Online gambling and sports betting are often debated topics and governments have to go above and beyond to accommodate the demand for this hobby. This is because regulating the activity can be difficult especially if it’s happening on the world wide web.
Recently, Ontario announced they will establish a new subsidiary of the Alcohol and Gaming Commission called iGaming Ontario. This is a step in the right direction, given how Canada only recently lifted the ban on a single match or single-event betting.
So, let’s discuss how these new decisions will influence the market and speculate what the future holds for Canadian sports bettors.
The Importance of Single-Event Betting
Up until recently the only bets available to the Canadians were so-called parlay bets. These were run by the government and nobody was particularly happy about it.
Those who had the ability to find different operators online and bet on single events did so, simply because those options give players way more odds management. Luckily this changed with Bill C-218, as it introduced single-match wagers to the Canadian market.
This meant that illegal sportsbooks that were in the gray market basically lost their purpose. Given how the majority of them will likely back off, the market becomes a lot easier to regulate since players will flock to legitimate operators.
This is also great for the players as they don’t have to worry if the operator will pull a fast one on them and refuse to pay. Regulated operators are obliged to keep enough funds in order to compensate all the winners.
Ontario Is Not the First to Make These Moves
When Bill C-218 was passed other areas also acted quickly, so, in addition to Ontario, British Columbia also made plans to accommodate single-event bets. That being said, Ontario is already creating a new regulatory body which is why it is ahead of other regions.
Furthermore, this means that private sportsbook operators will likely go to Ontario which will lead to the creation of a market or betting industry analogous to the U.K and the U.S. It’s important to note that this is true only for sports betting, as online gambling parlors or casinos still have a different status.
What Does This Mean for Online Casinos
The law did not change anything when it comes to online casinos. Meaning, it’s still illegal to have an online gambling parlor in Canada. Of course, this does not mean that online gambling itself is illegal, as you are still allowed to play on sites that are licensed in other countries and that offer their services in Canada.
So, anyone can still sign up for a $1 deposit casino for new player, if they wish to enjoy casino games. Moreover, some of those casinos might offer sports betting options, and it’s still okay to place bets there.
Canadian players hope that one day that available deals on other platforms will come over to Canada and that they can play on a gambling platform regulated by their government.
Sports Betting Future
Although Ontario and British Columbia were the first to act they are not the only ones who will be implementing single-events deals. The interest in adding this option is high and other provinces will likely jump on board as well, given the massive revenue potential.
However, a regulatory framework needs to be established, which means those operators in the gray area will likely continue to operate until this happens. As far as sports go, Canada has a massive NHL fan base who are all eager to wager on these matches, so everyone will probably be in hurry to set everything up before the new season.
Finally, this also means a massive boost in tax revenue for the provinces. Once the illegal operators are pushed back, most of the funds will go to the licensed providers who are also taxpayers. This is another reason why online gambling will likely become legal at some point.
As you can see this is a pretty important move, and what’s currently happening in Ontario will likely occur in the other provinces. It’s without a doubt a positive change that was a long time coming, but better late than never. The industry is changing, and regulators are making progress on enabling superior entertainment for the citizens.
Mila Roy is an experienced journalist and writer, who is working as a content strategist at Gamblizard. She specializes in the topics related to the iGaming industry, sports betting, and e-sports. She is always looking for new online gambling parlors, iGaming news, and in-depth analytical guides for both new and old players