The Ontario Lottery and Gaming Corporation (OLG) has made a commitment to the province’s online gaming sector that will result in a more financially stable, competitive and diverse industry.
The news comes as the Canadian province of Ontario announced plans to allow online gambling to become legal in the country. The new rules are expected to be introduced in 2018. Ontario is home to a number of casinos, including the popular Toronto’s Woodbine racetrack and Fairmont Royal York Hotel and Conference Centre.Ontario announced this week the creation of a new gaming agency that will be responsible for all regulated online gaming in the province. Torstar Corporation almost immediately praised the local government for its quick action on the impending expansion of gambling in Canada, as the single sports betting legislation virtually became law.
The Safe and Regulated Sports Betting Act, also known as Bill C-218, was filed last year and aims to lift the ban on sports betting on individual events in the country. This is a welcome change, as many gamers and sports fans prefer to bet on their favorite sporting event, rather than two or more games, as used to be the case.
Preparations for enlargement
iGaming Ontario is the official name of the new online betting organization and will be a subsidiary of the Alcohol and Gaming Commission of Ontario. Jordan Bitove, co-owner of Torstar Corporation, expressed his satisfaction with the passage of the bill and reaffirmed the company’s support for a legal and regulated iGaming market that will provide the necessary protection for players and an excellent responsible gaming program.
Torstar Corporation specializes in media reporting and information services, but the company recently decided to enter the growing Ontario gaming market and launch an online casino. The company plans to launch its digital single event sports betting platform in the fourth quarter. Launching in the first quarter of 2021.
John Boynton, vice president of NordStar Capital, the parent company of the media company, said they were excited to offer sports betting products to gambling fans in the province’s regulated online space. Boynton added that the top sports coverage from the company’s specialist journalists would be a perfect fit for the online sports betting platform.
Paul Rivett, president and co-owner of the media outlet, believes that officially regulated sports betting will prevent players from placing millions of dollars in offshore online casinos. And that way, the revenue could be used to fund health care and education. He also noted that legalizing sports betting would give consumers the protection they need when accepting and settling bets.
New field studies
Torstar Corporation first announced its intention to join the burgeoning online gaming industry in Ontario in March of this year. The publisher wants to launch an online casino platform to generate more revenue and funding for their promising journalism projects. Since the company has no experience in the industry, it will hire Jim Warren, a former OLG employee.
New gaming company
Shortly after Bill C-218 received royal assent and Canada moved closer to becoming law, Ontario unveiled its plans for a new gambling structure. As noted above, iGaming Ontario will be a subsidiary of the Alcohol and Gaming Commission of Ontario and will operate separately from OLG. The new organization will have its own staff and board of directors, but these have not yet been announced.
Source: Torstar Corporation welcomes Canada’s single event sports betting organization, Yahoo! Finance, July 7, 2021.
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