Financial feedback on the province’s new iGaming market has finally been received by Ontario’s gaming industry. PointsBet reported that it has accumulated over CA$14 million in online sports wagers for the first three months of operations in the new market. The official reports are still not being published by the province.
The private business model for iGaming operators and online sportsbooks in the province was launched on April 4, 2022. More than 20 operators have been approved by the Alcohol and Gaming Commission to join as regulated brands. There is no official fiscal report on how the market has performed, which causes slight upset throughout the sector.
The results for the first three months
PointsBet Canada, which was launched in June of last year, has recently reported that it has generated over 12 million dollars in online handle. According to the sportsbook, it had a gross gaming revenue of CA$600,000 and a total market share of 4.2% in comparison to other operators.
After calculating the cost of free bets and other promotions in the province, the betting company reported a net loss. In the first three months of operations, it has welcomed 7,239 wagering customers, which have registered on its platform. The leader of 19 other sportsbooks is now in the local market.
Scott Vaderwel, CEO of the company, shared that the team is quite pleased with the performance of the sportsbook in Ontario. He said that the firm has done well in the first three months, as it has struck lucrative agreements with Maple Leaf Sports and Entertainment, which is the owner of the Toronto Maple Leafs and one with the Toronto Raptors.
According to the CEO, the company’s commercial deals are pushing its expenses higher in the short term, as it reported CA$7 million in Ontario- related advertising costs for the quarter. In the first three months of the year, the gaming leader amassed over CA$600,000 in net winnings from iCasino products in the province. A total net profit of CA$175,000 has been reported.
There are partnerships in Ontario
PointsBet Canada became an official sports betting partner of the Redblacks in March, after agreeing to a deal with the team. The sportsbook’s logo will be on the team’s kits for the season, and the company will be promoted across the street. The PointsBet Sideline Club will have over 800 seats at the new presenting sponsor of the sportsbook.
In July, the sportsbook also announced a team-up with the country’s Bottcher curling team. Last year, the company became a sports betting partner to Curling Canada, which is an important partnership for the development of curling in the province. PointsBet Invitation will be held at the Willie O’Ree Place in Fredericton, NewBrunswick, from September 21 to 25.
The cover of the July 29, 2022, edition of Zochodne’s “Ontario Sports Betting: PointsBet claims $14M in Handle as Provincial Numbers Still MIA”.
Australian-based PointsBet has reported that it has accumulated over CA$14 million in online sports wagers for the first three months of operations in the new market in Ontario, Canada. In the first three months of operations, it has welcomed 7,239 wagering customers, which have registered on its platform. The company had a net loss of almost $500,000.