Canadian media group opens internet casino to fund itself

Torstar, one of Canada’s leading media groups, whose main title is the “Toronto Star”, the most widely circulated in the country, announced this Monday that it will launch an internet casino to finance its journalistic activities.

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The plan must be approved by the Ontario provincial authorities, where the company is based and must operate the online casino.

Torstar’s director of corporate development, Corey Goodman, said in a statement that “as an Ontario-based communications company and a trusted brand for over 128 years, we believe that Torstar will provide a unique and responsible betting brand, which will create jobs, provide growth for Ontario’s economy and generate tax revenue to help support important programs in our province “.

In addition to the “Toronto Star”, the Torstar group has several local newspapers in Ontario, as well as 70 community weeklies.

Torstar’s decision, whose origins date back to the periodical “The Star”, created in 1892, to finance its operations with an internet casino comes seven months after the company was acquired by a private investment company, NordStar Capital, owned by businessmen Jordan Bitove and Paul Rivett.

The sale of Torstar to NordStar Capital was controversial for the price of the transaction (60 million Canadian dollars; 39 million euros) and the fear of new owners to change the progressive editorial line of “Toronto Star”.

In announcing the purchase of Torstar, Bitove assured that “as the news business changes, the founding principles of” Toronto Star “will not change,” said Bitove.

Torstar’s entry into the world of internet gambling comes thanks to the recent decision by the Ontario government to cede its monopoly on internet gambling to make room for private initiative.

Source: SÁBADO by

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