Altenar Sportsbook Obtains Permission to Operate in Canada

July 5, 2022 by

The sports betting startup aims to concentrate on the growing online Ontarian industry.

Altenar, a sportsbook provider, has been awarded a license to do business in Canada. This opens the door for the brand to get into the booming market in Ontario.

As the brand moves into a new market, it hopes that the acquisition of this license will lead to the development of more improvements for the Altenar product.

The license permits Altenar to roam legally in four locally controlled marketplaces as well as secure a variety of software approvals in other countries. At the moment, the majority of the company’s activities are concentrated inside the boundaries of the province of Ontario.

According to Denise Vella, Head of Information Security and Technical Compliance at Altenar,

Ontario seems to be the primary entrance to the Canadian gaming industry at this time. It is a huge market and its move to license and regulated online gaming will pave the way for others to follow.

It is essential for Altenar to comply with a variety of stringent restrictions that have been imposed on betting on sports. Its framework for online gambling is designed to combat fraudulent operations, as well as money laundering and acts that finance terrorist organizations. When a new player registers for an account with the sportsbook, the brand uses rigorous verification processes in order to ensure compliance with these requirements.

Vella claims that Altenar was able to make such rapid progress after the legalization bill was enacted in April. She said that

effective control activities have been created expressly in order to meet the compliance criteria

because

the Ontario market is one of the most lucrative ones

which is why

effective control activities have been planned specifically in order to satisfy the requirements.
smartphone and soccer balls

Her logic appears to be reasonable. After the debut of Ontario’s regulated online market, just two months later, an average 33% of all individuals in the territory had joined up for at least one sports betting website. The yearly amount of money spent by Ontarians on internet gambling is $500 million, a figure that immediately places the province among the most competitive new markets in the industry. These are facts that demonstrate that the market for regulated gambling in Canada is expanding at a rapid rate.

Will Ontario’s iGaming Market Become Even More Regulated?

The implementation of a new regulatory initiative in Ontario was regarded revolutionary. The legal framework of Canada pertaining to the industry of online gambling would be a step toward modernizing the norms and regulations that are already in place.

It is Canada’s goal to build a market that is open to competition, and it would seem that the country’s current state is improving and heading in the right path.

In addition, it would seem that the rest of the provinces will go on with plans to create their own regulated internet gambling marketplaces, following the pioneering lead that Ontario has established.

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