Pinnacle Sports has been granted an Ontario online sports betting license by the Alcohol and Gaming Commission of Ontario (AGCO). This will see Pinnacle launch a mobile sportsbook in Canada, further expanding the Ontario betting market.
It marks the first time the book well known for taking sharp betting action offshore will compete against bigger brands, like DraftKings, FanDuel, BetMGM and BetMGM.
Pinnacle Joins Ontario Online Sports Betting
Pinnacle is a global sports betting brand with operations active in Italy and Sweden. Ontario marks the first time the popular sportsbook has entered the North American market, showing its drive to expand into emerging betting locales globally.
“Ontario sports fans and bettors deserve the best betting opportunities, and we are excited to serve them now with the recent approval of our AGCO registration,” said Paris Smith, CEO of Pinnacle. “There is a robust and fair regulatory regime in place, along with a knowledgeable sports and betting audience, and we are excited to be able to bring our ‘Welcome to the winners’ mantra to the marketplace and take Ontario betting to the next level.”
Pinnacle joins the ranks of FanDuel, Caesars Sports, BetMGM, and DraftKings as prominent sports betting figures in the Ontario market. Ontario online sports betting has already been a proven success since going live in April 2022.
The AGCO revealed that sportsbooks pushed the total online gambling revenue in Ontario to $162 million CA ($124.7 million USD) through June 30. While the AGCO does not separate the revenue specifically for sports betting, it is clear Ontario online sports betting influenced the revenue as it is up year over year.
Ontario Online Sports Betting Expands
Ontario online sportsbooks have been embraced by locals and Pinnacle is looking to get a slice of the pie. This college football and NFL season in particular is seeing a lot of action from locals.
FanDuel Sportsbook was forced to undergo 8-hour maintenance due to high traffic causing errors in Ontario. This, unfortunately, resulted in a security lapse for many local users.
The FanDuel situation highlights the heavy influence sports betting has in Ontario. Even with the multitude of sportsbooks available, Pinnacle can still claim a strong market share in Ontario with so many local sports fans eager to wager.
Pinnacle won’t be the last sportsbook to launch in the Loyalist Province either, as regulations allow for the AGCO to offer several licenses per C-218.
While only being active for a few months, online sports betting in Ontario is already a major force in North America. The success of the market will continue to attract sports betting entities like Pinnacle to offer odds to local players.
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