Canada
Exclusive interview with Richard Owoyemi – Founder of Peer Gaming about peer-to-peer betting products
Today we are speaking with Richard Owoyemi, Founder of Peer Gaming. PeerGaming is a software technology company that develops only peer-to-peer betting products. Their vision is to put their revolutionary games in the hands of every reputable gaming operator worldwide. Their flagship product, X-LEAGUE, is destined to become the ultimate complementary product for fixed-odds wagering. And they’re also devising proprietary gaming models that they intend to use in creating an armada of gambling products. PeerGaming is a UX-first startup that plans to gain market access through a leading betting product supplier in the gambling industry. They strive to be creative, optimistic, and persistent in their aspiration to build a global hub for peer-to-peer betting products. betting software providers to supply gaming operators with novel and established social betting products.
GA: Tell us about the idea behind PeerGaming.
RO: The idea behind PeerGaming was one of the blessings in disguise moments we had during the planning phase of X-League.
We were concerned about the enormous marketing costs it would take us to promote X-League in the US and international markets as a B2C company. Also, competing against established operators in different jurisdictions seemed to be a problematic approach to global expansion.
Lottery manufacturers ultimately inspired our go-to-market strategy. Like them, PeerGaming aims to consolidate the strength in the number of operators or retailers in different betting jurisdictions to manage interconnected product operations.
As a B2B supplier of crowd-powered products like X-League, Daily fantasy, Exchange, and many more, we hope to create an omnichannel for these products to receive player entries from several online and offline destinations for profit share.
GA: You say you came up with X-League because of problems you had with gambling yourself. Can you tell us more about that?
RO: Although we approached our creation from differing viewpoints, I believe Pierre Oller, Andrew Black, and I were captivated by a similar frustration. And while Pari-mutuel and betting exchanges are impressive solutions to our shared frustration, they partially complement fixed-odds betting.
Parlays were my favorites until too many bad beats made me lose interest in sports betting. Luckily, when I got a flash of insight into an idea that would interest my then WhatsApp group members and me as an alternative to parlay betting. I pursued it obsessively.
X-League completely complements traditional sportsbooks. I imagine the unusual entertainment benefits of the cross-play option between X-League and traditional fixed odds makes both products a must-have for future operators.
GA: Do you think social p2p betting is the future? And will it complement traditional fixed-odds betting or replace it?
RO: Most people perceive any betting product involving two or more people competing against themselves as a fairer way to bet, so it’s easy to predict that social betting products will be dominant in the future.
However, gaming operators in various betting jurisdictions must consolidate their online and offline marketing muscles to drive these products’ network effects to their highest potential.
For one and a half centuries, traditional fixed-odds betting demand has remained strong even though many have hoped to replace it with Pari-mutuel or Exchange. I’m sure its demand will continue to grow, and its relationship with social betting products is complementary.
GA: What’s your roadmap? When will I be able to join the X-League?
RO: We’ve completed the planning and designing phase for X-League. And we are currently
looking for partners needed to commercialize X-League.
I don’t know when X-League will be live, but we will see once we’ve secured a leading betting software manufacturer to execute our visions.
GA: How do you plan to market PeerGaming to operators and players?
RO: We will let operators and players know they can always count on us for innovative and
entertaining betting products involving a competition between two or more people.
We would show operators how our product supermarket will expertly help them attract and convert loyal customers and offer our players incredible features with games that improve their chances of winning or being entertained.
GA: Will PeerGaming make sports bettors celebrities?
RO: If you agree influential bettors should be eligible for endorsement deals, you’d probably like this part of PeerGaming.
PeerGaming would have a ranking system, social components, and tournaments that could help players grow their influence and followers.
We envision a world where influential bettors too can become brand ambassadors like sensational YouTubers or Instagrammers.
The Alcohol and Gaming Commission of Ontario (AGCO) has mandated all Ontario-registered sportsbook operators to halt offering and accepting wagers on World Boxing Association (WBA) events immediately. This measure is being taken to protect the Ontario betting public following concerns that WBA-sanctioned boxing matches are not adequately being safeguarded against match-fixing and insider betting.
Since December 2023, the AGCO has been conducting a comprehensive review of suspicious wagering activity on a WBA-sanctioned title fight between Yoenis Tellez and Livan Navarro that was held in Orlando, Florida. Suspicious betting patterns on the bout lasting over 5.5 rounds were reported to the AGCO by two registered independent integrity monitors and detected in Ontario by a registered igaming operator. Media reports also alleged that Tellez’s Manager placed $110,000 on the match lasting longer than 5.5 rounds at a Florida casino. The bout ended with Tellez knocking out Navarro in the 10th round.
Following an intensive review that included outreach to the WBA, Ontario-registered gaming operators, independent integrity monitors, and regulators in other jurisdictions, the AGCO has concluded that bets related to WBA events do not currently meet the Registrar’s Standards for Internet Gaming.
The AGCO requires all Ontario-registered gaming operators to ensure the sport betting products they offer are on events that are effectively supervised by a sport governing body. At a minimum, the sport governing body must have and enforce codes of conduct that prohibit betting by insiders.
Registered gaming operators were unable to demonstrate to the AGCO that the WBA prohibits betting from insiders, which could include an athlete’s coaches, managers, handlers, athletic trainers, medical professionals, or others with access to non-public information. Further, registered gaming operators were unable to demonstrate that the WBA took any action to investigate or enforce the allegations of potential match-fixing and insider wagering.
