A study completed by Abacus Data in 2020 proved that Canadians are eager to take part in the exciting iGaming industry. Today, Canadians can also bet on their favourite sports teams. We’ve already seen some pioneering casinos offer players free spins no deposit bonuses in Canada.
This comes after the liberal government legalized sports betting in Canada. Yet, we have to ask, how well is the Canadian iGaming industry regulated? We did some investigation, and the results were quite surprising.
Canada’s Gray Gambling Market
Canada legalized gambling way back in the 1960s. Despite this, the Canadian government had little to no legislation to address online gambling and sports betting.
Compared to other iGaming leaders in Europe, such as Sweden, Spain, and Italy, Canada lacked a regulated industry. This lack of a regulated sector meant Canada had one of the biggest grey markets around.
A grey market, such as Canada’s iGaming market, is a jurisdiction in which the industry is not regulated, but it is also not illegal. All of this changed in July 2021 as the government moved to embrace the popular iGaming industry.
The Impact of New Regulations on Canada’s Online Gambling Market
In July 2021, the province of Ontario founded iGaming Ontario. The local government tasked this new body with regulating iGaming activity within the province. It is a subsidiary of the Alcohol and Gaming Commission of Ontario (otherwise known as AGCO).
iGaming Ontario aims to enter into commercial partnerships with existing, reputable establishments. These partnerships will help create a safe gaming industry. An industry that protects players promotes fairness and social responsibility.
The government is opening up Canada to a well-regulated iGaming market, as seen in the UK. Canadians can expect to see some significant changes in the whole industry, with Ontario leading the charge.
An Industry Based on European Experience
The Ontario iGaming industry will adopt a European approach to regulating iGaming. This model boasts fewer gambling advertisements and tighter operator restrictions—a significant change from what we find in the US market. The gambling industry will surpass the growth predicted a couple of years ago, despite the tighter regulations.
Growth in the Gambling Market
Players can expect to see significant growth in the gambling industry, especially as the local government embraces a well-regulated sector.
Development in mobile gaming technology and the introduction of new casinos will drive this growth. Players won’t be the only ones benefiting, as the local government will also gain access to an additional source of tax revenue.
More Options Mean Better Offers
With ever-more casinos opening their virtual doors in Canada, players can expect to see a doubling in marketing efforts.
Operators will push their marketing harder than ever before to reward and attract players to their establishments.
Conclusion: a Well-Regulated Industry
The new liberal government is working hard to regulate the online gaming market. Players who want to play online casino games can legally do so on any website. The only rule is that the gambling establishment is licensed, as per the provincial laws in that region. Canadians can still access and play in offshore casinos, as this is also legal in most provinces.
With ever-more legislation being pushed to create an industry where players are respected and looked after, we are confident that the industry can only grow and improve.