PXP Financial Inc., the US subsidiary of PXP Financial Ltd (PC42 profile) a global acquiring and payment service, has announced its arrival in Canada. Ontario is PXP Financial‘s next key territory for sports betting since New Jersey became one of the first states to legalize sports betting and online wagering after a 2018 Supreme Court decision.
As the largest populated province in Canada, representing 40% of the population, it is the ideal base from which PXP Financial can help shape the future of online gaming in the country. PXP Financial is targeting sports betting and gaming entertainment companies with its gateway solution connecting all alternative payment and card solutions across multiple US states and Canada.
Kamran Hedjri, CEO at PXP Financial, says: “After our success launching across the USA, Canada seems like the next natural step for our continued growth. Sports betting in Canada is expected to increase by billions in the next five years, and our launch into Ontario is set to be the blueprint for a new online gaming framework, which will set the trend for overall gaming regulation in Canada.”
The announcement comes as the government of Ontario officially launched its new online gaming market, including online casinos and esports betting sites, on 4 April. iGaming Ontario (IGO), a subsidiary of the Alcohol and Gaming Commission of Ontario (AGCO), introduces new standards for gaming operators. Ontario is the first province in Canada to permit private companies to operate online gaming. The provinces of Alberta and Saskatchewan are also taking steps to open up the market to private sector businesses.