News ReleaseQuebec Could Be the Next Market for Legalized Sports Betting in Canada
MarketJar
Sportsbook businesses are urging Quebec to become Canada's next open sports betting jurisdiction. In May, a group of eight Canadian sportsbooks formed the Quebec Online Gaming Coalition to lobby regulators to allow private operators in the province. The initial members of the QOGC include Bet99, DraftKings, Flutter, which owns US sports betting leader FanDuel, BetMGM co-owner Entain, Betway, Rush Street Interactive, Games Global and Apricot Investments. Several of the operators in the coalition, such as Bet99 and Betway, are former unregulated gray market operators in Ontario and favor implementing a licensing and tax structure. The coalition is focused on addressing growing concerns about consumer safety, responsible gaming and advertising, as well as “substantially increasing government revenues.” Right now in Quebec, the only way to gamble on sports is through Loto-Quebec's Mise-o-jeu. The coalition's goal is to assist the government of Quebec in establishing an independent regulatory body and framework for commercial online gambling. While Ontario's sports betting regulators continue to tout their success despite little public transparency, the operators indicate that following the route of its provincial neighbor will be the wisest course of action for Quebec. The call to open additional provincial areas to private operators comes as state officials in the United States seek federal assistance in cracking down on unlawful black-market operators in the country. As Ontario is currently open to private iGaming enterprises, operators are eager to obtain entry to Canada's second-most populous jurisdiction. Quebec has a population of 8.7 million people, which is nearly the same as Virginia. The foundation of the QOGC was prompted by some of the findings of a recent Leger Marketing survey of Quebecers regarding gambling in the province. According to the survey, 71% of Quebecers polled believe the Quebec government could not prevent private internet gaming operators (who could be controlled abroad or outside the province, but not by the province itself), and 66% supported regulating those operators through a license-and-tax system. Loto-Quebec is the only authorized online sports betting service in Quebec, while there are several more in Ontario. Furthermore, while the coalition is only getting the conversation started, the Ontario iGaming model took years to develop, so creating anything similar in Quebec will take time. In April 2022, the Ontario government launched a competitive market for online sports betting and internet casinos. That regulatory framework now contains more than 70 gaming websites, in addition to Loto-Québec's equivalent digital operations in Ontario, which are administered by the government-owned Ontario Lottery and Gaming Corp. In less than a year of operation, Ontario's system has generated more than $35 billion in total wagering (sports betting, casino, and poker) and $1.4 billion in gross gaming income. Canadian-owned gaming brand NorthStar Gaming Holdings Inc. (TSXV:BET) is among the companies achieving record wagering within the Ontario market. A Made-in-Ontario Casino and Sportsbook Gaming Platform NorthStar Gaming operates NorthStar Bets, a casino and sportsbook gambling platform with a distinct regional flavor. The platform includes a sportsbook that provides real-time news, data, analysis, and scores while betting, as well as a big selection of popular online casino games. In Q1 2023, NorthStar Gaming reported total wagers of $139.5 million, a 24% increase from Q4 2022. Gross gaming revenue was $4.4 million in Q1 2023, up 8% from the prior-year quarter, while gross margin was $1.2 million, up 20% from Q4 2022. NorthStar Bets was created in partnership with Playtech PLC (LSE:PTECH) (OTC:PYTCY), a leading developer of B2C gambling technology. As part of the agreement, Playtech became NorthStar 's strategic software and services partner, delivering its IMS platform and casino services to Ontario's gambling sector. Playtech also made a C$12.25 million strategic investment in Northstar Gaming to help the Canadian gaming industry expand and flourish. Northstar 's reverse takeover (RTO) financing was completed with this investment, raising a total of C$22.33 million in gross revenues. In addition to live, on-call agents and exclusive sports news and gaming content, NorthStar Gaming offers an unequaled casino and sportsbook experience. The company benefits from its local presence by leveraging its strong Ontario roots, which allows it to stay in tune with and adapt to the province's preferences. NorthStar is well-positioned to become a leader in the intersection of sports media and sports wagering due to collaborations and agreements with notable media companies, including an omnichannel advertising and marketing services agreement with Torstar Corporation, the founder of the Toronto Star. To learn more about NorthStar Gaming Holdings Inc. (TSXV:BET), visit their website at northstargaming.ca. Disclosure: 1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on research and understanding of the sector. 2) The Article was issued on behalf of and sponsored by, NorthStar Gaming Holdings. Market Jar Media Inc. has or expects to receive from NorthStar Gaming Holdings’ Digital Marketing Agency of Record (Native Ads Inc) one thousand one hundred USD for this article. 3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. The author was not paid by Market Jar Media Inc. for this Article. Market Jar Media Inc. was not paid by the author to publish or syndicate this Article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Market Jar Media Inc. requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Market Jar Media Inc. relies upon the authors to accurately provide this information and Market Jar Media Inc. has no means of verifying its accuracy. 4) The Article does not constitute investment advice. All investments carry risk and each reader is encouraged to consult with his or her individual financial professional. Any action a reader takes as a result of the information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Market Jar Media Inc.'s terms of use and full legal disclaimer as set forth here. This Article is not a solicitation for investment. Market Jar Media Inc. does not render general or specific investment advice and the information on pressreach.com should not be considered a recommendation to buy or sell any security. Market Jar Media Inc. does not endorse or recommend the business, products, services or securities of any company mentioned on pressreach.com. 5) Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article. 6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding NorthStar Gaming Holdings’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to NorthStar Gaming Holdings’ industry; (b) market opportunity; (c) NorthStar Gaming Holdings business plans and strategies; (d) services that NorthStar Gaming Holdings intends to offer; (e) NorthStar Gaming Holdings’ milestone projections and targets; (f) NorthStar Gaming Holdings’ expectations regarding receipt of approval for regulatory applications; (g) NorthStar Gaming Holdings’ intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h)NorthStar Gaming Holdings’ expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute NorthStar Gaming Holdings’ business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) NorthStar Gaming Holdings’ ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) NorthStar Gaming Holdings’ ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) NorthStar Gaming Holdings’ ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of NorthStar Gaming Holdings to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) NorthStar Gaming Holdings operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact NorthStar Gaming Holdings’ business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing NorthStar Gaming Holdings’ business operations (e) NorthStar Gaming Holdings may be unable to implement its growth strategy; and (f) increased competition.Except as required by law, NorthStar Gaming Holdings undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does NorthStar Gaming Holdings nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither NorthStar Gaming Holdings nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document. 7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of NorthStar Gaming Holdings or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of NorthStar Gaming Holdings or such entities and are not necessarily indicative of future performance of NorthStar Gaming Holdings or such entities. 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June 19, 2023 09:00 AM Eastern Daylight Time
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