Ontario Could Be Next Great Online Betting Market
Canada’s Ontario province may be headed for an online gaming revolution. The Ontario provincial government has signaled an openness to legalize online gambling as part of the province’s 2020 budget.
Currently, online betting in Ontario is a monopoly controlled by the province, but legislation early next year could change that, opening the door to this huge market to companies like Bragg Gaming, DraftKings, Scientific Games, MGM Resorts International, and GVC Holdings.
Legalizing online betting in Ontario could also spur other Canadian provinces to follow suit, providing an even bigger opportunity for companies like Bragg Gaming to gain first-mover advantage in the country’s largest market. From there, it will be easy to expand into new Canadian markets as they open up. The Canadian Federal government has already proposed nation-wide legalization of single-event sports betting, adding to the Canadian opportunity.
“We’re very supportive of the move to legalizing single-event betting. Jurisdictions around the world are modernizing their gaming regulations to reflect today’s global gaming market, and Canadians – and the country’s operators – should have the same ability to place bets as their international peers. The reality is that many Canadians are already placing single-event bets today, but through illegal black-market channels that make them vulnerable. This proposed legislation will move a significant portion of these activities to a safer, more regulated environment that better protects Canadians’ interests while also ensuring a level playing field for Canadian operators,” Rob Godfrey, Bragg Gaming Board Member, said.
In a recent interview, BetMGM CEO Adam Greenblatt said that the company is “paying close attention to Canada, as Ontario is in the process of legalizing sports betting.”
Industry-leading sports betting site DraftKings will likely show significant interest in the Ontario market as well. The company has been quickly moving into new online gaming markets as they open up and analysts have noted that Ontario could be the company’s next big opportunity if the province does, in fact, ends its monopoly on online casinos.
