Pinnacle, a sports betting and sports odds company, has made a foray into the North American market. The sportsbook was officially licensed by the Alcohol and Gaming Commission of Ontario and may soon launch in the Canadian province.
Pinnacle to Launch in Ontario
Being a fully-regulated operator has always been Pinnacle’s objective. The company used to offer its products in Canada and the United States for a while but was never fully licensed in the region. Because of that, it opted to leave the US market in 2007, in accordance with the Unlawful Internet Gambling Enforcement Act of 2006.
Since then, Pinnacle’s expansion efforts have been pretty limited. After receiving a license from Malta’s Gaming Authority in 2015, Pinnacle didn’t manage to launch in any other markets. However, the company will now have the opportunity to join Ontario’s lucrative sports betting market as a fully-licensed operator. The AGCO, furthermore, has a policy of forgiving companies that have offered their products in the grey market, which will help Pinnacle’s image.
Pinnacle’s license is valid for a year, after which the company must reapply for an extension.
The Operator Continues to Grow Its Business
Pinnacle has previously made efforts to launch in the United Kingdom but to no avail. After waiting in line for months, the bookmaker gave up on Britain and opted to focus on other opportunities. For reference, the UK was one of the markets where Pinnacle used to operate as a gray operator before leaving because of regulatory and taxation concerns.
Some speculate that Pinnacle may now try to acquire an official license to re-launch in the United States. However, the operator is yet to announce any such intentions. The future of Pinnacle as a licensed operator may depend on the success of its future operations in Ontario.
In other news, in July, Pinnacle became the latest partner of the International Betting Integrity Association, a body that aims to protect the betting industry from fraud. Pinnacle joined the IBIA in efforts to curb pernicious influence in sports and ensure a fair sports betting experience for all players.
In early August, Pinnacle’s B2B division, Pinnacle Solution, inked a new partnership deal with Azuro, a decentralized betting ecosystem powered by blockchain technology. The agreement helped Pinnacle foray into the blockchain space and deploy its sports betting capabilities onto the Azuro blockchain protocol.
In June, Pinnacle Solution outlined the new opportunities that it would seek during this year’s iGB Live! event.