How a fledgling online casino used Canadian dollars to reduce friction and enter Ontario in 2024
MaplePlay (pseudonym) launched in late 2023 as a small online casino targeting Canadian players. Initial traction looked promising - a few thousand signups in the first quarter - but cash flow and player experience flagged quickly. Many Canadians were used to same-day funding through local payment rails and Interac e-transfer. MaplePlay offered USD by default, routed through international processors. That produced slow charge clearances, visible currency conversion costs, and annoyed players who saw balances and payouts fluctuate.
At the same time Ontario moved to a regulated framework with AGCO enforcement and a wave of new licensed operators launching in 2024. Competing sites like LeoVegas had established local trust and provided CAD options. MaplePlay’s leadership decided to solve two linked problems: speed up deposits and withdrawals for Canadian customers, and secure AGCO compliance to operate legally in Ontario. The solution combined operational change - accepting Canadian dollars - with regulatory alignment and a tech stack redesign.
The payment friction problem: why accepting USD was costing players and revenue
MaplePlay’s losses were not just theoretical. Data showed three immediate issues tied to their USD-first approach:
- Deposit latency. Bank transfers and card settlements took 24-72 hours for Canadian users due to cross-border processing and intermediary banks. Perceived value loss. Players saw currency conversion fees and volatile exchange rates, which reduced average deposit sizes by 15% compared with local competitors. Regulatory friction. Operating without AGCO licensing in Ontario capped their addressable market and exposed them to enforcement risk as the province rolled out stricter oversight in 2024.
Quantitatively, MaplePlay’s numbers looked like this before changes: average deposit time 36 hours, average deposit CAD-equivalent $62, daily active users (DAU) 4,500, conversion rate from registration to first deposit 18%, and churn in the first 30 days at 26%.
Choosing CAD, AGCO compliance, and a local payments stack: a compliance-first monetization plan
The leadership opted for a pragmatic, compliance-first approach. Key elements were:
- Accept CAD natively to remove FX conversion delays for Canadian customers. Apply for AGCO registration and partner with an Ontario-licensed operator to accelerate the licensing timeline. Rebuild the payments integration to support local rails: Interac e-transfer, domestic card acquiring with CAD settlement, and local e-wallets. Upgrade AML/KYC workflows to AGCO standards and integrate recordkeeping and reporting features required by the regulator.
This was not a superficial change. Accepting CAD required adjustments across treasury, accounting, player wallets, and fraud controls. The team framed the effort as product, legal, and engineering working in lockstep with measurable KPIs tied to deposit times, conversion, and retention.
Rolling out CAD payments and AGCO licensing: a 90-day operational timeline
The team used a 90-day sprint model with weekly milestones. The timeline below describes the main steps and responsibilities.
Days 1-14 - Discovery and vendor selectionTasks: map existing flows, estimate FX and settlement costs, select a Canadian acquirer with CAD settlement and Interac support, choose a compliance partner for AGCO filings. Outputs: cost model, vendor contracts, high-level integration plan.
Days 15-30 - Legal and compliance preparationTasks: prepare AGCO documentation, implement KYC schema aligned to AGCO thresholds, update terms and policy templates. Outputs: application package, KYC ruleset, player-facing policy pages.
Tasks: implement CAD wallet support, integrate acquirer APIs, configure Interac e-transfer flows, deploy PCI-DSS compliant payment servers. Outputs: sandbox-tested deposit and withdrawal flows, reconciliation mechanics, automated payout scheduler.
Days 61-75 - Testing and soft launchTasks: run a closed beta with 1,000 verified players, simulate high-concurrency deposit spikes, test chargebacks and settlement reconciliation. Outputs: performance benchmarks, bug fixes, compliance audit trail logs.
Days 76-90 - AGCO submission and public roll-outTasks: submit AGCO application, launch CAD payments to all users in Ontario, open a local support channel, begin reporting cadence to regulator. Outputs: live CAD flows, AGCO application receipt, first compliance reports prepared.
Technical stack highlights
- Payment gateway layer: API-first acquirer supporting CAD settlements and Interac. Wallet service: per-player balances stored in CAD with audit logs and immutable transaction ledger. AML/KYC engine: document verification, sanction screening, and risk scoring; automated escalation workflows to compliance officers. Reconciliation and treasury: micro-batching settlements daily, FX management for any USD exposure, accounting entries auto-generated to the general ledger. Security and compliance: PCI-DSS environment for card data, encrypted backups, role-based access controls, and data retention aligned to AGCO rules.
