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Canada Emerges as an Attractive Destination for the Gambling Industry
By Shane Addinall Feb 15, 2023 IndustryJoin us as we investigate three high-profile investments in Ontario. Can we expect these numbers to increase as international online gambling operators look to Canada as an emerging high-value market?Canada is becoming one of the industry's hottest destinations for new and existing online gambling companies to set up shop. This interest is due to the country's tech-savvy workforce, its igaming-friendly regulations and world-class infrastructure.
Thanks to its recent decision to regulate online gambling in Ontario, the country is also experiencing a boom in new players and gambling revenue which is another crucial reason gambling companies invest in this market.
Three Hot New Canadian Investments
Here are three of the latest businesses in the iGaming sector to invest in developing their position in Ontario and across Canada:
✓ Playtech Invests Over C$12 Million in Local Gambling
Established in 1999, Playtech is considered one of the online gambling industry's founders. The company is also known for its willingness to invest in products and markets that it believes will show strong returns. This speaks volumes of their confidence in the made-in-Ontario casino and sportsbook platform NorthStar Gaming which just received a C$12.25 million investment from the industry leader.
Mor Weizer, Playtech CEO, said:
Quote“We are excited to deepen our partnership with NorthStar and become the market-leading online gaming platform in Canada. As a key partner of NorthStar in their early stages, we understand and were impressed by NorthStar’s unique business model and product offering and are excited to further expand our partnership.”
With this investment round completed, NorthStar Gaming completes its reverse takeover agreement with Baden Resources, which began in the middle of 2022. The agreement between NorthStar Gaming and Baden Resources will officially close on 28 February 2023. The operator can then complete its application to list on the TSX Venture Exchange.
✓ BF Games Awarded Ontario License
Established more than seven years ago, BF Games is a well-regarded European casino game developer who has drawn the Canadian market. The operator was awarded its first North American license on 13 February by the Alcohol and Gaming Commission of Ontario (AGCO).
Wiktor Grabarczyk, head of legal at BF Games, said:
Quote"We are thrilled to be awarded a licence by the AGCO, as being able to enter this up-and-coming market is a significant milestone for us. We look forward to working with locally licensed operators in Ontario and introducing our content to players in the province.
Ontario-based fans of BF Games will soon be able to play popular titles like Stunning Hot Remastered, Book of Gods, Stunning Cash Ultra and Buffalo trail at their favourite licensed online or mobile casinos. The company sees the approval of AGCO as their first step into becoming a leading casino software provider in the greater regulated North American market.
✓ Betty Bets on Ontario with New Casino Launch
It is not only existing operators who see Canada's potential but also attract new startups. A new Canada-focused online gambling company, which will operate online s, Betty, has raised $5 million in its seed round.
A private investment syndicate spokesperson commented on Betty, saying:
Quote“Sports betting and casinos have historically been marketed to men. In reality, women make up more than half of the market. We love Betty’s mission to make the category more inclusive.”
Betty aims to create a female-friendly online casino and casual mobile betting platform that focuses on three core pillars: safety, social engagement and inclusivity. According to the Betty press release, the seed round funding will be used to establish the company's Ontario base of operations, as well as the continued development of its propriety casino platform, which it claims is "tailor-made for the North American customer”.
What Lies Ahead for 2023
The Canadian government made the right decision when allowing online casinos and other gambling companies to do business in the country. We look forward to seeing these positive developments drive further licensing in other territories. This decision could make the Great White North a powerful voice in the regulated gambling industry.
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