Torstar Corporation, which owns over 70 newspapers in Canada, has announced plans to open an online casino to help ‘support the growth and expansion of quality journalism’.
In a press release issued through the company’s corporate website, Torstar revealed its plans to launch an online casino brand in the regulated Ontario iGaming market.
In the release, Corey Goodman, Chief Corporate Development Officer at Torstar said:
“We are excited at the prospect of participating in a regulated online Ontario gaming market with a made-in-Ontario product.
As an Ontario-based media business and trusted brand for more than 128 years, we believe Torstar will provide a unique and responsible gaming brand that creates new jobs, offers growth for the Ontario economy and generates new tax revenue to help support important programs in our province.”
Torstar’s plans have yet to be approved by the Alcohol and Gaming Commission of Ontario.
The Ontario government recently announced legislation that would put the commission in charge of the regulation and management of private iGaming operators. However, the legislation has yet to be enacted but will likely be signed into law in the coming months.
Gaming Consultant Jim Warren who is advising Torstar on its launch said:
“We don’t know how big the market is going to be in Ontario yet, because it will depend on the consultation process within government, which is about to happen in the next couple of months.
What we do know is that Torstar is looking at diversifying the revenue model of how we fund and pay for reporters, columnists, and editorial staff.”
The online casino launch is the latest is a series of moves to diversify Torstar’s revenue streams in order to fund journalism.
In January of this year, the group partnered with Golf Town to buy ScoreGolf Magazine while February saw Torstar partner with home and auto insurance provider Onlia.