STX Expands Sports Betting Offerings in Ontario
STX, Ontario's pioneering sports betting exchange, is broadening its range of wagering options for local enthusiasts. The platform has recently introduced NCAA and NFL football contracts, complete with moneylines, spreads, and totals. In addition to these offerings, the company has outlined its ambitious plans for the future, with the aim of positioning the province as a global sports betting hub.
STX stands apart from traditional sports betting operators as it operates as an exchange, allowing players to establish the odds for a given betting market and place wagers against each other, rather than relying on a conventional sportsbook. One of its key advantages is its comparatively lower fees compared to those associated with traditional sports betting platforms. Ontarians can now access the platform online within the province.
In a recent interview, Justin Deutsch, the founder of STX, stated that the platform, which made its debut in Ontario in July 2023, will gradually introduce more sports betting markets in the future, including prop bets and futures. He emphasized that their primary focus is to prioritize liquidity, and as demand grows for new markets, they can swiftly incorporate them. Projections indicate that these additions may materialize in early 2024.
Mr. Deutsch also revealed that the company is in the process of introducing political betting, which should be available within a month. He stressed that the company identifies itself as a technology company rather than a conventional bookmaker, and they believe they can apply their exchange model to a wide range of other products. However, they have started with sports betting due to its current demand and room for innovation.
As an exchange, the platform permits users to purchase and sell contracts related to sports outcomes, with prices fluctuating between CA$0 and CA$100 until the conclusion of the game. Consequently, contract holders either receive the full CA$100 or nothing at all. The non-traditional sportsbook generates revenue by taking a portion of the winning bets, but it also explores alternative revenue streams.
The platform is particularly appealing to bettors seeking the most favorable odds, and it boasts an average bet size of around CA$1,000, a significant figure compared to what traditional retail sportsbooks typically handle. Mr. Deutsch noted that the exchange's model results in some of its markets offering the best available prices for a game, either on one side or the other.
Fantasy Sports Considerations
However, STX's expansion plans are contingent on Ontario's regulatory framework, which mandates that all players be physically present in the province when engaging in online gaming. This restriction has limited the availability of fantasy sports contests in the province. Unfortunately, for daily fantasy sports (DFS) enthusiasts, both DraftKings and FanDuel suspended their DFS services in the jurisdiction due to the smaller player pools.
Mr. Deutsch emphasized that their focus is on a long-term strategy that upholds free-market principles within a regulated environment. This approach would enable the province to access global liquidity and establish itself as a hub for the industry, offering a transformative shift rather than merely competing with the existing 52 sportsbooks for a share of the same market.
Please note that we do not recommend playing slots in Ontario jurisdiction because of the adjustable RTP. You can however place the sports bets with no issues.
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