Published on: October 8, 2024, 09:31h.
Last updated on: October 8, 2024, 09:31h.
The latest updates on the developments in Alberta will be discussed at the G2E conference, with a panel focusing on the Canadian market and the province’s igaming expansion.
The panel titled “Understanding the Changing Canadian iGaming Landscape” is set for tomorrow at 3:10 p.m. in The Venetian Expo in Las Vegas.
Alberta Advancing Towards an Ontario-Style Model
Headed by Paul Burns, President & CEO of the Canadian Gaming Association, the panel will delve into the evolution and potential of the Canadian market.
“We still have a large, unregulated market in the country,” Burns said. “As more governments consider a competitive model, it is important to understand the workings of the igaming industry and the benefits of increased cooperation across jurisdictions for the Canadian industry. Discussions will revolve around sustainability and growth, drawing lessons from the experiences of Ontario and Alberta.”
Ontario’s regulated market went live in April 2022, and Alberta is working towards a similar model.
Burns observed a growing interest from international companies in the Canadian market.
‘Those that have invested in Ontario aim to expand across the country,” he added. “How can they grow their businesses in other provinces over time?”
Key Players in the Canadian Industry to Speak at G2E
Currently, Ontario has 51 licensed companies operating 83 igaming websites. According to iGaming Ontario’s latest market performance report for Q1 of FY 2024-25, the market saw $18.4 billion in wagers (3.4% increase from the previous quarter, 31% year-over-year increase) and $726 million in gaming revenue (5.2% increase from Q4, 34% year-over-year increase).
Ontario has successfully channeled 86.4% of players from the grey market to regulated operators since its market launch, as per an Ipsos study in February 2024.
Tomorrow’s panel will feature two prominent figures from Ontario – Martha Otton, Executive Director of iGaming Ontario, and Karin Schnarr, CEO and Registrar of the Alcohol and Gaming Commission of Ontario.
Nally to Provide Updates on Alberta’s Market Launch
However, recent discussions about the Canadian market have largely focused on Alberta.
Joining the panel tomorrow will be Dale Nally, Minister of Service Alberta and Red Tape Reduction for the Alberta government, leading the charge in expanding the province’s igaming sector.
Alberta has been making headlines due to delays in its market launch process. Concerns were raised regarding the proposed 25% tax rate for operators and rushing to launch without proper legislation and regulation.
Alberta’s Market Launch Delayed
“I believe they will take their time to ensure a proper launch,” Burns commented. “While there were talks of a pre-Christmas launch, I think it will happen next year. They still have a lot of work ahead. Their enthusiasm remains strong, but they need more time.”
Several major igaming operators have expressed interest in entering the Alberta market, including PointsBet Canada, theScore Bet (PENN), Betway (Super Group), and NorthStar Bets.
“There is significant interest in the Canadian market,” stated Mark Harper, Head of Emerging Markets at BVGroup.
BetVictor, a brand under BVGroup, is currently licensed in Ontario.
“Our sources indicate a mid-year to fall next year timeline,” he suggested. “On the other hand, some believe it could happen by late spring or early summer. Alberta is definitely on our radar. The success in Ontario has set a positive precedent. Alberta is likely to follow a similar pattern.”
Projected Growth for Alberta’s Gaming Market
Regarding the potential of the Alberta igaming market, Harper emphasized that while it may not reach the scale of Ontario, Alberta’s passionate sports market and disposable income levels indicate a substantial gaming market.
“While it won’t match Ontario in size, Alberta is expected to be a sizable market in its own right,” Harper added.
Burns highlighted that the Alberta updates will be closely monitored during tomorrow’s G2E panel discussion.
“I look forward to hearing Minister Nally’s insights on the province’s direction,” Burns concluded.