Now that Canada has made a wise choice to allow betting on the outcome of sporting events, Ontario wants to make sure that it will go into effect. According to a provincial government press release, the province is setting up an online sports gambling division to "host and manage" iGaming offers. If all goes to plan and the world doesn't have to deal with another health disaster, the first bets can be placed at the end of the year.
IGaming Ontario debuts
iGaming Ontario will help manage Ontario's sports gambling efforts by operating as a subsidiary of the Ontario Alcohol and Gaming Commission (AGCO)). It was developed to extend the province's work to create an accountable gaming department that offers consumers a greater choice of products while providing a "safe and regulated framework". The existing Ontario Lottery and Gaming Corporation (OLG) already offers several iGaming options and will continue to operate in the province.
The new iGaming Ontario was first planned last year when it looked like Canada was starting to consider approving one-off sports betting. However, it was never designed to replace AGCO, which AGCO will continue as Ontario's gaming regulator and will oversee the business, operators and suppliers. . According to Attorney General Doug Downey, "We are determined to work with the industry, responsible gaming advocates and regulatory partners to ensure Ontario is a global leader in building a safe online gaming environment that meets consumer expectations."
Ontario sees enormous profit potential from expanded gaming
The implementation of one-dimensional sports events betting is logical given the fact that betting on the outcome of games is still one of the most popular options. Canadian criminal law made it impossible to offer them, and finally lawmakers did something limited. As a result, Ontario is more than pleased to be able to expand its legal gaming market and recoup the money that is currently going to the black market and offshore players. This could not have come at a better time as the province, like other jurisdictions, are starting to emerge from COVID- problems that have plagued the world for more than a year.
According to some studies, as much as $ 833 million (over CAD 1 billion) a year in Ontario is spent on online gambling portals. However, about 70% of this ends up through unregulated or gray sites. That's a significant amount Ontario can count on now, and Provincial Finance Minister Peter Bethlenfalvy assures: "The new legal iGaming market in Ontario will create new opportunities for Ontario businesses and a better and safer gaming experience for gamers." He adds: "The new legal market would also generate income for the provinces to invest in supporting jobs and businesses, supporting people and their families, and improving and strengthening key public services for the world after COVID."