The AGCO has indicated to registered operators that in order for WBA betting products to be reinstated in Ontario, operators must demonstrate that the WBA effectively supervises its events, thus bringing them into compliance with the Registrar’s Standards. In December 2022, the AGCO required gaming operators to stop offering bets on UFC events for similar issues related to insider betting safeguards. Within a month, UFC amended its policies and implemented new protocols that allowed the AGCO to reinstate betting on UFC events in the province.
“Ontarians who wish to bet on sporting events need to be confident that those events are fairly run, and that clear integrity safeguards are in place and enforced by an effective sport governing body. Knowing the popularity of boxing in Ontario, we look forward to reinstating betting on WBA events once appropriate safeguards against possible match-fixing and insider betting have been confirmed,” Dr. Karin Schnarr, Registrar and CEO of AGCO, said.
Andrew Cochrane Chief Business Officer of GiG
GiG increases Ontario market presence, powering the launch of Casino Time
Gaming Innovation Group Inc. (GiG), has announced the launch of Casino Time, powered by its award winning iGaming platform and pioneering real-time rules engine LogicX, with revolutionary sportsbook, SportX soon to follow, to further extend its footprint in the regulated Canadian province of Ontario.
The launch of Casino Time carries extra significance, marking only the second time that on-demand, regulated online Bingo has been made available in Ontario. The new Bingo product vertical, launched alongside a strong Casino offering, will be boosted by GiG’s new sportsbook, SportX, as part of a planned release later this year.
GiG has focused its solutions on driving exponential growth in revenue for operators with its highly scalable iGaming platform, offering localised third party content and leading suppliers for the Ontarian market. GiGs peerless gamification layer creates an optimised and immersive casino experience tailored to regional preferences, swelling client retention and player engagement.
Canadian owned and operated, Casino Time is a joint venture amongst leading retail operators in Ontario’s Charitable Gaming sector, delivering Bingo, Slots and Live Dealer Casino Games. Promising a personalised service and community experience, Casino Time is continuing its long-standing partnership with local charities, introducing its joint fundraising model into the iGaming space for the first time.
Now coming towards the end of its second year of licensed operations, Ontario has emerged as one of the largest iGaming markets in North America, second only to New Jersey according to data supplied by Vixio. The first and as yet only Canadian province to launch a regulated market, Ontario boasts more than 1.6 million active player accounts spread over 40 plus operators, generating €1.3 billion in Gross Gaming Revenue (GGR) in its first year of trading, with this data supplied by iGaming Ontario.
Andrew Cochrane, Chief Business Officer of GiG, said: “GiG continues to set the pace with a strong cadence of brand launches in 2024, and I’m pleased that when operators are seeking platform solutions in regulated markets, GiG is leading the pack. Our partnership with Casino Time, will help deliver something new and exciting to the Ontarian market, and further helps to demonstrate the flexibility of our solutions, adapting to match the regional aspirations of our partners to deliver growth.”
D’Arcy Stuart, CEO of Casino Time, said: “We are thrilled to partner with GiG as the core technology provider of our iGaming platform. Their powerful suite of player engagement tools, as well as diverse content and regulatory integrations, underpin our ability to serve and delight our player community. Our hybrid online and offline customer network, as well as unique bingo offerings, will drive exciting opportunities as the platform and the marketplace continues to grow.”
Glitnor Group, operating under the LCKY Group in Ontario, has joined the International Betting Integrity Association (IBIA). Glitnor Group’s luckycasino.ca brand sportsbook will feed into IBIA’s world leading betting integrity monitoring platform. The operator joins over 50 companies and 125 leading sports betting brands in IBIA and further cements the association’s position as the leading sports betting integrity monitoring body in Ontario and globally.
David Schwieler LCKY Group CEO, said: “At Glitnor Group, we’re dead serious about keeping our betting games fair and square. That’s why teaming up with IBIA is a big deal for us. We know how crucial it is to protect the spirit of sports, and we’re ready to roll up our sleeves and work closely with the IBIA to make sure sports betting stays exciting, speedy, and above all, fair.”
Khalid Ali, CEO of IBIA, said: “I am delighted to welcome Glitnor Group as IBIA’s latest member in Ontario. Glitnor and IBIA share a common goal to maintain the integrity of the sports betting marketplace and to protecting consumers and sports from match-fixing. Ensuring product integrity is paramount to our approach and we look forward to integrating Glitnor within our leading global sports betting integrity monitoring system.”
IBIA is a not-for-profit body that has no competing conflicts with the delivery of commercial services to other sectors and is run by operators for operators to protect regulated sports betting markets from match-fixing. IBIA’s global monitoring network is a highly effective anti-corruption tool, detecting and reporting suspicious activity in regulated betting markets.
Through the IBIA global monitoring network it is possible to track transactional activities linked to individual customer accounts. IBIA members have over $300bn per annum in betting turnover (handle), accounting for approximately 50% of the global commercial regulated land-based and online sports betting sector, and in excess of 50% for online alone.
IBIA recently released a report on the Availability of Sports Betting Products which highlighted Ontario as a leading regulated gambling jurisdiction, with an expected onshore channelisation for sports betting of 92% in 2024 forecast to rise to 97% in 2028. IBIA currently represents over 60% of the private sports betting operators licensed in the province. All online sports betting operators licensed in Ontario are required to be part of a betting integrity monitoring body.
IBIA’s 2023 annual integrity report detailed 184 alerts reported in the year, which represents a decrease of 101 (or 35%) on the revised 2022 figure of 285 alerts. IBIA alerts contributed to the investigations and subsequent successful sanctioning of 21 clubs, players and officials in 2023, an increase on the 15 sanctioned in 2022.
The post Glitnor Group expands IBIA’s betting integrity presence in Ontario appeared first on European Gaming Industry News.
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