iGaming Market Could Hurt Ontario Land-Based Casinos
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Report for Great Canadian Gaming Corporation predicts that the launch of Ontario's new open iGaming market could have a negative effect on land-based casinos. It predicts a 25% job loss at Gateway Casinos Sault Ste. Marie and a cost of CA$1.9 million over five years to the venue.
The study by HLT Advisory Inc predicts the impact of an open license e-gaming model on the land-based casino market. The study predicts that Gateway Casinos Sault Ste. Marie, which operates 340 slot machines, would be impacted by the new market and the possible implementation of the open market model. It predicts a drop in annual revenue-sharing agreements from the casino to the city.
The City of Sault Ste. Marie received a payment of CA$273,611 from the OLG for hosting the Gateway Casinos & Entertainment property. Since the opening of the casino in the area in 1999, the region has received CA $32.3 million.
The new regulated iGaming market in Ontario could be bad news for legacy online licensed operators. OnlineCasinoList.com predicts that legacy operators will not be as profitable as the new ones and will fall behind in the pecking order.
