Owner of Toronto Star and Hamilton Spectator, Torstar Corporation, announced plans for an online casino brand. The company plans to launch the online casino this year in the regulated gaming market in Ontario, Canada.
Torstar Announces Plans for Online Casino Launch
Torstar Corporation announced on Monday this week that it plans to launch an online casino betting brand. Owner of Toronto Star, Hamilton Spectator, and more than 70 weekly community newspapers in Ontario, Torstar plans to launch the casino brand this year in the regulated online gaming market in Ontario, Canada. However, before launching, the online casino would need to receive approval from the Alcohol and Gaming Commission of Ontario (AGCO). Furthermore, the local government would also have to approve a launch date.
“First, we want to ensure the new marketplace is well represented with a Canadian, Ontario-based gaming brand so that more of our players’ entertainment dollars stay in our province.“Paul Rivett, chair and co-owner, Torstar
According to Paul Rivett, chair and co-owner of Torstar, there are two main reasons for the company to enter this field. The first one is for an Ontario-based gaming brand to be introduced to the market, which according to Rivett is going to keep more money spent by the players within the province.
Furthermore, Rivett added that entering into online casino betting will help Torstar continue growing. Consequently, the company will be able to better fund its “expansion of quality community-based journalism”.
Participating in the Regulated Online Gaming Market to Bring Benefits
Corey Goodman, chief corporate development officer at Torstar also shared his excitement in a statement. He said that the company is excited about the prospect of participating in the local regulated online market by offering a made-in-Ontario product.
Furthermore, Goodman stressed that Torstar has been an Ontario-based media business and trusted brand for more than 128 years. According to him, the company will provide unique responsible gaming opportunities. Additionally, it will create new jobs and help the growth of the Ontario economy with new tax revenue.
Presenting Ontario’s latest budget, the government officials revealed its plans that AGCO would receive the authority to both conduct and manage iGaming. Furthermore, the Commission would also take the role of a regulator. According to the lawmakers, AGCO’s ultimate goal would be to “manage the relationship between the government and private iGaming operators“.
Ontario’s 2019-2020 budget estimated that approximately $500 million annually is spent on online gaming. However, according to that estimate, the bigger part of that amount is spent with black market and offshore operators. Once the online gaming market is regulated by the government, the expectations are for substantial growth.