Is Pinnacle Sneaking Back Toward US Through Ontario Sports Betting?

Pinnacle, a former black-market sportsbook in the US, is going to launch in regulated Ontario market. Alcohol and Gaming Commission of Ontario approved Pinnacle for a sports betting license last week. Pinnock needs to sign an agreement with iGaming Ontario before launching. The company has a long history in grey market and in legal grey markets. It was connected to an illegal sportsbetting ring in 2012. US sports bettors lost $5.7 billion in 2007. Pincencial is considering re-entry into US market, but it's not clear if the federal government will allow it.

Pinnacle has received approval from AGCO. Pinnacle CEO Paris Smith is excited about the prospect of offering sports betting in Ontario.

Magnus Hedman acquired UK odds supplier Jasis Group in 2020. He integrated that into the launch of 10Star aimed at regulated markets. Neither company has announced US markets, but they could set a foundation in the market for a B2C entry. Hedmann took over controlling interest in Pinnacle in 2014.

Pinnacle is looking to expand in Ontario. It hired a chief marketing officer in 2020 to bolster marketing efforts.

Regulated provincial operators took CAD$4.1 billion in iCasino wagers and sports bets during Q2. Pinnacle will be the third brand that could significantly bump up Canadian sports betting figures.

Bet99 has been approved for an Ontario license. Bet99 already has sports betting partnerships with Toronto Maple Leafs, Ottawa Senators and several professional teams in Quebec.

Bet365, BetRegal and Pinnacle are the recent operators switching to the regulated Ontario market. Regulators suggest Oct. 31 as the date to begin enforcing the Ontario sports betting rules.