The company's co-owner Paul Rivett said on Monday the move would help support the growth and expansion of quality community-based journalism.
Torstar began publishing newspapers in 1892 and is the publisher of the Toronto Star, Canada's largest daily newspaper.
It also owns publications like the Hamilton Spectator and Niagra Falls Review, as well as more than 70 regional and community newspapers.
The company said the launch is pending approval from the Alcohol and Gaming Commission of Ontario.
Torstar was bought by investment firm NordStar Capital LP in August.
(This story corrects headline to remove reference to sports betting)
(Reporting by Eva Mathews in Bengaluru; Editing by Amy Caren Daniel)
