New Ontario-based casino by Toronto Star owner
Undeniably, more and more people are entering the world of online casino gambling. This is a safe market when it comes to investing, where most of the time the rules and regulations are followed, the profit benefits are incalculable and the fun will never be lacking.
In addition to all this, there are many companies, corporations and companies that support and create businesses and gambling sites due to the great boom that online casinos are acquiring today.
This is the case of the Canadian newspaper Toronto Star, which is already immersed in the world of online casinos with the launch of its Torstar platform for gambling. That is why we bring you all the information regarding this new online gambling impulse so that you are aware of the most important and last-minute news.
From Torstar Corporation to Toronto Star Casino
Torstar Corporation is a large media company with a long history in newspapers, books, and digital businesses. It has been built on the basis of the Toronto Star, better known for being a Canadian newspaper, published specifically in the city of Toronto, Ontario. Focuses on regional events in the greater Toronto area.
We were all taken by surprise that last Monday 1st. March 2021 reported the upcoming launch of their online casino gambling brand in the same city of Ontario, Canada; for the purpose of financing your journalistic activities. Although we still have to wait a little longer because the corresponding authorities must approve the regulations and operation of the company that will operate the online casino.
Corey Goodman, who serves as Director of Corporate Development, commented that “Torstar will provide a unique and responsible gambling brand that will create jobs, deliver growth to the Ontario economy and generate new tax revenue to help support important programs in our province”.
Similarly, Paul Rivett, chairman of the board of directors and co-owner of Torstar, said that this advance “will help support the growth and expansion of quality, community-based journalism”.
The background of the operation
Torstar, recently, was acquired by an investment company called Nordstar for recording too many losses as revenue from print advertising has been falling year-on-year. The new owner gave his word to continue on the same path of carrying out “world-class journalism in keeping with the Star story…”
This new company will turn to online gambling to generate more income that contributes and helps solve economic problems.
Online casino market extension
According to data provided by the Ontario government, Ontario city residents spend an estimated $500 million a year on online casino gambling in markets outside of Canada.
This is to say that the money does not stay in Canada, but rather disappears to other borders where there is little legal and regulatory scrutiny, which results in little incentive for the Canadian economy, specifically Ontario.
The city of Ontario has always been very clear in its rules that only the Government itself is the holder of the licenses to carry out online gambling. But, due to the registration of the last budget of the province, the ways were opened so that the expansion of the market to many more companies begins during this year 2021.
In other words, de Rivett expressed his desire to want to make sure “that the new market is well represented with a Canadian gaming brand based in Ontario, so that most of our players’ entertainment dollars stay with us. Province”
In conclusion, what is sought is that both Torstar and the city of Ontario become active players in the province’s industry, plans that will depend in turn on the decisions and regulations of the Government and that the negotiations continue. This whole thing looks very good thanks to its first big steps in having been approved more than 60 million dollars by the shareholders of Torstar.
Another fundamental objective of Torstar is the search for the diversification of the income model based on financing and payments towards reporters, columnists and the rest of the editorial staff.
In the words of a gambling industry consultant, hired by Torstar to advise said company, said that it is not yet known how much income the new business will obtain because it is awaiting the government’s review.
In this vein, Jim Warren, a Toronto Sun journalist, said that “we do not know how big the market will be in Ontario, because it will depend on the consultation process within the Government, which is about to take place in the coming months“.
All these measures and actions have been planned so that businesses take greater borders, beyond newspapers, towards new digital fields, expanding to new markets and audiences.
With the addition of Torstar to the world of online gambling and casinos, the Government of Ontario would begin to loosen its current monopoly and network of businesses on internet gambling a bit; which would produce a step forward – or aside – for resolutions and the incentive of private activities.
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