Alcohol and Gaming Commission of Ontario is ready to shed more light on the upcoming online gaming field of Ontario and the innovation that will infiltrate it. Single-event sports wagering is projected to become legal in the foreseeable future, which is why the commission released its draft sports betting standards and started the conversation.
At the moment, sports betting is allowed within the province, but only when it comes to betting on multiple sports events. This oftentimes leads to players preferring offshore sportsbooks and betting their cash overseas. As a result, upwards of CA$110 million slip through their fingers on an annual basis instead of being reinvested in the host communities welcoming casino operation.
AGCO
The competitive online gaming market of Ontario is preparing for its official launch later in 2021 and it is time for the commission to lay the groundwork. As it was recently revealed, the opportunities for development and wagering will be quite broad, with tons of sports included and space for flexibility. The framework revealed makes it clear that there is no need for a list of allowed wagers on a provincial scale.
All they would have to do is meet certain criteria and receive the nod of the commission. Some of the conditions are that the outcome of the sports event would have to be verifiable and most of the participants of the event will have to be of legal age. Another important condition is that a sports governing body would have to keep a close eye on the game at all times.
Moreover, the sports event would also have to have integrity safeguards effectively introduced, essentially eliminating match-fixing, unfair outcome, or any illegal practices. All wagers placed within the online space of Ontario will have to be placed on upcoming events which outcome is unknown at the time of wagering. As it was also confirmed, the wagering field will be able to attract daily fantasy sports wagering, eSports, as well as other bets.
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Canadian Gaming Association applauded the gambling commission on its liberal approach towards the budding online gaming field. It will welcome betting exchanges, as well as wagering while the sports event is already in progress. Sports betting operators will also not be required to use official league data in their operation in Ontario.
Right now, projections are that the market could launch in December. CEO of the Ontario Lottery and Gaming Corporation, Duncan Hannay, stated that the agency would be making sure to launch the offerings by the start of the next NFL season. A new subsidiary of the Alcohol and Gaming Commission will oversee the online gaming offerings including single-sports betting and it will be named iGaming Ontario. It comes with its own staff and board of directors.
CEO of Score Media and Gaming Inc. John Levy expressed his optimism for the revolution of the Canadian gaming industry and Ontario in particular. Mr. Levy is hopeful that once the bill passes as law and single-sports betting is available the province’s gaming market could be equal to the fifth-largest jurisdiction in the U.S.
Source: “AGCO Releases Draft Sports Betting Standards“, CanadianGaming.ca, July 28, 2021
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