Published by Leonardo Calcagno
Online betting in Canada is a multi-billion dollar industry with citizens enjoying a selection of betting markets including sports betting, online casinos, and racing. Some provinces, such as Ontario, have embraced iGaming and their success is set to shape the future of Canada’s online betting industry.
Casino and poker expert Daniel Smyth suggests the top online casinos in Ontario offer their customers a wide selection of games, a secure gaming experience, and a variety of payment methods in CAD. But what’s going on in the rest of the country?
Ontario’s iGaming Industry
Ontario’s decision to license online casinos, poker sites, and sportsbooks in 2022 meant that they could introduce a licensing system. This means that operators provide a targeted service for Ontarians.
This decision to welcome the industry has resulted in significant economic benefits with increased employment and tax revenues helping the province.
2023’s fourth quarter saw record performances for the industry, with $658 million generated in revenue from $17.2 billion in bets.
The biggest earner in Ontario’s online betting industry has been casino markets which account for almost 80% of the revenue generated in the province. The sports betting market is also experiencing rapid growth.
How Ontario’s Success Could Influence Other Provinces
Ontario’s success is being used by campaigners in other provinces as a benchmark and proves how creating a regulatory framework for the online gaming industry can result in a lucrative and secure environment for businesses and players.
The foundation set by Ontario’s iGaming regulations and its continued growth is likely to see other provinces follow in its footsteps. Despite concerns from some quarters, Ontario’s stance on player protection helps to provide a fair gaming environment for all involved.
By setting strict regulatory standards, Ontario’s gaming industry is able to offer players more protection than provinces where players rely on offshore gaming options. While these operators may be licensed elsewhere, the lack of responsible gaming implementations from local authorities can be detrimental to the industry.
Ontario’s flexible approach to governing the iGaming industry has allowed growth as the latest mobile and technological advances continue to develop. A collaborative approach to the industry has also allowed clear and open communication between regulators and operators, resulting in an environment that is conducive to growth and improvement.
Conclusion
Ontario’s existing iGaming market is in a great place and looks set to continue to grow. The success of the industry provides other jurisdictions with the evidence and framework needed to launch their own industries.
Photo by Brett Jordan on Unsplash