Pulse
NEW MARKETS PAYSAFE
The global online gambling industry has moved into
2023 with tremendous momentum behind it. Last year was one of significant growth, especially in terms of the number of new markets embracing legal online sports betting or casino. Paysafe’s Zak Cutler discusses the
latent potential of global gaming markets that are about to hit their stride in the 12 months ahead.
Paysafe: Overlooked and off-radar markets
From Europe to both North and South America, operators haven’t been short of new markets to enter. In North America, we saw jurisdictions such as New York and Ontario go live, while in Latin America, progress was made in Peru.
But with operators keen to keep expanding into new jurisdictions, what do the next 12 months hold from a new market perspective, and which present the greatest opportunity?
CANADA
One of the biggest new market launches of 2022 was Ontario, with Canada’s most populated province expected to grow to become a CAD$1.8bn market by the end of 2026, according to VIXO Regulatory Intelligence. Given this potential, it’s no surprise that Ontario has attracted some of the biggest operators and betting brands in the world.
But it could also act as a catalyst for other Canadian provinces to open their doors to legal online sports betting and casino, and to welcome additional licensed brands.
All eyes will be on the likes of Quebec and British Colombia. Tese markets already offer online sports betting and casino through their respective provincial lotteries (Loto Quebec and its Espacejeux online brand, and BCLC, with its PlayNow offering).
P102 WIRE / PULSE / INSIGHT / REPORTS
But given the expected revenues in Ontario, could it be that these provinces and others will look to expand beyond their monopolies? Only time will tell.
THE USA
2022 was the year that regulated iGaming hit a critical mass in the US, with several states going live with regulatory frameworks. Tis includes key markets like New York, Kansas and Louisiana, with Ohio set to flick the switch in January.
Zak Cutler President of Global Gaming, Paysafe
Zak Cutler is a regulated U.S. online gaming executive with a proven track record in strategy and corporate development. Before Paysafe, Zak worked at both Jackpocket, an innovative app enabling players to buy state lottery tickets online, and DraftKings, where he was responsible for all product initiatives related to payment processing, U.S. compliance, and international expansion.
But now attention turns to the states on the cusp of crossing the line in 2023. While there are high hopes that game-changer states such as Florida and California will finally make progress, past efforts to get legislation passed have proved unsuccessful and this year could be a case of history repeating.
So which other states could be on the cards? In Maine and Minnesota, legislation to legalise online sports betting has been passed, but, so far, no date has been set for launch. Massachusetts is in the same position, but with the state expected to accept its first legal online sports bets in the coming 12 months.
In Oklahoma, legislation has previously been introduced but failed to gain traction and there’s been no word on whether another attempt to legalise sports betting will be made this year. Te same applies to Alabama, Georgia, Kentucky and Vermont.
Texas will also be on operator radars – one
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