April 4 marks the commercial launch of sports betting in Ontario, the first province in Canada to offer legalized sports betting. The list of participating sportsbooks includes those who have operated in the black or gray market in Canada.
One of the gray market entrants is bet365, which is poised to become part of the regulated market. The Alcohol and Gaming Commission of Ontario issued a license to bet365, according to the AGCO website. They are one of 14 online gaming operators approved by the AGCO as of March 15.
While one of the largest brands in the world, it has yet to make any headway in the U.S. Live in New Jersey, bet365 expects to launch in Colorado in the second quarter.
The opening of a regulated market gets rid of gray-market status as far as Ontario regulators are concerned.
“We want to convey our expectation that all prospective operators will make best efforts to conduct themselves in a fair, responsible and ethical manner during this transitional period,” an AGCO release said.
Enforcing the regulated market will be a major challenge, PointsBet Canada Chief Commercial Officer Nic Sulsky told LSR last year. The Canadian Gaming Association estimated the gray and black markets in Canada account for $14 billion in bets annually, including $4 billion wagered in the gray market.
Gray-market operators making the switch have an advantage against sportsbooks fresh to the market. Which explains why U.S. operators are hesitant about opportunities in Ontario.
Unibet, another gray-market operator, received approval last week. Other gray-market sportsbooks include Bwin, BetRegal and Bet99. Bet99 has an endorsement deal with Toronto Maple Leafs captain Auston Matthews, while BetRegal has a partnership with the Canadian Football League.
Operators approved for Ontario sports betting
FanDuel Sportsbook is the biggest U.S. name to date, while BetRivers Sportsbook will also be in Ontario on or near launch day. PointsBet and theScore were also awarded licenses.
During a recent Entain investor call, executives said they plan to apply for Ontario licensure with the Party brand. BetMGM, Entain’s joint venture with MGM Resorts, also plans to launch in Ontario.
“The receipt of our registration in Ontario is an important milestone that demonstrates our commitment to operating only in legalized markets,” RSI CEO Richard Schwartz said in a statement.
“Our free-to-play social gaming platform has experienced strong traction in Ontario to date, and we look forward to offering those players similarly entertaining and responsible experiences when our real-money offerings come April 4,” Schwartz said.
