Torstar Corporation will be exploring new market possibilities and bring more revenue to the table after the publisher most recently announced its intentions to launch an online gambling platform. On Monday the company revealed that the additional money generated by the gaming website would be used as a manner to help and fuel any future journalistic undertakings.
The renowned publisher has more than 70 newspapers under its wing, with Toronto Star the most recognizable one. The company briefed this week the public about its plans to launch an online gambling platform this year which will be used as a tool to fund forthcoming journalism plans. The ambitious project is in accordance with Canada’s recent talks about revolutionizing the gaming industry by introducing changes to sports betting.
Exploring New Fields
Back in November 2020, Ontario’s provincial government released a statement regarding its plans for increasing the budget for online gambling. This aims towards modernizing the digital sector by allowing third-party entities to enter the said markets. And in terms of the sports betting revolution, the state’s authorities are working towards the legalization of single-events betting.
Former employee of Ontario Lottery and Gaming Corporation Jim Warren is currently helping and providing guidance to the publisher in its newly-entertained project. According to Mr. Warren, the online initiative will be an exciting opportunity that will provide locals with many new online gambling solutions. He concluded that the gambling platform is in its final stages of development and awaits official confirmation from the government regarding the bill’s developments.
The former Crown corporation executive quickly dissolved concerns about whether online gambling might potentially harm the publisher’s long spell of news reporting image and gaining the trust of the public. According to him, this initiative will be a great opportunity to acquire additional revenue which will be used to help and fund many of the company’s newspapers in their future projects.
This will be the news corporation’s first major activity after the publisher was taken private in July right after a legal trial that saw bidders fighting over the company’s rights. The Ontario court decided to grant the acquisition to NordStar Capital LP. The company is head by former Fairfax Financial Holdings Ltd. President Paul Rivett, and the private takeover cost around CA$60 million.
Another Potential Player Enters the Market
Another player that eyes potential exploring of Canadian gaming markets is Score Media and Gaming. The company has reaped major success in the USA and currently keeps close attention to the gambling scene in Canada, and it is making preparations towards the launch of its popular theScore application once the single-game betting bill passes all legal approval.
The Canadian-based company of Score Media and Gaming has recorded great strides of accomplishments lately. The gaming leader most recently has entered the notorious Nasdaq list which displays the current worth and stock value of the worlds’ most desirable companies. The corporation is considered a major player with tons of potential for taking over the Canadian markets after recent talks of legalizing single-event betting in the country.
Source: George-Cosh, David “Torstar plans online gambling portal to fund future journalism efforts” BNN Bloomberg, March 1, 2021