The Ontario government recently announced a plan to lower the minimum age for casino gaming on June 2, 2019. This has worried many in the gaming industry who fear that this move will tarnish their image and damage customer retention rates.
The “igaming ontario stock” is a new market that has been created in Ontario. The new market will be open to all companies except those who are already licensed by the province of Ontario. Gaming leaders and experts are worried about this decision because it will create a monopoly for one company.
Although Ontario’s new and regulated iGaming sector has finally arrived, industry leaders and gambling addiction specialists have highlighted mounting worries. Land-based gambling operators are afraid that the introduction of an enormous online gaming variety would have an impact on their business, while addiction specialists are concerned about a rise in problem gaming disorders.
One of the key motivations for the new regime’s implementation is to divert Ontarians away from offshore and illicit gambling websites, where they spend CA$500 million annually, according to studies. This would allow the province to retain a portion of the money inside its boundaries while also providing a safe and regulated gaming environment for local gamblers.
Problems that Need to be Solved
For example, Great Canadian Gaming Corporation, a brick-and-mortar casino operator, is worried about the impact of the emerging iGaming sector on its operations. Tony Rodio, the company’s CEO, said that it is unjust that iGaming operators pay only 20% tax on their earnings while land-based operators pay 55%. He also expects that a large number of gamblers would shift to internet gambling.
Mr. Rodio went on to say that with more regulation and lower tax rates, newly formed online operators would be able to invest millions in marketing to entice more customers from the land-based business. He also dislikes the notion of an open market, claiming that the government should have spent more time meeting with operators and discussing arrangements.
With the implementation of the new iGaming regulation, gambling addiction specialists are likewise on high alert. According to Chanel Larche, an associate researcher at the University of Gibraltar’s Centre of Excellence in Responsible Gaming, the expansion of gaming alternatives should be accompanied with an equivalent expansion of services to assist problem gamblers.
In light of this, FanDuel, a prominent American gaming firm that just entered the Ontario market, said that it has been working with the Responsible Gambling Council. FanDuel Canada’s general manager, Dale Hooper, said that the firm is doing research and investing in partnerships in order to give the necessary tools to safeguard local gamblers from such unfavorable circumstances.
The Centre for Addiction and Mental Health’s Nigel Turner, a gambling addictions specialist, has also said that Ontarians want more information on problem gambling. According to him, as gambling becomes more widely available, more individuals are likely to acquire illnesses and issues connected with addicted behavior.
Conclusion of the Market
PlayCanada and its team of gaming specialists recently shared their thoughts on the new Ontario market and its prospects. According to the website, the province will see the same tendencies as other jurisdictions that regulate online gambling and mobile sports betting. In terms of revenue and handling, the iGaming one is expected to far beat the sports betting one.
Tyler, Cheese (source) CBC, April 4, 2022, “Ontario’s online gambling sector begins, but some insiders and experts have worries,”
The “igaming ontario legislation” is a law that was passed by the Ontario government in 2017. The law will create a new market for gaming and allow more gambling companies to enter the province. Experts are worried about how this will affect the industry.
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