Experts predict that former Grey Market brands will lead the Ontario market

Experts predict that former Grey Market brands will lead the Ontario market

After the recent launch of Ontario’s iGaming and mobile sports betting market for private operators, Wall Street analysts have given their early predictions for the sector. The experts think that the start of the market will be dominated by former grey operators, who have been in the region since the early 2000s and are now licensed by the province.

The objective of the online gambling market in Ontario was to stop local gamblers from pouring millions of Canadian dollars into offshore and illegal gaming sites. The operators who are popular with gamblers will thrive in the new regime, because the province has offered internet operators a penalty-free business-like transition.

There are early forecasts

The grey market operators need the approval of the Alcohol and Gaming Commission of Ontario to operate. sportsbooks and i casinos can legally offer their product in the province once they are licensed. The province has yet to issue its first financial report on the new market, but the market is predicted to be worth CA$2.36 billion by next year.

Bet365 is one of the brands that is popular in the province and is expected to do well in the regulated market. The sportsbook has been operating in the province for a long time, and is now licensed to join the province by the AGCO. It launched on the first day of the market in April, and now its app is up and running in the jurisdiction.

Due to their popularity, grey market brands such as Bet365, Betway, Bodog, and several other will have a head start in the market, according to Chad Beynon. Mr. Beynon finds it strange that the local government has allowed them to transfer their player bases to a provincially regulated app.

DraftKings, a well-known brand in U.S. markets with its headquarters in Boston, has also been given permission to enter the Ontario market. The company does not expect a major share of the market, according to its CEO. He pointed out that there was a lot of continuity between the grey and regulated markets.

The other Sportsbooks will struggle as well

Mr. Beynon believes that other established operators will struggle in the new market, in addition to DraftKings. He predicts that the competitive scene of the market will change since former grey market brands will now have to pay taxes in the province, which will leave them with less money for customer bonuses.

Score Media and gaming will be able to attract a lot of customers according to the expert. It will be due to the fact that such companies always work on bolstering player experience. The provincial market is waiting for AGCO and its iGaming Ontario to release the first numbers on the market.

“‘Cleansed’ grey market bookies to dominate Ontario’s legal betting market: analysts” was written by Jeff Lagerquist.

Summary:

After the recent launch of Ontario’s iGaming and mobile sports betting market for private operators, Wall Street analysts have given their early predictions for the sector. The experts think that the start of the market will be dominated by former grey operators, who have been in the region since the early 2000s and are now licensed by the province.