Fitzdares Exits Ontario Market After Two Years of Operation

Fitzdares, the UK-based luxury sportsbook and casino operator, has announced it will be exiting the Ontario market, with operations winding down by March 31, 2025. 

The company made the decision after two years of service in the region, citing challenges in the competitive Ontario market. 

A statement on the company’s Ontario website reads: “After serving our customers in Ontario for the past two years, we have taken the difficult decision to exit the Ontario market. Fitzdares Ontario will be ceasing operations effective midnight on March 31, 2025. Thank you for being a Fitzdares customer and for trusting us with your business.”

No Bonuses Issued After March 3

Fitzdares added a series of key dates for users to note, including the fact that bonuses will no longer be issued after March 3. 

Similarly, account deposits will cease after 11:59 p.m. on March 10, with the exception of CA$5 (US$3,48) deposits, which will remain available for customers needing to top up their accounts for withdrawals below the minimum threshold. 

From March 24 at 11:59 p.m., no new bets will be accepted, and the final opportunity to withdraw funds will be March 31, 2025.

Unsuccessful Expansion Beyond the UK

Entering the regulated Ontario market in 2023 with high hopes, Fitzdares aimed to bring its premium, luxury gaming experience to Canada. 

The company, founded in 1882 in the UK by Balthazar Fabricius, has long prided itself on offering exceptional customer service and a traditional, high-end bookmaker environment. 

Dubbed “the world’s most high-end bookmaker” by the Financial Times, Fitzdares hoped its exclusive reputation would resonate with wealthy customers, particularly in the Greater Toronto Area, where it launched with a pop-up Super Bowl party in 2023.

However, Fitzdares’ attempt to expand beyond the UK has not met expectations. According to H2 Gambling Capital, a market data provider, Fitzdares’ Ontario market share was under 0.2%, with limited data available due to the company’s private status. 

Ontario currently hosts 50 licensed operators and 84 gaming websites, and the market continues to grow.

Despite Fitzdares’ ambitions, January 2025 saw a record month for sports betting in Ontario, with CA$1.182 billion (US$821.5 million) in wagers and a 134% increase in revenue month-over-month. 

Yet, Fitzdares was not alone in its struggle. Other operators, including Unibet and CoolBet, have also exited Ontario since the market launched in April 2022.

Unable to Deliver the “Premium Element”

While former chief executive officer William Woodhams maintained his optimism about the Ontario market’s potential, he also openly debated the challenges and opportunities in the market. 

During the Canadian Gaming Summit in Toronto in 2023, he emphasized the early “gold rush” mentality that triggered the massive investment and ultimately recommended a more balanced strategy. 

Despite the market’s rapid growth, the resigning CEO highlighted that Ontario lacked the year-round sports offerings that European bettors are accustomed to, which he believed was a barrier to reaching the profitability numbers they had in mind.

Popular in the UK for its exceptional customer service, exclusive gentleman’s clubs, and strong connection to horse racing, the company faced significant hurdles in the Canadian province when it couldn’t establish a gambling club or offer bets on horse races unless it partnered with Woodbine Entertainment Group. 

This significantly limited its ability to execute its vision of delivering the “premium element” it promised when it first entered the market.

“Everyone’s come in a little bit hard and a little bit, dare I say, American,” Woodhams told Covers in February 2023. 

“I understand why you want to get market share, but there needs to be…a calming of the category. And hopefully when the category as a whole calms…then there’s definitely an opportunity for a premium provider within that mix,” he added. 

According to the online registry of the Alcohol and Gaming Commission of Ontario, Fitzdares’ license will officially expire on April 3.