The two major players in the Daily Fantasy Sports industry are about to leave the Ontario market, primarily due to recent legislation that regulates internet betting in Canada’s largest province, includingPopular Pages and online casino activities, which now mandates that all participants in DFS must physically reside within the province.
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This stipulation dramatically limits the pool of eligible daily fantasy participants, rendering it significantly more difficult for fantasy sports operators to provide their services.
Consequently, while FanDuel and DraftKings—leaders in the Daily Fantasy Sports sector—are gearing up for the potentially more profitable realm of online gambling in Ontario, which is set to launch on April 4, they will simultaneously cease their DFS offerings in the province.
Daily fantasy sports, akin to poker in its peer-to-peer nature, relies heavily on a principle known as 'liquidity', which refers to the number of players interested in joining competitions. A larger player base equates to more diversified games available at varying entry fees. Additionally, higher liquidity enables the possibility of larger prize pools, an important factor for enticing players.
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The newly implemented gambling regulations that permit online sports betting also stipulate that all Daily Fantasy Sports participants must be situated within Ontario, effectively excluding players from other regions unless they are present in the province.PayPal Casinos Ontario Although Ontario boasts a population exceeding 14.6 million residents, the rest of Canada encompasses an additional 23.4 million individuals.
Furthermore, a significant aspect of the new gaming regulations—potentially detrimental for smaller Daily Fantasy Sports companies—is the $100,000 registration fee imposed by the Alcohol and Gaming Commission of Ontario, alongside a 25% tax on earned revenue.
It’s important to note that while the gaming commission isn't banning DFS outright, the established rules create an environment dissuading many companies from offering contests due to concerns over diminishing liquidity and increased operational costs.
The Fantasy Sports & Gaming Association expressed that, while they appreciate the regulation of single-event sports betting in Ontario, the new rules have essentially rendered it unviable for almost all operators to run paid fantasy sports contests in the province.
FanDuel has announced that it will discontinue its DFS services as of April 1, attributing this decision to business factors. A representative from FanDuel remarked that their larger, highly popular contests, which feature million-dollar prizes, would simply not be sustainable under the current legal framework. Ultimately, the DFS experience will no longer meet the expectations of FanDuel's users.
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With the competitive and regulated market scheduled to launch in Ontario on April 4,
is anticipated to emerge as one of the preeminent sports betting and online casino operators.Ontario Online Blackjack In a recent announcement, DraftKings informed its DFS users that they can participate in daily fantasy contests for the time being, but that
they plan to make their entry into the regulated sports betting and iGaming sectors shortly.Ontario Online Poker \"Once we launch our sports betting and iGaming services, customers within Ontario will no longer be eligible to engage in paid or free Daily Fantasy Sports contests,\" stated DraftKings. \"However, players can still participate from other provinces in Canada or U.S. states where it is allowed.\"
Similarly, FanDuel users can maintain their accounts and use their balances to enter contests whenever they are in other provinces.
The Fantasy Sports & Gaming Group is actively encouraging devoted DFS fans to reach out to their elected representatives in Ontario to push for changes in gaming regulations that would enable companies to feasibly resume offering contests.
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"We urge our member organizations and the millions of fantasy sports fans to inform their representatives in Ontario that their ability to participate in paid fantasy sports contests is in significant danger,\" the group stated in a press release. \"The FSGA is committed to collaborating with the Alcohol and Gaming Commission of Ontario to facilitate a pathway for our member companies to resume operations in the province.\"
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