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by Ralph Trayfalgar Updated:
Altenar, a Malta-based casino software developer specialising in online betting and sportsbook software, has been granted a license to operate in Ontario.
The new license from the Alcohol and Gaming Commission of Ontario marks the company's fourth jurisdiction in which they are licensed to provide their software solutions to casino operators.
Altenar, however, has no intention to slow down their global expansion by any means, hoping that the license will provide an oppotrunity to "inspire further innovation for Altenar's product".
Their prior experience working with the regulations of these prior versions has allowed Altenar to more easily navigate the current regulations for online gambling in Ontario, which are outlined in the Registrar's Standards for Internet Gaming. These regulations include rules that must be adhered to by both operators and suppliers.
Using the iGaming framework it has developed, Altenar will implement procedures designed to prevent fraud, money laundering, and terrorist financing. These procedures will include identity verification measures that will be required of all new players.
Altenar pledges to take "all the necessary measures in order to protect its clients against possible cyber attacks by ensuring the confidentiality, integrity and availability of its components is maintained at all times."
Players in Ontario spend "approximately CAN$500M (US$338.1M) dollars annually on online gambling," indicating the province's rapidly expanding market for online gambling. By obtaining a license in this region, Altenar is hoping to attract new operator clients in the rapidly expanding Canadian market.
Altenar adds that "we need to make our product better and better in order to maintain our position in the pantheon of best gambling providers worldwide."
In June 2022, Altenar compiled a series of market reports in which the company detailed the current health of the sports betting industry across a number of regions as well as its future forecast. These reports were distributed to the market.