Stake is putting boots on the ground in Canada as the online sportsbook and casino operator prepares to subject itself to some local regulations.

‘The company’s next big foray is to move heavily into regulated spaces,’ Stake’s new Canadian country manager says.

Geoff Zochodne • Senior News Analyst Jul 2, 2024 • 14:18 ET • 5 min readUnafraid to advertise itself in expensive ways, the bookmaker’s name is found on Formula 1 cars and in the octagon during UFC events. Stake also allows rapper Drake to make and publicize large wagers on the platform, such as a recent $500,000 flutter on the Edmonton Oilers to win the Stanley Cup, which lost.

But Stake’s Canadian business at the moment is in the “grey” market, as it is not under oversight by provincial gaming regulators (Stake.com is regulated in Curaçao). That said, the bookmaker has telegraphed its intentions to enter Ontario’s regulated and competitive market for online sports betting and casino gambling, directing residents to a website that states it is “Coming 2024.”

A launch this year remains the plan, as Stake is currently unavailable in Canada’s most populous province, which requires operators to cut ties with unregulated entities if they want to enter the regulated market. Enter Abbott, who has experience stickhandling the applications and operations of companies seeking to take action in Ontario.

“There’s a couple of winners in the market right now, and there’s a whole lot of losers,” Abbott said. “And I think Stake has an opportunity to be a winner.”

Changing the narrative

Stake has already enlisted local help to ensure it complies with the rules of the province’s market — one of which is a ban on cryptocurrency — and plans on building a local workforce of around 20 people. That’s in addition to the possibility of establishing an engineering hub in Canada to support the business there.

“A big part of my work right now is to ensure that we have everything that helps to meet all the standards of what the Alcohol and Gaming Commission of Ontario will want, and then we will push that reset, almost, on that application in the coming weeks,” Abbott said.

While some official rules and regulations must be followed, there is also some reputational work underway at Stake. Abbott noted they are trying to change the narrative about the bookmaker, showcasing its anti-fraud and anti-money laundering capabilities, as well as pointing out it’s not all crypto payments on the site.

“They also accept plenty of fiat currency,” Abbott said. “It’s a majority of what they accept.”

Stake is still one of the biggest online gambling sites in Canada at the moment — if not the biggest.

Eilers & Krejcik Gaming said last month that Ontario’s regulated iGaming market generated around $1.7 billion in net revenue in 2023, roughly 75% of which flowed from online casino gambling. Stake’s decision to go from grey to locally regulated could give the province’s iGaming scene another shot in the arm, the consulting firm noted.

“The market, although maturing, still has good headroom left for growth—especially with Stake.com considering entry,” EKG said. “Outside of Ontario, we project that Stake.com –the big-spending, crypto-focused operator – was the largest gray market operator in 2023, controlling around 20% of the overall market in gross gaming revenue share terms. Other key market share holders include Super Group and Bodog.”

There is another regulated opportunity outside of Ontario that may present itself sooner rather than later: Alberta. There, the provincial government is preparing to launch an Ontario-like market for online sports betting and casino play that has the potential to be one of the biggest in North America within years of its opening, which could happen before the end of 2024.

Alberta is on Stake’s radar. And, based on some of the industry scuttlebutt about the province, it could be relatively smooth sailing for Ontario-regulated operators to join the Alberta market.

Moreover, Stake is doing some “very preliminary” work toward striking up some partnerships that could provide openings into U.S. states with legal sports betting, Abbott said.

Expansion into regulated markets in the U.S. would not be a total shock. Stake’s co-founder, Ed Craven, suggested last year that such a move could be coming.

“There’s been an evolution of the company,” Abbott noted. “The goal of the company is to move into as many regulated jurisdictions as possible, and where there are licenses to get and regulations to follow, then we want to do that. So I would say there’s nothing different from Stake than any other operator in the market that’s also operating in pre-regulated markets.”

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