Wall Street analysts made early forecasts for the sector after Ontario’s iGaming and mobile sports betting market recently began targeting private operators. Experts expect that the market’s beginnings will be dominated by former gray operators that have existed in the region since the early 2000s and are now licensed by the state.
Ontario’s online gambling market opened on April 4, 2022, and its goal was to prevent local gamblers from pouring millions of Canadian dollars into offshore and illegal gaming sites. The state has provided Internet operators with the same transformation as a fine-free business, and operators already popular among gamblers are expected to thrive in the new regime.
The market is overseen and managed by the Ontario Alcohol and Gaming Commission, and gray market operators need approval. With permission, this sports book and iKashino can legally provide products in the state. The state has yet to release its first financial report on the new market, but VIXIO Gambling Compliance predicts the market could be worth CA$2.36 billion by next year.
One brand that is already quite popular in the province and is expected to do well in the regulatory market is Bet365. The sports book has been operating in the province for many years, and has now been approved by AGCO to join the province. It was released on the first day of the market in April, and the app is currently in operation in the jurisdiction.
Macquarie Group analyst Chad Bainan predicts that gray market brands such as Bet365, Betway, Bodog and others will get off to an advantageous start in the market due to their popularity. Another reason is that local governments have practically allowed the transfer of player bases to local regulatory apps, which Mr. Bannon finds strange. 바카라사이트
Boston-based DraftKings, the dominant name in the U.S. market, has also been approved to join the Ontario market. Recently, however, CEO Jason Robbins argued that the company does not expect a major share of the market. He also pointed to gray market operators, saying there is a lot of continuity between the gray market and the regulatory market.
In addition to DraftKings, Mr. Bannon believes other operators already established, including FanDual and BetmGM, will also struggle in the new market. But he predicts the market’s competitive scene is likely to change because former gray market brands will now have less money for customer bonuses as they have to get used to paying taxes in the provinces.
The expert continued that technology-focused companies such as Score Media and Gaming will be able to attract many customers. This may be due to the fact that such companies always strive to strengthen their player experience. But now, the provincial market is still waiting for AGCO and its iGaming Ontario to release the first number to the market.