Torstar Corp., the owner of the Toronto Star, the Hamilton Spectator and other Canadian newspapers, announced on Monday it plans to launch an online casino betting brand in Ontario this year, contingent on the expansion of the online gambling market.
From CBC News in Canada:
"We are excited at the prospect of participating in a regulated online Ontario gaming market with a made-in-Ontario product," said Corey Goodman, Torstar's chief corporate development officer, in a news release.
The company cited government data showing Ontarians spend about $500 million a year on online gambling, with the vast majority going to grey market websites domiciled outside Canada, where there is less legal and regulatory scrutiny, and the revenue does little to stimulate the Ontario economy.
Under current rules, only the Ontario government itself is licensed to conduct online gambling, but the province's last budget opened the door to expanding the market to other companies some time this year.Read more here: https://www.cbc.ca/news/business/tor...sino-1.5931827A gaming industry consultant hired by Torstar to advise the company said it's not clear yet how much revenue the new business will generate since the government review process is not complete.
"We don't know how big the market is going to be in Ontario yet, because it will depend on the consultation process within government, which is about to happen in the next couple of months," Jim Warren said in an interview with the Canadian Press.
"What we do know is that Torstar is looking at diversifying the revenue model of how we fund and pay for reporters, columnists, and editorial staff."