Kings Entertainment Group and Sports Venture Holdings, the parent company of the Bet99 brand, announced Tuesday that the SVH subsidiary that operates and markets BET99.ca to residents of Ontario has been approved for registration as an internet gaming operator with the Alcohol and Gaming Commission of Ontario (AGCO). With this condition now satisfied, the closing of the business combination between Kings Entertainment and SVH is targeted for the first half of Q4 2022.
Jared Beber, CEO of Sports Venture Holdings stated in a press release: “Receipt of our license as a regulated gaming operator with the AGCO is an important milestone for SVH and the BET99 brand”.
“Ontario is a key market within the emerging Canadian online sports betting and casino space and as the sports betting season heats up with summer sports peaking and the football, hockey, and basketball seasons getting started shortly, this is perfect timing for us to hit the ground running”, he added.
BET99.ca expects to launch in the regulated Ontario market following the execution of an operating agreement with iGaming Ontario.
Back in May, Kings Entertainment and SVH entered into a business combination agreement. When the LottoKings and WinTrillions parent company Kings Entertainment began trading on the Canadian Securities Exchange in late January, the new listing was expected to provide the Vancouver-based business with access to a broader capital base and accelerate its global expansion plans, including M&A transactions.
Last week, iGaming Ontario (iGO) the province’s regulator reported Ontario’s iGaming market saw total wagers of CAD 4.07 billion ($3.09 billion) in the second quarter of the year, leading to a total gaming revenue of CAD 162 million ($123.9 million) for the period ending June 30. The figures cover the first full quarter of market operations since the Canadian province launched legal betting on April 4.
With 18 active operations, and 31 gaming websites, there are currently more than 425 thousand active player accounts, which spend an average monthly CAD 113 ($86), although these do not represent unique players as individuals may have multiple accounts with different operators.