DraftKings goes live in Ontario
DraftKings Sportsbook & Casino now available in Ontario
DraftKings revealed its online casino and sportsbook products launched in Ontario on Wednesday afternoon. The leading US gaming operator announced the launch of its platforms at 1 PM EST. DraftKings obtained a two-year license to operate in Ontario last week, receiving approval from Ontario’s Alcohol and Gaming Commission (AGCO).
DraftKings Closes DFS Offerings
Ontario’s new regulatory framework is the first of its kind in Canada. Due to private-sector operators being invited to the online wagering market, DFS operations will be shut down. Ontario considers “pay-to-play” fantasy sports as gambling and not a “game of skill,” which it is in some US states. The rules require all players to be located in Ontario, so it is challenging to manage operations.
DraftKings joined Yahoo and FanDuel as well-known platforms to withdraw its Daily Fantasy Sports (DFS) products from the Ontario industry due to provincial rules. It is not yet known if PrizePicks will be joining the Ontario scene.
DraftKings sent a notice over the weekend to its DFS players that the platform would no longer be available on May 17.
DraftKings Predicts Minimal Net Revenue for Ontario Market
Ontario represents approximately 40% of Canada’s population. It would be the fifth-largest US state; however, DraftKings’ 2023 forecasts stated “minimal net revenue” from Ontario as the operator has low expectations for the market.
With 26 companies already receiving licenses from the Commission, it could be that DraftKings recognizes there is a lot of competition, which could hold back overall revenue. DraftKings joins FanDuel, PointsBet, Caesars, theScore, and numerous other platforms in Ontario.
However, CEO Jason Robinson was more bullish in his press release on Wednesday. He said that the company’s entry into Canada was a “significant milestone in our expansion efforts.”
Revenue Figures not Revealed yet
The Ontario single-game online sports betting industry launched on April 4, and private online sportsbooks were given licenses for the first time in Canada. Regulators have not yet announced any revenue data, and these figures will reportedly not be released until after the Ontario elections on June 2.
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