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Ontario officially launched its internet gaming framework in April 2022. The province witnessed its first official online wager 50 seconds after it went live. Subsequently, other sports bets began trooping in. Gamblers have up to 16 licensed operators providing iGaming content to cater to their gaming needs. Soon, it is expected that more operators will obtain the required agreement to operate in the province.
Before the launch, there have been almost three years of real work regarding the online gambling regulation. The work began when the provincial government decided to end the lottery’s online gambling monopoly. This was in 2019. In 2020, the province decided it would allow a licensing regime, and in 2021, all standards or regulations for online gaming and betting were finalized.
The Ontario gambling market is new and open to customers. iGaming Ontario has the responsibility of regulating the market to keep it safe, honest and trustworthy in the public eyes. IGaming Ontario is under the Alcohol and Gaming Commission of Ontario (AGCO) and is also charged with issuing licenses to suppliers and operators in the province.
What does it mean for Ontario punters?
The actual change in the province is the introduction of iGaming products, which was preceded by the provincial gambling regulation. Punters in the province can now wager on sporting events, casino games, and more gambling activities. Before this time, punters had always patronized retail casinos alongside offshore gambling operators. There was no concrete regulation of online gambling in the province.
Currently, internet gaming is regulated and can be offered to punters in the best entertaining way. Legal top-rated operators having a partnership with top-tier software developers are responsible for the gaming content in the province. These operators are safe, secure, and reliable and are ready to accept punters. Essentially, this growth would lead to more punters signing up. Thereby increasing the total number of gamblers in the province. In addition, gamblers would be able to choose their preferred operator from the long list of legal operators.
Consequently, the new regulation would close down some local operations. Operators who are unable to meet the requirement would go out of business. Introducing iGaming products means players can have access via websites or mobile apps. Punters do not have to visit the brick and mortar establishment. As a result, the membership of most local establishments would decline and may lead to the business going extinct effortlessly.
Online gambling operators are open 24/7. Gamblers can access these gaming platforms at their convenience. This is something punters would enjoy and local operators cannot offer, resulting in a huge customer base loss for the brick and mortar. .
How big is the online gambling market in Ontario?
The Ontario gambling market is a large market that generates massive revenue. For example, it is estimated that Ontario has a population of 15 million and would generate a yearly profit of $800 million from sports betting, casino games like Mega Moolah, etc.
Considering the yearly revenue, the provincial government made a smart move to set the regulatory framework. Losing such revenue to offshore operators yearly would not be fair to their economy. So now, local authorities can provide their residents with a licensed, safe, secure platform to enjoy gambling while generating revenue via taxation.
Conclusion
Ontario‘s change in online gambling is appropriate and timely. However, the huge online gambling market should not be left to offshore operators. They would make money off residents and not remit any revenue back to the provincial government. Therefore, it is important that the province set regulations to help generate revenue while offering punters a safe, reliable, and secure gambling framework.
