Ontario’s gaming market is heating up after opening its legalized online gambling and sports betting market to the public in April 2022. The Province of Ontario now has close to 15 million residents and is a very attractive market for both online gambling and sports betting operators.
The latest operator to acquire a gaming license from the Alcohol and Gaming Commission of Ontario (AGCO) is Maltese company Altenar which specialises in offering sports betting solutions to providers around the world. The sportsbook solution from Altenar offers multiple features which include multi-brand management, premium data feeds, a comprehensive bonus system and easy cashouts.
Recent statistics have revealed that the Ontario market has witnessed an exponential growth, where Canadian players have been reported to spend around CAN$500m annually on online gambling. With its newly obtained Ontarian license, Altenar anticipates to engage more operators in the thriving North American market, while acknowledging the necessity to continuously improve their product. Not only does it intend to preserve its top spot in such an ever-evolving sector, it aspires to gain a better competitive edge.
Altenar will now be able to offer sports betting services in Ontario legally and is a big breakthrough for the company as Ontario is a relatively new market and there is a lot of opportunity present for Altenar to grow its client portfolio.
Altenar Must Comply With Strict Regulations in Ontario
Ontario has put together a robust and stringent set of gaming regulations to ensure that all licensed operators will adhere to a strict code of conduct and not exploit players in Ontario. One of the main concerns for the gambling regulator in Ontario is to protect players from gambling harm.
Altenar satisfied all of the requirements posed by the Registrar’s Standards for Internet Gaming and was granted a gaming license. The company has put together a strong iGaming framework that takes all of this into consideration and ensure that it has its terrorist financing and money laundering protocols in place, along with detailed know your customer (KYC) procedures to identify and protect Canadian players.
The AGCO recently discovered a loophole in its gaming regulations that a few operators were exploiting. The loophole was found in the self-exclusion system that the AGCO has imposed on all licensed operators. Bettors realized that they could use the self-exclusion system to recover their lost bets. One of the ways they accomplish this is by betting on both sides by using two sportsbooks. They then use the self-exclusion excuse at the sportsbook where they lost and get to recover their funds.
Altenar, along with the AGCO, will be able to address these self-exclusion loopholes before it expands its presence significantly in Ontario. These concerns have already been brought to the light of the gambling regulator. Altenar has made changes to its systems to ensure that all players are protected from cyber-attacks and that their data is secure at all times.
Altenar Continues To Expand Globally
Altenar is looking forward to making its mark on the Ontario market as this is the fourth jurisdiction in which the Malta based company has received its gaming license. In June, the company carried out detailed market research on the state of the sports betting market and its potential in specific markets.
Altenar is now using that data to specifically target sports betting markets which has the most potential to expand in the next few years. Once it makes its mark on the Ontario betting market, the brand will carry a lot more weight and give it even more momentum to expand into new betting markets!
This article was written in collaboration with NoDepositHero