Private-sector Operators of Online Sportsbooks and Casinos Now Able to Legally Take Bets within Canada's Largest Province
VANCOUVER, BC, April 5, 2022 /CNW/ - Kings Entertainment Group Inc. ("Kings Entertainment" or the "Company"), an international online service provider for lottery, casino, and sportsbook gambling and parent company of global online gaming innovators LottoKings and WinTrillions, comments on the launch of Ontario's new regulatory framework for iGaming, paving the way for private-sector operators of online sportsbooks and casinos to legally take bets within Ontario. Previously the Ontario Lottery and Gaming Corp. held a monopoly on these operations within Ontario.
"This is an exciting development for the Ontario iGaming market," said Steve Budin, CEO of Kings Entertainment. "Jurisdictions around the globe are increasingly implementing regulatory frameworks that support legal private-sector gambling, to provide a safe gaming environments, create tourism, offer employment opportunities and keep revenue within legal, regulated entities. We're fully supportive of these objectives and are exploring opportunities to expand into these emerging markets."
Ontario is the first Canadian province to enact this type of regulatory framework and could be a model for other provincial and territorial governments to implement similar frameworks. Ontario's framework includes requirements for proposed operators to apply for and receive approval from the Alcohol and Gaming Commission of Ontario and sign an operating agreement with the province's iGaming Ontario agency.
The private-sector operators can then legally operate online gaming within Ontario, shifting gaming revenue from offshore, out-of-province and illegal operations to legal Ontario-based operations, a market estimated to be in the hundreds of millions of dollars each year.
Kings Entertainment (CSE:JKPT) is an international online service provider for lottery, casino, and sportsbook gambling and parent company of global online gaming innovators LottoKings and WinTrillions. These brands leverage their ability to acquire high-potential players through renowned lottery offerings, then engage players in a range of casino and sportsbook offerings. LottoKings and WinTrillions have attracted and retained millions of player sign-ups since their inception.
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that the Company anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, statements with respect to: the Company's business and business plans; the Company's strategy and current focus on developing brands in the global online gaming market; the iGaming industry in the province of Ontario; and global market opportunities in the online gaming space, including in respect of anticipated growth. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company, including information obtained from third-party industry analysts and other third-party sources, and are based on management's current expectations or beliefs regarding future growth, results of operations, future capital (including the amount, nature and sources of funding thereof) and expenditures. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement and the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Trading in the securities of the Company should be considered highly speculative.
SOURCE Kings Entertainment
For Kings Entertainment Group, please contact: Steve Budin, CEO, [email protected], [email protected], 604.961.0296; For Canadian media enquiries or interviews, please contact: Christy Kaiser, Thirty Dash Communications [email protected]
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