Online Gambling in Ontario: Upcoming Launch of Online Casinos and Sports Betting
On launch date April 4, the province of Ontario will be open the legal online gambling market. Alcohol and Gaming Commission of Ontario’s subsidiary, iGO (iGO) has announced that the province of Ontario will launch its legal online gaming industry in six weeks. This will be the conclusion of a process that began in April 2019. Back then the province’s government announced its intention to bring an end to the monopoly of Ontario Lottery and Gaming Corporation on gambling.
When the federal government decided to act, it began preparing for its implementation in November 2020. In 2021, the governing body passed the regulatory standards and implemented them. In September of last year, the Alcohol and Gaming Commission (AGCO) released its final gaming sports and event betting regulatory standards. It included modifications to advertising standards and integrity rules.
What Kind of Online Gambling is Now Legal in the Provence of Ontario?
On August 27, 2021, Ontario and Canada legalised single sport betting. It is presently only available through lottery systems in each province and contributes to a great Canadian gaming experience. The regulations for single game betting were incorporated into AGCO’s existing Registrar’s Standards for Internet Gaming. And AGCO already released them on July 14 last year, and will now apply on April 4th.
From this day onwards, private operators that have established a gaming operations agreement with iGO and are licensed by the AGCO may begin offering their gaming and gambling casino offers to players in Ontario, Canada.
What is a Purpose of a Regulated Market?
“Consumers can be assured that companies who successfully enter the new Ontario market will have met rigorous standards of game and operator integrity, fairness, player protections and social responsibility, allowing all players to play with confidence”. Martha Otton, the executive director of IGO said in a statement.
From April 4, new measures to prevent underage gambling will be in place. It will also ensure that all relevant laws are followed, such as responsible gambling safeguards to protect consumers.
Which Online Sports Betting Sites and Online Casinos are Legal in Ontario and Canada?
Jay Snowden, president and CEO of Penn National Gaming, along with John Levy, theScore’s chief executive officer, praised the news. The Ontario sports betting market is a competitive online gaming market. Hence it’s always beneficial to be in a good position ahead of other national sportsbook operators who’ve offered single game betting since past summer.
In January 2022, Penn National Gaming and theScore Bet became the first prospective private market operator in Ontario to obtain the Responsible Gambling Check iGaming Accreditation from the Responsible Gambling Council (RGC) to enter Ontario’s regulated market.
How will Ontario Betting Market and Online Casino Bonuses Change?
Our study reveals that any province formula for success is a highly competitive market, significant player volumes, and generous bonuses. More licenses and more competition means that every gaming corporation feels compelled to raise their game. This is beneficial for consumers, who get greater incentives and more reasons to play and place bets.
Bonus Index Score and Revenue Generation in Online Gambling
Ontario’s Bonus Index Score would exceed New Jersey’s by a substantial margin. The number of private operators in the market, as well as the population and legal product range, are essential when calculating the Bonus Index, industry sources say. It also takes into account the number and size of the welcome offers provided to online gamers, as well as their associated terms and conditions. The final overall market score is to calculate as a result of this.
How Many Online Sports Betting and Online Casino Sites Will Receive the Online Gambling License in Ontario?
We predict that around 70 companies will pursue a license in the online casino gaming market. We also believe that around 45 of them will be successful. The population of Ontario is about 14.8 million people. And it will become the second biggest market in North America after New York. The number of licensees will probably increase, with takeover proposals becoming more common.
Canadian Sports Betting vs. Online Casino Bonuses
The average bonus in Ontario is about to be lower than that of many American states, with usual sportsbook bonuses as high as $395. The market average bonus is $866 at casinos, which exceeds the typical casino bonuses in other jurisdictions by around 20%. Despite the fact that there are lower bonuses for sports betting and internet gaming, iBet Network is confident that Ontario may break records once private operators join the market with OLG, and it might even surpass New Jersey’s record $1.3 billion handle.