VANCOUVER, BC, April 5, 2022 /CNW/ – Kings Entertainment Group Inc. (“Kings Entertainment” or the “Company“), an international online service provider for lottery, casino, and sportsbook gambling and parent company of global online gaming innovators LottoKings and WinTrillions, comments on the launch of Ontario’s new regulatory framework for iGaming, paving the way for private-sector operators of online sportsbooks and casinos to legally take bets within Ontario. Previously the Ontario Lottery and Gaming Corp. held a monopoly on these operations within Ontario.
“This is an exciting development for the Ontario iGaming market,” said Steve Budin, CEO of Kings Entertainment. “Jurisdictions around the globe are increasingly implementing regulatory frameworks that support legal private-sector gambling, to provide a safe gaming environments, create tourism, offer employment opportunities and keep revenue within legal, regulated entities. We’re fully supportive of these objectives and are exploring opportunities to expand into these emerging markets.”
Ontario is the first Canadian province to enact this type of regulatory framework and could be a model for other provincial and territorial governments to implement similar frameworks. Ontario’s framework includes requirements for proposed operators to apply for and receive approval from the Alcohol and Gaming Commission of Ontario and sign an operating agreement with the province’s iGaming Ontario agency.
The private-sector operators can then legally operate online gaming within Ontario, shifting gaming revenue from offshore, out-of-province and illegal operations to legal Ontario-based operations, a market estimated to be in the hundreds of millions of dollars each year.
About Kings Entertainment
Kings Entertainment (CSE:JKPT) is an international online service provider for lottery, casino, and sportsbook gambling and parent company of global online gaming innovators LottoKings and WinTrillions. These brands leverage their ability to acquire high-potential players through renowned lottery offerings, then engage players in a range of casino and sportsbook offerings. LottoKings and WinTrillions have attracted and retained millions of player sign-ups since their inception.
