One of Ontario’s now\u002Dmany operators of online sports betting sites is pulling the plug on its operations in Canada’s most populous province.
A harsh climate
they had a “slower-than-anticipated start” in the province. The company’s chief financial officer added that they had “softened” their outlook for Ontario due to the “intensely competitive environment.” “The company is focused on maximizing profitability and investing capital and resources into only the highest return regions,” GAN said in an email to Covers. “Unfortunately, given the competitive nature of the market and the heightened promotional environment we didn’t see a near-term path to profitability, so we are reallocating our resources elsewhere.”
Ontario charges iGaming operators around 20% of their revenue to do business in the province. Operatorsmust pay an annual regulatory fee of $100,000 per gaming site.
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