Pinnacle Moving From Grey Market to Regulated Ontario iGaming Market

Pinnacle Moving From Grey Market to Regulated Ontario iGaming Market
By Mark Keast
Fact Checked by Ron Fritz

Pinnacle is now licensed for Ontario online gambling and sports betting, the latest operator to move from the grey market.

The company isn’t live yet, of course. Pinnacle still needs to execute an operating agreement with iGaming Ontario before that happens.

The Alcohol and Gaming Commission of Ontario (AGCO) has been working with grey market operators for a year, in what was a 20-year-old, billion-dollar grey market, to transition them over to the now-legal side. A deadline of November has been set for grey market operators to get licensed. 

The parent company of Bet99 also received its license from the AGCO earlier this month for Ontario sports betting and online casinos.

“Receipt of our license as a regulated gaming operator with the AGCO is an important milestone for SVH and the BET99 brand,” Jared Beber, CEO of Sports Venture Holdings, said in a statement. “Ontario is a key market within the emerging Canadian online sports betting and casino space and as the sports betting season heats up with summer sports peaking and the football, hockey, and basketball seasons getting started shortly, this is perfect timing for us to hit the ground running.”

Both announcements are significant and are once again proof that Ontario is barreling toward 40 iGaming licenses. Twenty-two companies have iGO operating agreements and are live with Ontario betting apps.

Canadian Gaming Association president & CEO Paul Burns told OntarioBets.com this week that we might see a “flurry” of licenses over the next week or two with that November deadline looming.

Bills, Super Bowl Favorites, Storm Out of Gate

On Thursday night, the Buffalo Bills looked everything like the Super Bowl favorites they are with bettors as they romped over the L.A. Rams, last year’s champs, 31-10. 

According to betting numbers from OLG, PROLINE customers were almost evenly split on who would win the game: 53% of all wagers were on the Bills to win and 52% of all single-event wagers were on the Rams. Two different customers each placed $1,000 wagers on the Bills for $1,700 payouts. One customer turned a $21 wager on a 7-pick parlay into a $950 payout.

Nearly 70% of customers took the Bills -1.5 on the spread. One customer wagered $2000 for a $3667 payout. One customer turned a $50 wager on a 7-pick parlay into a $2,240 payout.

Just 30% of customers correctly predicted the Total to go Under 51.5 points. Two customers wagered $1,000 each for $2,050 payouts.

Jordan Schultz Joins TheScore Bet

Speaking of the NFL, Jordan Schultz this week agreed to a multi-year deal with theScore Ontario to become its NFL insider, to provide written and multimedia content, focusing on betting insights and analysis, for theScore’s digital sports media platforms. 

Schultz previously worked for ESPN, where he served as a reporter and on-air commentator covering the NBA, NFL and college basketball. He was also a regular contributor on the Daily Wager show on ESPN2 and a correspondent/host for Kevin Durant’s The Boardroom series on ESPN+.

“theScore is an innovative digital sports media and betting leader, and I could not be more excited to join the team and contribute across their many media channels,” Schultz said in a statement. 

“I’ve been a devoted theScore app user for years and I’ve always appreciated the authentic way in which they connect with and deliver content to fans. I’m thrilled to now be part of the organization and help further enhance their NFL and NBA coverage. With the NFL season kicking off this week, it’s a perfect time to get started.”

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Contributors

Mark Keast

Mark Keast has recently covered the sports betting industry in Canada for The Parleh, and is a long-time sportswriter and editor, most notably with the Toronto Sun.