First Year of Legal Sports Betting in Ontario Generates Over $1.48 Billion
–News Direct–
The first year of legal single-game sports betting in Ontario was quite a profitable one.
According to a report released on Wednesday by IGaming Ontario, overall gaming revenue in the province's regulated sector was little over $1.48 billion.
The first year of Ontario's regulated industry, which opened on April 4, 2022, quickly grew to include more than 1.6 million active players, 45 gaming operators and 76 facilities, with additional sites expected to launch.
Add to that over $35.6 billion in total wagers and its clear why Ontario now ranks among the top five iGaming jurisdictions in North America after New York, New Jersey, Michigan and Pennsylvania.
The report estimated that the legal sports betting market contributed $1.56 billion to the province's GDP, $906 million of which went toward labor income. The regulated Ontario market produced $238 million in federal government revenue, $469 million in provincial revenue, and $54 million in municipal government revenue.
In 2024, the industrys contribution to Ontario's GDP is projected to reach $2.9 billion
Ontario remains the only Canadian province with a legal sports betting and online casino gambling market, however a group of sportsbook operators are urging Quebec regulators to become Canadas next open sports betting jurisdiction.
Made-in-Ontario casino and sportsbook provider NorthStar Gaming Holdings Inc. (TSXV:BET) is among the companies experiencing record wagers within the Ontario market.
A Casino and Sportsbook Gaming Platform Made in Ontario
NorthStar Gaming launched its casino and sportsbook gambling platform Northstar Bets in May 2022 and has continued to grow its userbase and revenue. Along with the most popular online casino games, the NorthStar Bets sportsbook gives real-time news, data, analysis, and scores directly in the betting environment.
In the first quarter of 2023, NorthStar Gaming reported total wagers of $139.5 million, marking a 24% increase from the previous quarter. Gross gaming revenue was $4.4 million, up 8% from the previous quarter, with a gross margin of $1.2 million, up 20% from Q4 2022.
NorthStar Bets was developed in partnership with Playtech (LSE:PTECH) (OTC:PYTCY), a major provider of B2C gambling technology. Playtech became NorthStar's strategic software and services partner as part of the agreement, supplying its IMS platform and casino services to Ontario's gambling sector.
In addition, Playtech made a C$12.25 million strategic investment in Northstar Gaming to help the Canadian gaming industry grow and thrive. The investment completed Northstars reverse takeover (RTO) funding, which brought in total gross proceeds of C$22.33 million.
NorthStar has found a lot of success in Ontario with its service that blends high-quality sports journalism with betting/casino games since its market debut in March 2023. Following the acquisition of Slapshot Media Inc., an iGaming marketing and managed services company, this company is poised to provide its unique slice of the industry to the rest of Canada.
Along with live, on-call agents, exclusive sports news, and an unmatched casino and sportsbook experience, NorthStar Gaming also offers these services. The company benefits from its local presence by leveraging its strong Ontario roots, which enables it to keep in tune with and adapt to the preferences of the province.
Because of collaborations and agreements with significant media firms, including an omnichannel advertising and marketing services agreement with Torstar Corporation, the originator of the Toronto Star, NorthStar is well-positioned to become a leader in the convergence of sports media and sports wagering.
To learn more about NorthStar Gaming Holdings Inc. (TSXV:BET), visit the companys website at northstargaming.ca.
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5) Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article.6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, forward-looking statements), which reflect management's expectations regarding NorthStar Gaming Holdingss future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as predicts, projects, targets, plans, expects, does not expect, budget, scheduled, estimates, forecasts, anticipate or does not anticipate, believe, intend and similar expressions or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to NorthStar Gaming Holdings industry; (b) market opportunity; (c) NorthStar Gaming Holdings business plans and strategies; (d) services that NorthStar Gaming Holdings intends to offer; (e) NorthStar Gaming Holdings milestone projections and targets; (f) NorthStar Gaming Holdings expectations regarding receipt of approval for regulatory applications; (g) NorthStar Gaming Holdings intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h)NorthStar Gaming Holdings expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of managements experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute NorthStar Gaming Holdings business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) NorthStar Gaming Holdings ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) NorthStar Gaming Holdings ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) NorthStar Gaming Holdings ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of NorthStar Gaming Holdings to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) NorthStar Gaming Holdings operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact NorthStar Gaming Holdings business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing NorthStar Gaming Holdings business operations (e) NorthStar Gaming Holdings may be unable to implement its growth strategy; and (f) increased competition.Except as required by law, NorthStar Gaming Holdings undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does NorthStar Gaming Holdings nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither NorthStar Gaming Holdings nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.
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COMTEX_436002064/2655/2023-06-26T08:59:52