Canada
White paper by PlayNY.com explores the nuances of New York’s sports betting market
New York has lost out on millions in revenue since retail betting launched in July 2019, but the legislative push to add online sports betting could make New York the largest U.S. sports betting market if properly structured, according to a white paper authored by PlayNY, a leading source for news and analysis of the fledgling New York gaming market.
Authored by PlayNY analysts Eric Ramsey, Dustin Gouker, and Matthew Kredell, “The State of New York Sports Betting: An Examination of the Forces Shaping the Market,” explores the nuances of the New York market including:
- How New York has underperformed with only in-person sports wagering.
- The proposed legalization efforts in the state from the legislature and the governor’s office.
- The legal issues at play as New York contemplates legalization.
- The opportunity in terms of revenue and total betting activity.
- Who the major players are likely to be in a legal online sports betting market.
- What other states have done with sports betting legalization.
“New York is a complex market, but one that the entire U.S. gaming industry is watching intently,” said Ramsey, who co-authored the report for PlayNY.com. “There are so many factors at play in the charge to regulate online sports betting, including Gov. Andrew Cuomo’s political fate.”
The debate on whether to legalize online sports betting and how to structure the regulations around it remains ongoing, with a resolution, at least for this year, possible this spring. But much could change before that happens. For one, two major factions have developed in the debate of how to structure online gambling. One, supporting an open market that would invite multiple private operators to compete in the state, a movement led by Assemblymember J. Gary Pretlow and Sen. Joseph Addabbo Jr. The other, a state monopoly model with which New York captures the lion’s share of revenue by contracting with a single sportsbook operator, a move championed by Gov. Cuomo.
According to research by the PlayNY white paper authors, an open market could draw $37 billion in bets, more than $2.5 billion in operator revenue, and more than $300 million in tax revenue over the first four years after launching online sports betting. A closed market could draw $7.5 billion in bets, $750 million in revenue, but $375 million in revenue for the state.
“The bottom line is we believe an open market will offer broader benefits for the state and its residents,” said Gouker, another co-author. “But a closed market should produce more revenue for the state, and that is tempting for policymakers.”
For more on the New York sports betting market or to download the executive summary and full white paper, visit PlayNY.com.
ComeOn Group announced a significant milestone in its sportsbook expansion journey with the addition of sportsbook to their offering in Ontario following the successful acquisition of the required permits. This addition represents a strategic advancement in the Groups sportsbook growth trajectory where they are set to double its sportsbook business in the coming years.
ComeOn Group is one of 51 active operators in Ontario. The Ontario market has experienced robust growth since its launch, reaching C$6.7 billion in revenue in 2023.* By 2029, the market is forecasted to grow by a total of 29%, with 2024 expected to close with a 20% increase.
ComeOn keeps investing in its sportsbook business acceleration that is powered by its proprietary sportsbook platform and in-house risk management and trading team. As a multi product vertical operator, ComeOn is striving to give its customer base a safe and exciting entertainment destination and this approach is now expanded to their Ontario audience.
Juergen Reutter, Chief Executive Officer at ComeOn Group, said: “We are very excited about the opportunities this new milestone opens up for us. As a casino-led operator it represents a key part of our sportsbook strategy to double our business in the coming years. Like in any of our other markets, we are striving for a differentiated sportsbook entertainment experience that is powered by our in-house technology. Our goal is to deliver top-tier entertainment to our players while fostering safe and innovative gaming experiences.”
*Source – H2GC H2 Ontario Data 25.10.2024 (excl. Lottery)
BCLC
INTRALOT Announces New Project with the British Columbia Lottery Corporation for Online Lottery Platform
INTRALOT S.A. has announced the undertaking of a new project between the British Columbia Lottery Corporation (BCLC), the sole lottery operator for the Government of British Columbia in Canada, and INTRALOT Inc., its US subsidiary, for the provision of an online lottery platform. The project also includes the digitalization of the existing land-based network.
The solution will be based on the Player X platform, part of the Lotos X ecosystem, and adds to the company’s overall partnership with BCLC, which has been extended until 2028.
INTRALOT is a leading player in a changing world of gaming. With significant experience in looking forward and anticipating emerging trends, the company provides future-proof solutions to regulated lottery and gaming operators around the world.
Relax Gaming, the iGaming aggregator and supplier of unique content, has significantly enhanced its presence in the Ontario market through an agreement with leading Canadian operator, PointsBet.
This partnership reinforces Relax Gaming’s aim to become a standout provider across North America, having already gained early success in Ontario. Relax became one of the first suppliers to deliver content to the region’s players in March 2022, debuting with over 120 games across multiple operators.
PointsBet pride themselves as one of Canada’s leading operators offering unmatched speed, ease of use, and a comprehensive array of pre-game and in-play sports betting options. This is complemented by a top-tier online casino which will now be boosted with the integration of Relax’s portfolio of slots and live dealer options.
With its authentic Canadian approach, PointsBet prioritises technology that minimises external dependencies to maintain control over its platform and has a commitment to responsible gambling best practices, ensuring a safe and secure environment for all players.
Martin Stålros, CEO at Relax Gaming, said: “Since we launched in Ontario we have enjoyed tremendous success, with our content hitting the sweet spot for the broad range of players in the Canadian province. This partnership with PointsBet will strengthen our presence in the market as the region’s leading operator integrates our rich content portfolio which will engage its player base.”
Scott Vanderwel, Chief Executive Officer at PointsBet, added: “Relax Gaming has established a strong reputation across North America and in Ontario in particular. The impressive range of content that will be integrated into our platform will increase engagement within our online platform and we are delighted to be able to provide more immersive experiences to our audiences.”
Established as one of the industry’s leading B2B suppliers, Relax Gaming was awarded GGA’s Product Launch of the Year in February 2023 for Dream Drop Jackpots. Money Train 3 names the 2023 CasinoBeats Game Developer Awards amongst its 6 Slot of the Year titles, while the brand also won the award for Skill Games Supplier at the 2023 EGR B2B Awards along with the Innovation in Mobile award at the 2023 SBC Awards.
Relax Gaming provides more than 4,000 online casino games, from its high-performing proprietary slots to a significant, varied library of content from hand-picked third-party studios via its partnership programmes.
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