HomeWorld NewsCanada newsOnline gambling and sports betting legalized in Ontario

Online gambling and sports betting legalized in Ontario

The gambling industry is about to enjoy a huge change within Canada, with legal single-sports betting and online gambling activities set to be brought into the Ontario market.

Although single-sports betting has been possible to enjoy since last year, there have been a number of restrictions in place in the country’s most populous province, with it estimated that 38.3 percent of the country’s population currently lives within the region.

However, as of April 4, 2022, this will change as Ontario has decided to launch their iGaming market, which will now allow players to be able to enjoy a number of different betting options including slots and classic casino games.

Other alternatives had previously been available

Indeed, there will have been many that will have already been enjoying many of these types of games, as they will have been playing at offshore casinos, as well as using crypto casinos. Canada has been incredibly friendly to virtual currency, which has allowed individuals to embrace the digital asset and do as they please with it.

Many may have already visited https://winz.io/ for their crypto gambling passions, as they will have been able to use their preferred choice of crypto to play a range of the best casino games available to them. With no cross-border restrictions and anonymity being provided, punters have already been able to enjoy the best experiences possible, especially as they were previously unable to when using traditional fiat currency.

This is because legal gambling was restricted to parlay sports bets, although this was changed last summer when they passed a bill that legalized single-game betting.

Operators have had to secure registration with the AGCO

As mentioned earlier, players were previously allowed to access offshore platforms that allow them to participate in single-game betting opportunities, although those operators also had to ensure that they were regulated by the government.

Due to these reasons, many have decided to look to remove any gray areas that surround the industry, with many having already been approved to go live on April 4, 2022.

To have been able to be approved to operate legally within Ontario, organizations needed to secure registration with the Alcohol and Gaming Commission of Ontario (AGCO) and obtain an operating agreement with iGaming Ontario, a subsidiary of the AGCO. Once they do this, they would then enter revenue-sharing agreements with the Canadian province.

“The AGCO continues to work with and help prepare operators and gaming-related suppliers for the launch of Ontario’s new iGaming market on April 4, 2022,” the AGCO’s website says.

“Not every operator will be ready to launch their services on day one. Some are more ready than others. This means Ontario’s new gambling market will steadily expand in the weeks and months following the market’s launch.”

Single-sports betting could be worth $28 billion

According to a report created by Deloitte Canada, it has been estimated that the legalization of single-event sports betting in Canada could be worth close to $28 billion within the next five years.

“Today, most internet gaming by Ontarians takes place on websites not conducted and managed by the province,” iGaming executive director Martha Otton said in a statement earlier this year.

“Our new internet gaming market will give consumers enhanced entertainment choice, support the growth of a new, legal market and generate revenue that can help fund programs and services that benefit all of us.”

Of course, it is not just sports betting that will be legalized, as punters will also have the opportunity to select from a host of different gaming options.

“Where the Ontario Lottery and Gaming Corporation (OLG) casino, poker and sports betting offering were once the only option, players in Ontario will now be able to select from different gaming options with even more variety,” the iGaming website has revealed.

The newly regulated market will ensure that operators “have met rigorous standards of game integrity, fairness, player protections and social responsibility,” iGaming says.




More Related Articles

Sign up to receive awesome contents in your inbox, everyday in the morning.

We don’t spam! Read our privacy policy for more info.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

We use cookies to ensure that we give you the best experience on our website.