimes, which messaged users in late May that it was registering itself in the province. To operate legally in Ontario, sportsbooks must register with the AGCO and sign a contract with the government agency iGaming Ontario.
After a half-year of waiting and complaints from regulated operators, the AGCO said last fall that the “transition period” for bookmakers without an Ontario license was over. Anyone seeking but not yet holding an Ontario license was required to stop taking bets in the province, or they would face the wrath of regulators.
5Dimes says it was one of those operators who stopped taking action in Ontario while it awaited regulatory approval.
"Once we receive approval for our Ontario license, we will promptly notify you," 5Dimes said. "Once we are ready to launch, anticipate exciting bonuses and promotions as our way of celebrating this new chapter."
