Key Dates
British online casino and sportsbook operator Fitzdares has announced its decision to exit the Ontario market, citing rising operational costs and the resignation of CEO William Woodhams as key factors behind the departure.
Fitzdares, which provides “premium” sports betting and iGaming services, emailed customers on Monday to notify them that it would cease operations in Ontario. The company has operated in Ontario for two years, but its online casino operator license with the Alcohol and Gaming Commission of Ontario (AGCO) is set to expire next month.
They announced a series of key dates around the exit, starting with Tuesday, March 11, when their online casino services will no longer accept deposits. The casino operators will stop taking new sports bets and allowing wagers on casino games by Tuesday, March 25. Then, customers will have until Monday, March 31, to withdraw any funds remaining in their Fitzdares casino accounts.
A Challenging Market
The Fitzdares Country Manager for Canada, Clive Harris, expressed appreciation for its time in Ontario while also pointing to several challenges of doing business in the province. He said that they loved working in the Loyalist Province but described the cost of doing business as prohibitive. He finished on a hopeful note by saying that Fitzdares will monitor regulations and the competitive environment as they prepare for exciting opportunities in the future.
The recent resignation of CEO William Woodhams must not be discounted as a contributing factor to the decision to withdraw from the Ontario gambling market. After seven years at the helm, Mr Woodhams left his position on January 31. Woodhams, who has also worked in leadership roles at fashion brand French Connection and luxury goods company LVMH, was instrumental when Fitzdares chose to expand into the Ontario gambling market.
A Different Approach
Woodhams has previously stated he believed Canadian customers would appreciate the high-end product Fitzadres offered. He also played a crucial role in developing the company's first mobile app and establishing new retail gambling outlets. Despite these innovative efforts, the company has had to exit Ontario due to operational hurdles.
Ontario has been open for business since April 2022, and in the three years since it launched, it has established itself as one of the most in-demand markets worldwide. Despite this, there are regular debates and discussions about how the market operates and how restrictive it can be.
Following their departure from Ontario, Fitzdares will no doubt return to the drawing board to reassess its approach to expanding into new markets.
