Pinnacle is the latest bookmaker to join Ontario’s regulated online market

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Posted: September 13, 2022, 12:06 p.m.

Last update on: September 13, 2022, 12:36 p.m.

Pinnacle has been an integral part of the Canadian sports betting scene for years. On Monday, the Curacao-based bookmaker revealed that it had obtained regulatory approval to operate in Ontario.

Pinnacle Banner
An online banner for Pinnacle featuring the Toronto skyline. The company, which has operated for years as a gray market bookmaker in Canada, announced on Monday that it has received permission to operate in Ontario’s regulated online gambling market and will soon launch its new bookmaker in the province. . (Picture: Pinnacle)

Monday’s release comes after the Alcohol and Gaming Commission of Ontario (AGCO) approved Pinnacle for a two-year Internet gaming license. The website, Pinnacle.ca, has been offline since Tuesday morning, and the company said it would launch in Canada’s most populous province in the near future.

CEO Paris Smith said in a statement that the company was delighted to operate in the province.

There is a strong and fair regulatory regime in place, along with a knowledgeable sports and betting public, and we are excited to be able to apply our “Winners Welcome” mantra to the market and take Ontario betting to the next level. superior “, said Smith.

In addition to getting its sports betting approved, the company announced that its business-to-business Pinnacle Solution platform has also received AGCO approval. This means it can provide trading and risk management services to other Ontario sportsbooks.

Along with Ontario, Pinnacle is now licensed in four jurisdictions. The others are Italy, Malta and Sweden.

Although Pinnacle offers betting on a multitude of events in the United States, its website states that it does not accept bets from any bettor physically located in the United States, regardless of residency or visitor status. .

Last gray operator to make the transition

Pinnacle is best known as a bookmaker that seeks to acquire customers by offering discount vigor or juice in the markets, instead of promoting large sign-up bonuses or other incentives. This can work for the brand, since Ontario regulations prohibit public advertising of such promotions. Licensed sportsbooks can only offer these incentives on their websites or through direct marketing if bettors agree to receive them.

The company had been in Ontario as a gray market operator. But when the provincial authorities decided to set up a regulated gambling market, they devised a way to let these sports bets in.

Other companies that operated in the gray market have also made the transition, including Sports Interaction. The new site is managed by the Electraworks Maple Limited division of Entain. Prior to its approval two weeks ago, Sports Interaction operated in the province as part of the online gaming unit of the Mohawk Council of Kahnawake. Mohawk Online Limited continues to operate Sports Interaction in other regions of Canada, said Mohawk Online CEO Dean Montour. Casino.org Last week.

Some of the old gray market sites have flourished.

Last month, a survey of Ontario gamblers published by Betting Hero found bet365 to be by far the top pick among licensed sportsbooks. This is likely because almost a third of those surveyed had already bet with the UK operator before the launch of regulated online sports betting and the launch of iGaming five months ago.

Not all gray market sportsbooks have gone out of business in Ontario, as PointsBet’s global CEO Sam Swanell noted in an analyst call two weeks ago. These outside operators still maintain a substantial presence in the province even after the launch of regulated operators.

About Ontario Sports Betting

As of Tuesday, iGaming Ontario (IGO) reports that there are 40 regulated sports betting, iGaming and online poker sites in the province.

During the first quarter (April 4 to June 30), the 31 regulated sites in Ontario that were active during this period generated 4.08 billion Canadian dollars (3.11 billion US dollars) under management and 162 million Canadian dollars (123.5 million US dollars) in revenue.

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