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by Ralph Trayfalgar Updated:
Six weeks after online gamblng was regulated in the province, sports betting platform DraftKings has officially launched their online casino and sports betting brands in Ontario.
The American online gambling company is the 17th business to receive a license to operate in newly-opened market. DraftKings possesses licenses to serve gamblers both casino games online and sports betting applications.
Jason Robins, CEO, Chairman, and Co-founder of DraftKings, stated that the company has reached a critical milestone with its entry into Canadian real money gambling, stating: “We look forward to providing the passionate fanbase in Ontario with the most entertaining and responsible gaming experience possible.”
In addition to its presence in Canada, DraftKings is present in 18 states inside the United States. It is now possible for players in eight different states to use its casino online, which also features Golden Nugget Online Gaming (GNOG).
DraftKings' late debut in Ontario has, for the most part, been a different approach from the company's strategy in the United States. In most cases, the operator began accepting wagers on the very first day that was permissible in places like Arizona, Louisiana, Michigan, and New York where many operators simultaneously established their businesses. Additionally, it was the first thing to launch online in the states of Indiana and New Jersey.
On the conference call for the business's second quarter that took place earlier this month with stock analysts, company management stated that the six-week delay should not harm the company's potential to acquire market share in Ontario.
Launching in the province, in addition to the recent completion of GNOG, should generate up to $150 million in revenue this year, according to statements made by DraftKings CFO Jason Park on the call that took place on May 6.
On the other hand, beginning online casino operations in Ontario and completing the GNOG acquisition are both anticipated to result in losses of up to seventy million dollars before accounting for interest, taxes, depreciation, and amortization.
While DraftKings did not start at the same time as its main US competitors, such as FanDuel, Caesars Sportsbook, and BetMGM, the company had a presence in Ontario as a grey-market daily fantasy sports operator. That should help it make up for lost time as it seeks to gain market share in the province.
In the days leading up to the launch of its mobile sports betting and casino apps, the company sent notice to its fantasy sports customers earlier this week that neither paid nor free fantasy contests would be available in the province for the time being.
As part of Ontario’s move to regulate online gaming operators, provincial officials encouraged gray market operators to transition to its new legal market.