Ontario’s iGaming market is unlike any other that exists in Canada. In fact, it resembles a European market more closely than it does in comparison to the one that is currently adopted by the Great White North.
Canada is known for being similar to the US in terms of regulations. Each province can decide what laws they have and the number of operators that can offer betting and iGaming services within the region.
However, Ontario differs following the introduction and passing of the C-218 bill in 2021. It allowed bettors to be able to place single bets instead of only being limited to multi-parlay wagers. At the same time, it also allowed individuals to be able to play their favourite slots and table games. As a result, they now have access to a plethora of choice and can use an Ontario online casino that offers them attractive bonuses whenever they want.
It was a move that has been welcomed by the province’s gamblers. According to findings in March 2023, over 85% of those that answered the survey had revealed that they had started to use regulated sites following the decision to implement them. It is a huge change to have been experienced in a short period of time, as around 70% of all gambling activities in Ontario prior to the introduction of the bill were conducted on unregulated casino sites.
Ontario’s Regulations Also Favourable to Operators
While it is clear that players are able to enjoy numerous benefits in Ontario when participating in their favourite iGaming and sports betting activities, operators are also enjoying favourable conditions.
Companies have been able to enjoy plenty of different advantages with a regulated market. This has made it more like a European market, thus allowing them to be able to capitalize on new opportunities that have been presented to them. This includes:
- Unrestricted marketing opportunities as they can create campaigns legally
- They have access to a new untapped market that has plenty of potential - it has been forecasted that the market will be worth $1.5 billion by 2026, thus making it one of the biggest in North America
- It gives operators greater access to the rest of Canada as they would have one foot in the country
- Ontario is one of only a few locations in North America that has legalized both sports betting and iGaming
- There is no cap on the number of licences that can be obtained. As of 2023, 45 operators are regulated in the province, thus creating healthy competition for the industry
- iGaming sites are not combined with traditional brick-and-mortar casinos like they are in other provinces
- The tax rate of 20% is one of the lowest in the world, thus making it favourable for companies to enter and operate
- Operators can operate from offshore locations and those that are established, including the UK and Malta.
Ontario is Setting the Standard for Canada
With a European-like approach to iGaming regulations, it could be argued that Ontario is setting the bar for Canada. With other provinces yet to have truly embraced the activity, there is every chance that they could adopt a similar model should they decide to permit online wagering in the same way.
The country’s most populous province has made sure its players are protected by introducing measures found across Europe. These include the standard Know Your Customer (KYC) and Anti-Money Laundering (AML), but have made sure to go above and beyond with them, as all operators have to adhere to the Proceeds of Crime and Terrorist Financing Act (PCMLTFA) as per the guidelines that need to be followed.