Online casino to fund journalism in Canada

This year Torstar Corp. starts to study gambling at online casinos to help fund his journalism . However, some question whether the newspapers they own can remain objective.

Canadian company invests in online casinos to fund journalism

Torstar Corp. owns several newspapers , including Toronto Star and Hamilton Spectators .

Since its founding in 1892 Toronto Star focused its efforts on promotion of progressive ideas including civil liberties, social justice issues and worker protection.

Torstar Corp's bet on the gambling industry

Nordstar is the company that owns Torstar Corp. Paul Rivett , the co-owner of Nordstar, said they are venturing into the world of online casino gambling to further this effort.

Doing this within Torstar will help support the growth and diffusion of quality community based journalism.

Paul Rivett

According to government data, Ontarians are estimated to spend about $500 million a year on online gambling , with much of that money going to gray market sites outside of Canada. rivette said it was to everyone's advantage that Torstar Corp. became a player in the gambling industry.

We want the new market to be well represented by a Canadian gaming brand from Ontario so that more of our players' money stays in our province.

PAUL RIVETT

Gaming revenue in Ontario

The gaming industry consultant said that it is not known how much revenue the online casino will generate. They are also not sure how big the Ontario market will be.

However, a Financial Post report suggests that online gambling legalization in Ontario will generate annual revenue of $547 million in five years .

Currently, only the Government of Ontario is licensed to conduct online gambling; however, at some point this year, the province should allow companies to participate.

Will newspapers remain objective?

Some wonder if they can newspapers owned by Torstar Corp. to uphold justice . One such critic is Tom Munch , member of the Richmond Hill City Council. In his opinion, the role of newspapers is to be impartial and unbiased in their coverage of events.

He doubts whether a newspaper like the Toronto Star will become financially dependent on outside businesses to keep itself going. He also wonders how those same newspapers would report on another company if they ventured into the online gambling industry.

I think it's fair to say that if the casino had been in the communities, say, six months ago, many local newspapers owned by Torstar would have written a troubled local story.

Tom Munch

What to expect from this acquisition

Torstar's move to online casino gambling has raised questions, but the company is confident it's the right move. They simply cannot ignore the potential profit the market can bring. . However, it remains to be seen at this point if the Ontario government will open the door for other companies to open real money online casinos.

The message "Internet casinos will fund journalism in Canada" first appeared in US online casinos.

Source: onlineunitedstatescasinos.com