BetRivers CEO feels online casinos could be huge boon for Ontario government
Global News
Richard Schwartz says online casinos will generate substantially more tax dollars for the provincial government.
Single-game sports betting has been front and centre since Ontario’s fledgling industry opened fully last week but Richard Schwartz says online casinos will generate substantially more tax dollars for the provincial government.
“What’s important to note is in the U.S., the states that legalized both online casino and sports betting ? two-thirds of the taxes generated are from online casinos,” Schwartz, the chief executive officer at Rush Street Interactive’s BetRivers, said during a telephone interview Monday. “Sportsbook for show, casino for dough.
“It’s true that a sportsbook is exciting and showcases a lot of exciting things ? but I think ultimately the casino is the opportunity for the industry and this government to generate the most tax revenue. Ultimately that’s the one a lot of people are going to refocus on if they haven’t already.”
Single-game sports betting became legal in Canada last summer but didn’t fully open in Ontario until April 4. That’s resulted in a number of partnerships, including Maple Leaf Sports & Entertainment reaching a multi-year agreement with PointsBet Canada on Monday.
Three days earlier, MLSE reached a partnership with FanDuel Sportsbook and PokerStars. MLSE’s ownership stable includes the NHL’s Toronto Maple Leafs, NBA’s Toronto Raptors, CFL’s Toronto Argonauts, Major League Soccer’s Toronto FC and AHL’s Toronto Marlies.
And theScore Bet, a subsidiary of Penn National Gaming, Inc., headquartered in Toronto, signed a long-term deal with baseball’s Toronto Blue Jays.
However, Schwartz said there’s much more opportunities for an online casino to cater to its patrons.
“You have a chance to innovate in the online casino category,” he said. “In the sportsbook category, there’s a lot more similar capabilities because you’re basically a transactional engine reflecting what happened on the field or court and you’re not manufacturing fun.
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