The Ontario government says it is creating a new entity to manage online gaming, including single-game betting, and it hopes the company will take bets by the end of the year.
In a press release Tuesday, the Ford government said that iGaming Ontario will be a new subsidiary of the Alcohol and Gaming Commission of Ontario (AGCO) and that it will deliver and manage new online gaming offerings in Province.
The move follows a change made by Ottawa last month to allow single-event sports betting.
In a statement, Ontario Attorney General Doug Downey called the creation of the new entity “a critical step in our work to ensure people have access to a safe and regulated online gambling market.” and said he hopes this will make Ontario a “world leader” in the industry.
“We are committed to working with industry, responsible gaming advocates and regulatory partners to ensure Ontario is a world leader in creating a safe online gaming environment that meets consumer expectations. Downey said.
The subsidiary will operate independently from AGCO, with its own staff and board of directors, but will still be regulated by AGCO.
The Ontario Lottery and Gaming Corporation (OLG), which operates draws such as Lotto 649 and LottoMax in Ontario, will continue to offer and manage its own online offers on its website.
The province hopes to draw potential gamers away from unregulated and illegal âgray marketâ websites and generate revenue at the same time by establishing a legal framework.
Danish consultant Birgitte Sand is leading the project.
Province posted a discussion paper on the future of online gaming in Ontario and was garnering public comment until mid-April.
âThe government, along with Birgitte Sand, responsible for Ontario’s iGaming business project, will continue to meet with the iGaming industry, First Nations communities and organizations, and social responsibility groups to finalize the configuration and rules of the game. new market, âthe province said Tuesday.
iGaming Ontario is expected to be up and running by December, the province said.
Details on how exactly it works have yet to be released.
According to the province, Ontarians spend almost $ 1 billion a year on online gambling, about 70% of which takes place on unregulated gray market websites.
âOntario’s new legal iGaming market will create new opportunities for Ontario businesses and a better and safer gaming experience for players,â Finance Minister Peter Bethlenfalvy said in a statement.
The province did not specify on Tuesday who will lead the new entity.