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DraftKings Approved to Launch in Ontario

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Yusei Kikuchi #16 of the Toronto Blue Jays delivers a pitch in the third inning while the roof of the Rogers Centre is opened for the first time this season during a MLB game against the Seattle Mariners on May 16, 2022 in Toronto, Ontario, Canada. Vaughn Ridley/Getty Images/AFP (Photo by Vaughn Ridley / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)

The Alcohol and Gaming Commission of Ontario (AGCO)has formerly approved DraftKings to launch its business model in the province of Ontario, CA. 

DraftKings becomes the 37th sports betting company to receive approval from the AGCO to operate in the province. 

Though Ontario mobile sports betting was legalized in early April, DraftKings waited to enter the market. 

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Industry pundits speculated the company was delaying entry over concerns of grey market operators potentially eroding the market share of regulated companies. 

However, CEO Jason Robins dispelled these rumors on a recent earnings call. 

“However, due to the presence of grey market operators, many of which have been present in Ontario for several years, we do not believe the timing of our launch will have any impact on the share we are able to achieve in that province.”

One interesting wrinkle in DraftKings’ approval is that they were awarded a two-year license to operate in the province – only the 11th company to receive that term. 

The rest of the operators were awarded a one-year license to operate upon market entry. 

After recent dismay regarding their plummeting stock prices, DraftKings announced that its Q1 earnings were up 34% from 2021, signaling its strong financial standing and one that will only grow after entry into Canada’s largest market. 

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