DraftKings, a sports betting platform, has finally opened its online casino and sports betting brands in Ontario, six weeks after online gambling was legalized there.
The American online gaming firm is the seventeenth company to be granted permission to enter the market. DraftKings is authorized to provide its customers with both online casino and sports betting services.
DraftKings has officially entered the Ontario gambling market, and CEO, Chairman, and Co-Founder Jason Robins has said, “We look forward to providing the passionate fanbase in Ontario with the most entertaining and responsible gaming experience possible.”
In addition to operating in Canada, DraftKings can be found in 18 different US states. Eight states now have access to our casino thanks to our partnership with Golden Nugget Online Gaming (GNOG).
No worries about showing up late
DraftKings has taken a different tack in Ontario than it did in the United States as it only recently made its debut there. Many other operators opened shop at the same time in states including Arizona, Louisiana, Michigan, and New York, so it’s safe to assume that wagering was accepted on the first legal day. And in both Indiana and New Jersey, it was the first online-only offering of its kind.
Management assured stock analysts on a conference call for the company’s second quarter earlier this month that the six-week delay would not hurt the company’s ability to gain market share in Ontario.
DraftKings CFO Jason Park said on the May 6 conference that between the launch in the province and the recent completion of GNOG, the company may see revenue of up to $150 million for the year.
But starting up shop in Ontario and closing the deal on GNOG might cost as much as $70 million in losses before interest, taxes, depreciation, and amortization are included in.
As a grey-market daily fantasy sports provider, DraftKings was present in Ontario before it launched in the United States with FanDuel, Caesars Sportsbook, and BetMGM. That should aid its efforts to recover lost ground in the province’s consumer market.
The firm informed its fantasy sports users earlier this week that it will not be offering any fantasy tournaments in the province, either paid or free, until after the introduction of its mobile sports betting and casino apps.
Officials in Ontario’s government urged unlicensed internet gambling businesses to join the province’s regulated sector.