AGCO Sets Illegal Sportsbook Deadline In Ontario

The Ontario Alcohol and Game Commission has finally taken action against a number of grey market sports books operating in the state. 바카라사이트 On Tuesday, October 4, 2022, the Commission said it would grant a deadline of October 31, 2022, for illegal platforms to be legalized in jurisdiction and to join the regulatory market. Otherwise, they may be penalized by regulators.

The province opened a private online gaming and sports betting market on April 4, 2022. However, operators who sent applications to AGCO prior to market launch but have yet to receive a response received a grace period to continue operations in the province until submissions are reviewed.

This Tuesday, AGCO released a press release reminding registrants to know, understand and comply with all applicable regulatory conditions, including the new standards that will take effect on October 31. Registered operators who have not yet made their debut in the sector will have to stop their unregulated activities after the deadline.

Regulators will also continue to work closely with registered operators and game-related vendors to help them understand regulatory requirements. For example, applicants should ensure compliance with standards once the time has come. This would oblige the province to suspend illegal operations if it has not yet held AGCO approval by October 31, 2022.

AGCO said applicants who do not comply with the new standards when they take effect risk being denied their license applications. That is why the Commission provides a reasonable period of notification to support further transitions to the legal sector, including informing customers of potential offline periods as a result of pending registrations.

In late August, AGCO’s subsidiary iGaming Ontario released its first financial figures for its new Internet gaming segment. Operators in the state raised C$4.076 billion in total handling for the first quarter of operations from April 4, 2022 to June 30, 2022, but only C$162 million in revenue. This is less than the initial estimate for this week.

In addition, during the quarter, the market had 492,000 active player accounts and spent an average of C$113 per month. Promotional bonuses are excluded here. The holding rate for the quarter was 3.9%, but in other similar markets, such as New York, it was significantly lower than it held 6.63% in the initial quarter, raising concerns.

There may be some more changes in the iGaming market in the near future. Recently, Woodbine Entertainment, Ontario’s largest horse racing operator, said it was working to help the iGaming brand provide betting on horse racing. The group aims to operate by the end of the year and requires permission from the Paris Mutual Agency in Canada.

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