Torstar, the parent company of the Toronto Star newspaper in Canada, recently reported that it is planning to launch a “online gaming app” for its website visitors. It is claimed to be Canada’s biggest newspaper publishing company. Given that most advertisement revenues in newspapers around the world have been affected by the pandemic, Torstar’s new owner, NordStar Capital LP, hopes to raise C$500 million ($395) in revenue.
Since its launch in 1995 with InterCasino — a virtual platform that is still popular among Canadian gamblers — the online gaming space through virtual casinos has only evolved. Over the last two decades, the continent has seen an increase in companies teaming with online gamers to provide the former with tools that allow website visitors to have a real gambling experience.
Torstar has also moved into this platform to support and fund its journalism that the news company is known for globally.
It began as a full-fledged news company in 1892 and owns more than 70 regional and community newspapers. Torstar’s executive Corey Goodman described the paper’s arrival as “A way to help support important programmes in our province while promoting a unique and responsible gaming brand that will generate revenue, jobs and will boost the Ontario economy,” according to a statement.
The online casino sector promotes games that players enjoy, which is why such platforms are allowed to operate in many parts of Canada. Any province in Canada that allows online casinos has its own set of rules. Ontario, British Columbia, Quebec, and Manitoba are among the four Canadian provinces that have allowed gambling on their territories. Authorities in these provinces systematically legalize online casinos after issuing the required norms, which the companies must obey.
There are also popular payment methods with a web portal for companies to understand about the concept of online casino/gaming or gambling. Although gamblers and gamers have inclined to the webspace in order to avoid going to physical casinos, such payment gateways provide a secure electronic wallet system that encashes winnings amount to a user’s account.
Torstar’s entry into this space is part of its experimental strategy to generate enough revenue for the sustainability of its journalism.
According to a report in the American media, Torstar’s chair and co-owner Paul Rivet said that “This step by Torstar will serve to be an aid for the growth and development of quality community-based journalism.” After acquiring Torstar for C$60 million in August 2020, NordStar Capital LP has been trying out ways that will help the newspaper thrive in a consistent manner. As responsible gambling is responsible in many parts of Canada, online casinos can be one of the best choices.
