AGCO creates online gaming subsidiary
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Ontario’s alcohol and gambling oversight agency has created an arm that will help manage safe, competitive online gaming.
The Alcohol and Gaming Commission of Ontario (AGCO) announced on Tuesday the creation of iGaming Ontario, a new subsidiary to manage the new online gaming options in Ontario. The subsidiary will operate independently of AGCO with its own board.
Ontario Attorney General Doug Downey said that the subsidiary is the next step in providing regulated and safe online gaming opportunities for residents.
“Following Parliament’s historic vote to lift the prohibition on single-event sports wagering last month, the establishment of iGaming Ontario is another pivotal milestone in our work to ensure people have access to a safe and regulated online gaming market by the end of the year,” said Downey. “We are determined to work with industry, responsible gaming advocates and regulatory partners to ensure Ontario is a world leader in building a safe online gaming environment that meets consumer expectations.”
Any new online gaming offerings will be overseen by iGaming Ontario. The Ontario Lottery and Gaming Corporation (OLG) will continue to separately manage the online gaming options it already operates.
According to the AGCO, Ontarians spend about $1-billion a year on online gaming sites, and roughly 30 per cent of them are regulated and provide some form of consumer protection. The market has only gotten larger during the COVID-19 pandemic. Finance Minister Peter Bethlenfalvy said the new online gaming subsidiary will help protect consumers.
“A competitive, regulated online gaming market will provide a safer alternative to the unregulated, grey market websites that currently exist, and which may lack proper consumer protections or responsible gaming measures,” said Bethlenfalvy. “A new legal market would also generate revenue for the province to invest in supporting jobs and businesses, supporting people and their families, and improving and strengthening critical public services for a post-COVID world.”
The provincial government expects a regulated online gaming marketplace to be running by the end of this year.
