Torstar Corporation intends to launch an online casino betting brand this year in the regulated Ontario online gaming market, the company has announced.
“We are excited at the prospect of participating in a regulated online Ontario gaming market with a made-in-Ontario product,” said Corey Goodman, chief corporate development officer at Torstar.
The launch is pending approval from the Alcohol and Gaming Commission of Ontario and the setting of a launch date by the Ontario government.
The 2019–2020 Ontario budget contained a promise to license private operators to operate in a regulated online gaming market in the province.
In its latest budget, the Ontario government said it would be “introducing legislation to give the Alcohol and Gaming Commission of Ontario (AGCO) authority to conduct and manage iGaming, in addition to having the role of the regulator.” The commission would “manage the relationship between the government and private iGaming operators.”
Ontarians spend more than $500 million dollars a year on online gaming, the 2019–2020 Ontario budget noted, with the vast majority spent in unregulated, grey-market offshore websites, says Torstar.
“There are two reasons for our entry into this field,” said Paul Rivett, chair and co-owner of Torstar. “First, we want to ensure the new marketplace is well represented with a Canadian, Ontario-based gaming brand so that more of our players’ entertainment dollars stay in our province. Second, doing this as part of Torstar will help support the growth and expansion of quality community-based journalism.”
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