Reinhart named interim AGCO chair as Aggarwal steps down
Aggarwal became chair in June 2019 but is leaving to focus on business affairs and spend more time with his family.
During his tenure he guided the regulator through the pandemic and established enhanced governance structures for alcohol, gaming and cannabis sectors. This included iGaming Ontario, a subsidiary established in 2021 to oversee the Canadian province’s online market.
Aggarwal also oversaw the regulatory framework for Ontario’s retail cannabis market and worked to modernise its charitable gaming sector.
Overseeing Ontario’s igaming launch
Ontario’s online market opened on 4 April last year. In doing so, it became the first province to establish a competitive market for online betting and gaming.
In total 44 operators, running 75 sites, are active in the market, with AGCO claiming channelisation to legal offerings hit 85.3% in the first year.
For its 2022-23 financial year, ended 31 March 2023, Ontario reported total stakes of CA$35.5bn, generating revenue of CA$1.4bn. In Q4 alone revenue reached CA$526m, with 1.01 million active player accounts spending CA$174 on average per month.
Reinhart takes temporary charge
Heidi Reinhart, who steps in as Aggarwal’s interim replacement, has served as vice-chair of AGCO since September 2021.
A lawyer by trade, Reinhart is a partner at the firm Norton Rose Fulbright Canada, practising in securities and corporate law.