Since the regulated okbet sports bettingmarket in the province was introduced on April 4, the figures provided by iGaming Ontario regarding sports okbet betting in Ontario remain a mystery.
iGaming Ontario was contacted by OntarioBets.com to provide an update or remark. The body acknowledges that the first market performance report is “much anticipated,” but the release date has not been updated, according to a representative.
“IGO has promised to release quarterly figures; I assume the only reason for the delay has been securing the necessary government approval. Following the election, there will be a lot of vacation time for the political side, according to Paul Burns, president and CEO of the Canadian Gaming Association. The Ontario government will return to the Ontario legislature the following week. “They’ll release shortly, I’m sure of it.”
Transparency is crucial in the Ontario gaming industry
Sportradar’s head of government affairs in the US, Brandt Iden, worked extensively in the legalized okbet sports betting background industry in Michigan. Iden stated during a panel discussion at the SiGMA conference in June in Toronto that a market need market openness in order for suppliers to prosper.
At the same time, legal, regulated Ontario online gambling and okbet betting agent both began operations.
The numbers will be released, according to the AGCO and iGaming Ontario, he added.
With the release of its fourth-quarter investor report last week, PointsBet provided us with some insight into the Ontario market. The PointsBet Ontario Sportsbook reported a 3-5% market share (according to Morgan Stanley app download data released in May) and had roughly $14.3 million Canadian in okbet roulette betting systems handled for the three months ending June 30, according to the company’s Canadian affiliate. The overall net win from okbet roulette betting strategy was about $178,000, and the gross winnings were about $625,000.
If the results are any indication of the extent of the Ontario market, the words “disappointing” and “anemic” have been bandied about.
Early Stage Partnerships with PointsBet Canada
PointsBet spent $7 million on marketing in Q4 2022, but the company hasn’t yet been able to take advantage of the majority of the linked agreements. They have a significant agreement with Curling Canada. We’ll have to wait and watch how they do at the PointsBet Invitational, which will bring together the best curling teams in Canada in September in Fredericton, New Brunswick.
Before the NFL season picks up, that might be a significant event for Ontario sportsbook applications.
Finalizing these collaborations with MLSE and ClubLink, as well as developing the brand and refining their identity as a wholly Canadian enterprise, have been the first steps. Moving ahead, strengthening these ties should aid in improving handle.
It would be interesting to observe how operators with more aggressive marketing budgets, like as FanDuel and theScore Bet, fare on the market. People will also tell you that PointsBet and businesses that didn’t participate in Canada’s grey market for years didn’t begin with the same client lists as those that did (Bet365 for example).
What lesson should PointsBet Casino, its sportsbook, and other Ontario businesses learn from this? We’ll need a lot of time before we have a clear sense of where the regulated market in the province is really going, even after that initial market performance and revenue statistics report from iGaming Ontario.