Soft2Bet, a prominent player in the iGaming industry, achieves a significant milestone with the acquisition of a Certificate of Registration in Ontario, Canada’s largest province. This accomplishment positions the company closer to the launch of its Tooniebet.com igaming brand, marking a pivotal moment in its expansion strategy.
Regulatory Expansion in Ontario: A Strategic Move
Soft2Bet’s receipt of the Certificate of Registration (Nbr: OPIG1280338) from the Alcohol and Gaming Commission of Ontario (AGCO) heralds a strategic move towards consolidating its presence in one of the world’s largest regulated jurisdictions. Ontario’s emergence as a success story in regulated online sports betting and casinos underscores the significance of this achievement.
Ontario’s iGaming Landscape: A Lucrative Market
The province of Ontario has witnessed remarkable growth in regulated online sports betting and casinos over the past two years. With the launch of regulations in April 2022, the sector has experienced exponential growth, evident in the latest figures for the fourth quarter of 2023. Operators reported a staggering 21 per cent increase in wagers, amounting to CA$17.2bn, along with a 22 per cent rise in gross gaming revenues, reaching CA$658m. Of particular note is the dominance of online casino activities, contributing significantly to the overall stakes and GGR, with figures reaching CA$13.7bn and CA$471m respectively.
Strategic Insights from Soft2Bet Leadership
Elisabeth Isaksson, Soft2Bet’s head of regulatory compliance, lauded the efforts of the compliance and regulatory teams, emphasizing the pivotal role played in facilitating the company’s expansion into lucrative markets. Expressing immense excitement about venturing into North America, Isaksson highlighted the company’s commitment to securing licenses and launching in additional jurisdictions within the region.
Chief Business Development Officer, Martin Collins, echoed similar sentiments, underscoring the Ontario certification as a crucial step in the company’s corporate expansion plans. Collins emphasized the alignment of this achievement with the company’s overarching goal of expanding its regulatory footprint, signaling a promising trajectory for future growth.
Future Endeavors: Expansion Plans in the Americas
Soft2Bet’s regulatory pursuits extend beyond Ontario, with active endeavors to obtain a license in New Jersey and further expand its presence in the Americas. These initiatives follow the successful acquisition of B2C licenses in prominent European markets such as Italy, Greece, and Romania in 2023.
Soft2Bet’s attainment of the Ontario Certificate of Registration marks a significant milestone in its quest for global expansion within the iGaming sector. With a strategic foothold in Ontario’s lucrative market and ambitious plans for further regulatory expansion, the company is poised for sustained growth and success on an international scale.