From 36 hours to near-instant: measurable results after 6 months
Six months after the rollout, MaplePlay published internal metrics showing clear movement across their KPIs. Key before-and-after numbers:
Metric Before (USD-first) After (CAD + AGCO) Average deposit time 36 hours 10 minutes (Interac/e-wallet) - 6 hours (card with CAD settlement) Conversion rate (register to deposit) 18% 26% Average deposit (CAD) $62 $73 30-day churn 26% 19% Monthly net gaming revenue (MGY) $420,000 $520,000 Operational cost change (payments) FX + intermediary fees ~2.6% per transaction Local acquirer + Interac ~1.2% per transactionThe company saw a 24% uplift in monthly net gaming revenue and a 44% reduction in average payment-related fees. Faster deposits reduced friction in the onboarding funnel, directly improving conversion. AGCO licensing removed the regulatory uncertainty that limited marketing partnerships and payment routing options.
Why accepting CAD is not always the right move - a contrarian look
Accepting CAD improved MaplePlay’s metrics, but this approach has trade-offs operators must consider.
- Fixed costs rise. Maintaining domestic settlement accounts and local acquirer relationships increases treasury workload and banking fees outside direct transaction rates. Regulatory obligations tighten. AGCO licensing requires stricter reporting, higher capital requirements for some operators, and audits that absorb compliance bandwidth. FX advantages can vary. If the operator’s ledger and liabilities are primarily in USD, frequent CAD settlement may create FX exposure and hedging costs that offset savings from local processing. Not all player segments need CAD. High-value international players often prefer multi-currency options and may accept slower USD rails for lower fees elsewhere.
For small operators without volume, the added complexity might not justify the benefits. The decision should hinge on customer geography, volume forecast, and the team’s capability to handle regulatory obligations.
3 critical operational lessons from MaplePlay’s Ontario expansion
These are the concise, actionable lessons that other operators can apply immediately.
Start with player expectations, not accounting rulesIf your target audience expects same-day or instant deposits, prioritize payment rails that deliver that experience. Player behavior shifts faster than accounting models.
Pair product changes with compliance measuresAccepting a new currency touches legal, treasury, and product. Build the AGCO or local regulator checklist into the product roadmap so one team’s speed doesn’t create legal risk.
Measure settlement latency and reconciliation cost separatelyLatency drives conversion. Reconciliation and FX drive margins. Track both to determine whether a local settlement currency will improve lifetime value.
How your casino can replicate the CAD and AGCO approach - a practical checklist
Below is a hands-on checklist to evaluate and execute a similar move. businesscloud.co.uk Use this as a minimum viable project plan.
- Market fit: confirm >50% of your target players are Canada-based or expect CAD options. Vendor selection: shortlist 2-3 Canadian acquirers with Interac support and CAD settlement terms. Cost modeling: calculate per-transaction fee, FX exposure, daily settlement cadence, and projected impact on margin. Compliance alignment: map AGCO or provincial regulations - KYC thresholds, reporting cadence, and recordkeeping requirements. Technical changes: implement CAD wallets, support multiple settlement methods, and add reconciliation automation. Security and controls: validate PCI-DSS, document retention, and role-based access for compliance staff. Soft launch: conduct a 2-week beta with 1,000 verified users, measure deposit latency, chargebacks, and user sentiment. Scale and iterate: monitor KPIs daily for first 90 days and plan hedging if CAD exposure grows.
Operational shortcuts and safer alternatives
If full AGCO licensing and CAD settlement feel too heavy, these middle-ground options exist:
- Partner with an AGCO-licensed white-label operator that handles licensing and compliance while you focus on product and marketing. Offer local e-wallets that accept CAD and settle to your USD accounts after a conversion window to reduce daily FX volatility. Use open banking or Interac APIs through a third-party aggregator to provide near-instant deposits without fully restructuring treasury.
Final takeaways - practical priorities for 2024 Ontario entrants
Ontario’s regulated market in 2024 rewards operators that match local payment expectations and meet compliance obligations. MaplePlay’s case shows that accepting CAD and securing AGCO alignment can materially improve conversion, reduce churn, and increase revenue. This is not a silver bullet. The economics depend on volume, your existing currency liabilities, and your willingness to maintain stricter compliance.
If you run or advise an online casino aiming at Ontario:
- Prioritize player experience metrics around deposit latency and clarity of funds. Model net margin impact, not just headline fee reductions. Plan for compliance costs and operational controls from day one.
Operators that balance customer expectations with sound treasury and compliance practices will outcompete those who focus only on acquisition. MaplePlay’s pragmatic shift to CAD and AGCO integration is a clear example: coordinated changes across payments, product, and legal turned a payments pain point into a competitive advantage.