Ontario opening a private sports betting market in April 2022
Ontario has announced its launch for sports betting, on April 4th private sports books will be allowed to take bets. Prior to the change, Canadians where restricted to parlay style bets that lasted multiple games or events. Ontario’s plan to expand sports betting options allows an unlimited number of private sportsbooks to apply for a license to operate in the province. We should expect to see companies like DraftKings, FanDuel, BetMGM, and others to obtain a license prior to the launch. With New York and Arizona having very high handles for their initial launch, here is a projection from the Vixio GamblingCompliance on what Ontario could expect to generate. The online gambling market in Ontario is expected to generate $989 million in gross revenue in its first year, and is projected to hit $1.86 billion by 2026.