New online casinos expected to launch in Ontario
At the moment, online and offline gambling is legalized in Ontario. Moreover, there are about 20 betting shops and online casinos successfully operating in its market. However, demand breeds supply, so in the near future, an increase in the number of operators is expected, and with it, an increase in competition.
Officially the local market opened doors for gambling operators in early 2022. The principle of its operation was that the province reinvested part of its gambling revenues into the local economy. As a result, its residents benefited from preferring legal sites to improve their living standards and not to bet on offshore gray-zone sites.
In June 2022, BetVictor formally stated its intentions to obtain a license in Ontario, after which it began preparatory work. It is expected that users will be able to register on the bookmaker’s site by the end of the year.
Pinnacle, Bet99, and Betano will also start operating in the Ontario market after they sign an operating agreement with iGO.
Even though the market is being privatized, some brands from offshore zones are still providing their services in the province and are popular. For example, right here topcadcasinos.net, you can find dozens of free money casinos for Canadians. This is disappointing for operators who have already received a license AGCO, who pay taxes and meet the legislation requirements. The regulator, for its part, said that from October 31, 2022, it will require all unlicensed betting shops to stop operating in its jurisdiction.
According to a financial report iGaming Ontario, for the first three months of operation, the total amount of bets at licensed operators amounted to more than 4 billion Canadian dollars, and the total revenue of the jurisdiction exceeded 162 million Canadian dollars. It is noted that the amount is significantly less than what was laid out in the plans, but the government is still harboring hopes of expanding the market and increasing the taxes received.
Also, the financial report showed that 492,000 bookmakers’ accounts were opened during the first three months of operation and the average spending of each player was $113 CAD, not including bonuses received.
Despite the regulator’s inflated expectations, these figures can be considered good, given that the government cannot directly influence offshore casinos in the “gray” zone. On the contrary, the campaign can be called a success, and the idea of improving urban infrastructure with a portion of gambling revenues is unique and resourceful.
