Ontario Gears Up To Officially Launch iGaming
The world of iGaming is waiting with bated breath as Ontario nears the launch of its online gambling market. Word was that things would be kicking off before the end of the year, but now it seems as if the first quarter of 2022 is more likely. Though, when the market kicks off is largely now up to iGaming Ontario.
It is required that iGaming Ontario finalize a number of contracts with various operators, which is a task that may drag on for some time. At least, it may drag on depending on circumstances. Either way, when things do finally kick off it is going to be a momentous occasion for the province. Private operations will officially be allowed to offer their online products for the first time in history, all but entirely changing the local gambling economy.
This is taking into account that single event betting has also recently become legal across Canada, making the business potential even more potentially lucrative.
What Is The Holdup?
The only remaining hurdle is iGaming Ontario, and the agreements it must reach with operators. The organization did take the initiative, releasing a terms of agreement contract online, well in advance. But even still, it is no small task for companies to be legally allowed to offer online gambling in the province.
As well as reaching a commercial agreement, corporations are also required to be register with the Alcohol and Gambling Commission (AGCO.) Parallel registration with the AGCO is a requirement, though can be done entirely online. It should be noted that land-based casinos are required to complete the same registration process, demonstrating that online casinos are being treated in the exact same manner as their land-based counterparts.
Curbing Illegal Gambling
The legal online market is certainly a big prospect for the province as far as additional revenue is concerned but serves a dual purpose as far as curbing unregulated gambling is concerned. A big reason for the new market, according to an AGCO spokesperson, is the hopes that it will render unregulated sites irrelevant.
Companies that currently run unregulated operations are allowed to register and are thus able to make the transition over to the legal market. Though, of course, any organization that intends to make the switch is required to immediately cease all unregulated operations immediately.
How it will all work out remains to be seen, but it will only be a matter of months before a massive new iGaming market is officially open for business.