Ontario bettors will be pleased to learn that the popular iGaming brand Bet99 is now approved to join the local online gaming market. On Tuesday, September 6, 2022, Sports Venture Holdings announced that its business combination with King's Entertainment Group has granted the subsidiary permission from Ontario's Alcohol and Gaming Commission to operate legally in the sector.
The first private market for online gambling and mobile sports betting began in the province on April 4, 2022. The idea behind this market is to eliminate gray market operations, where local bettors invest millions of dollars each year. This will allow the province to retain some of its casino revenue within its borders and reinvest in economic growth.
This week, King's Entertainment and Sports Venture Holdings announced that Bet99 is now licensed to operate as a legitimate brand in Ontario's marketplace. Bet99.ca is operated by a subsidiary of SHV, which is also approved by AGCO. Soon the popular gaming brand will be able to start offering it in the province, but it first needs an operating agreement from iGaming Ontario.
Jared Beber, CEO of Sports Venture Holdings, noted that the AGCO license is an important milestone for the company and the Bet99 brand. He said now is the perfect time for the company to enter, as the local market is a key market for Canada's iGaming industry and many sports leagues will soon begin their professional seasons.
Ontario's AGCO registration meets the important terms of the business combination between King's Entertainment and SVH announced to the public on May 25, 2022, and as the current target is met, the companies will aim to end the business combination in the first half of Q4 2022.
Bet99 operated as a grey market operator before licensing, taking a hyperlocalised approach to digital sportsbook and casino services in the province. Since 2020, we are committed to delivering a wide range of products and services designed to meet the unique needs of the Canadian sector.
Meanwhile, the Alcohol and Gaming Commission is continuing to license operators and expanding the list of legitimate operators. Most recently, Playson announced that it was approved to join under the license brand. Soon, local betting companies will be able to enjoy some of the biggest performance hits from providers such as Buffalo Power: Hold and Win, Legend of Clauplea Megaways™, Royal Coins: Hold and Win, and more.
However, a recent study found that the majority of sports betting enthusiasts in the province are unaware of the market launch. Sports Bet Canada said 55% of those polled were not aware of the launch of the new market, and 55.5% of those interested in sports betting said they had not placed a bet on the new regulatory site.
