“All the noise around a Toronto casino has served to distract attention from OLG’s efforts to get into the arguably even more lucrative online gaming biz. A request for proposals was issued in February 2012.
Online gaming is technically illegal in Canada, but exemptions can be granted under the Criminal Code. BC, Quebec and provinces on the East Coast run their own sites. An estimated $1 billion is spent on online gaming in Canada, about half of that from Ontario. Potential revenues from the international market look like salvation for casino operators losing money hand over fist. Some, among them major players vying for a Toronto casino (here’s looking at you, Caesars), are betting heavily on the recent legalization of online gambling in New Jersey (yes, home of the money-losing Atlantic City casino strip) to save their bottom line. Continue reading