The biggest names in mobile sports betting and internet-based slots and table games are enlisting for at least another year in Ontario’s competitive market for online gambling.
A registry maintained by the Alcohol and Gaming Commission of Ontario (AGCO) shows companies such as bet365, BetMGM, and FanDuel have all received, or are in the process of receiving, approvals that will allow them to extend their stay in Canada's most populous province by one or two years.
For example, a company connected to bet365 was issued a two-year registration as an internet gaming operator on March 5 that runs until April 2026. Other bookmakers that have received or are working toward receiving new iGaming registrations in Ontario since March 1 include BetRivers, PointsBet, and theScore Bet.
DraftKings didn't launch online sports betting and iCasino in Ontario until mid-May of 2022, which is why the company's current registration doesn't expire until May 12 of this year.
Basketball was the most heavily wagered upon sport in Ontario over the past year, according to government agency iGaming Ontario.
— Geoff Zochodne (@GeoffZochodne) April 4, 2024
Ontarians are also wagering more on cricket than they are on UFC and other combat sports, iGO's numbers show:https://t.co/bhpFMMqTKa pic.twitter.com/q2xhUWsivR
Operators must register with the AGCO and enter into a contract with iGaming Ontario, a government agency, before they can legally start taking bets in Ontario. The companies must pay a $100,000 annual regulatory fee for each gaming site they offer in Ontario and have the option of a one or two-year term for their registration. Operators must give the province approximately 20% of the revenue they earn in Ontario as well.
The renewals are coming around the second anniversary of Ontario launching its competitive iGaming market, which officially happened last Thursday. Ontario is still the only province to implement a regulatory framework that allows multiple private-sector operators of online sportsbooks and casinos to legally do business within its borders, a departure from the legal monopoly typically granted to government-owned gaming corporations in the rest of Canada.
Ontario’s approach has allowed it to shift the bulk of online gambling in the province into its regulated market, according to a recent survey. That has translated into cash, with the latest provincial budget showing the Ontario government is on track to earn around $423 million in new revenue because of the billions wagered in its new iGaming market
bet365, BetMGM, and theScore Bet are among those who have recently obtained new iGaming registrations from the Alcohol and Gaming Commission of Ontario, which will allow them to continue operating in the province. pic.twitter.com/NtHrUIlvqW
— Geoff Zochodne (@GeoffZochodne) April 8, 2024
But a competitive market produces winners and losers, and a few operators have exited Ontario. One notable name that departed recently was Unibet, which shuttered its Ontario operation on March 26 as part of a broader withdrawal from North America by the Europe-based bookmaker's owner.
iGO does not provide company-level information when it reports quarterly figures about the iGaming market. Still, while additional operators may call it quits in Ontario, the renewals over the past month suggest many of the bigger players plan to stick around for the foreseeable future.
“Here's to two incredible years, and many more to come,” PointsBet Canada CEO Scott Vanderwel said in a statement last week.
