Another famous sports betting brand has targeted Ontario’s lucrative iGaming market. Most recently, Costa Rica-based operator 5Dimes said it has submitted an application to become a licensed company in Canada’s most populous state. Because of the application, the owners of several overseas betting sites have now stopped offering across Europe.
In April, Ontario became the first Canadian jurisdiction to launch a regulated online gambling market for third-party operators in the industry. It is controlled by Ontario’s Alcohol and Game Commission and its subsidiary, iGaming Ontario. But the market is separate from the Ontario lottery and gaming company’s online gambling business.
Recently, 5Dimes announced its interest in becoming a licensed operator in Ontario. In an email, the company said it will offer thrilling bonuses and promotions as a way to celebrate its launch once it comes online in the state. Since the operator takes off from the Ontario adventure, it said it is committed to providing players with a special gaming experience.
Interest in Canada’s private market for iGaming began in September 2020 after the company suspended work in the United States. The operator suspended U.S. activities after agreeing to a settlement worth more than $46.8 million with the Pennsylvania Eastern District Attorney’s Office. The agreement relates to an investigation into the company’s sports betting business in Costa Rica.
The company is known to have allowed U.S. betting athletes to make illegal bets. An investigation of the operators revealed that they allowed such bets from at least 2011 to 2018. On top of that, European operations ended in 2018 after the death of William Creighton, the husband of owner Laura Varella and founder of Five Dimes.
With its potential foray into Ontario, operators are likely to capitalize on huge market betting scales. In the first 12 months, the province reported C$35.6 billion in bets, bringing in C$1.4 billion in revenue. Active player accounts spent an average of C$70 per month over the period, according to regulators.
But the success of Ontario’s iGaming market has raised some concerns among local parents and experts, as there has been a lot of betting marketing in Ontario. That’s why AGCO proposed banning sports startups from participating in such ads and commercials. However, the item has not yet been approved or is running.
In an earlier statement, AGCO said it monitors and identifies possible risks and, if necessary, updates the standards of the registrar to mitigate them. Regulators have now identified advertising and marketing approaches that strongly appeal to individuals under the legal gaming age through celebrities or athletes. It said concerns remain high about the potential impact on the underage population.
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