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.
Check out the latest comprehensive and most trusted Sportsbook Reviews by SBR here.
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.
RELATED: Global Sports Betting Roundup: Chelsea FC Sold, Flutter Entertainment’s Q1, and More
Make sure to keep an eye on our Live Odds page throughout the week to get the best lines possible and connect with others in the SBR community on our popular sports betting forum
