However, launching an online casino is a plan that very few publishers have ever gambled on up to now. Publishers from all over the world are always looking for new methods to fund their expensive journalism, as advertising revenues fall and the outlook for print newspapers is negative. Torstar started publishing newspapers in 1892. It has more than 70 regional and community newspapers. For a long time, Torstar owned Harlequin, the romance novel publisher it sold in 2014 for $455 million. The foray into gambling has taken many in the industry off guard and has prompted both laughter and criticism; however, Torstar has a track record of utilizing lucrative industries to finance its journalism. A law passed by a popular vote in 1976 grants Atlantic City a monopoly on casino gambling in New Jersey.
With its new app, the company announced that it hopes to capture a share of the C$500 million (US$395) that Ontario residents spend on online gambling each year. It is an industry widely predicted to grow in the coming years as new players receive permission from Ontario to operate online. On Monday, Canada’s largest newspaper publisher announced it would launch an online gaming platform in a move that demonstrates the level to that companies is willing to test the boundaries to stay afloat in the ongoing decline in the industry. NordStar’s most daring move to date is Monday’s announcement. While the new owners have tried different sources of revenue for their company, including launching a courier service, Torstar has been an Ontario-based media firm and a trusted brand for over 128 years. It will be a distinctive and responsible gambling brand that creates jobs, provides growth to the Ontario economy, and generates tax revenue to fund important programs in the state,” Torstar executive Corey Goodman declared in an announcement.
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