It is safe to say that online casinos are one of the most profitable markets in Canada. This is also the case with Ontario. But, just like with many other cities and countries, the online gambling laws in Ontario were not up to date. At least, that was the case until recently. The lack of rules allowed many grey businesses to thrive, but the government of Ontario finally put an end to that by updating the laws and regulations. Here, we discuss those updates and show you what the iGaming market now looks like in Ontario province. So let’s get down to business.
What Changed?
Gambling in Canada experienced a wonderful and blossoming period. It was as if the new rules breathed new life into the iGamingmarket. Sure, there are many laws that apply to all parts of Canada, but most of the gambling and iGaming regulations largely come down to each province. That being said, Ontario was the first to fully embrace the changes and build an open iGaming market. One of the most important things you need to know is that the iGaming market is regulated by the Alcohol and Gaming Commission of Ontario and aided by iGaming Ontario. The province’s market follows traditional standards of Canada’s iGaming landscape. It features the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and the Financial Transactions and Reports Analysis Centre (FINTRAC) standards. These include strict know-your-customer (KYC) policies and Anti-Money Laundering (AML) standards. Those are some of the main rules that need to be respected by online casino owners.
The Low Taxes
There are many benefits to opening an online casino in Ontario, Canada. But, it is safe to say that the best benefit of all is the lower taxes. It is safe to say that the new laws and rules changed the Canadian gaming market and made it one of the most competitive markets in the world of gambling. The thing most people like is the lower annual tax which is now just 20%. This tax rate is one of the lowest when it comes to iGaming. This definitely shows people that Ontario is rather appealing to famous and respected casino names like LeoVegas Ontario, for example.
The Difference Between Ontario And Other iGaming Markets
How different is this Canadian province compared to other gambling and iGaming markets? That is what we are going to discuss now. This province has established a unique iGaming market. Rather than simply providing online casino operators with licences, the Ontario government created iGaming Ontario, a government body which grants access to the market in a unique way. Through iGaming Ontario, operators can become a part of Ontario’s iGaming market as private contractors who work on behalf of the government body. This is wonderful news because, this way, everything is pretty transparent and easy to understand in the industry. As well as those, Ontario has many other rules and regulations, both in regard to their region and general Canadian gambling and iGaming laws. The PCMLTFA and FINTRAC rules and many other existing regulations set out by the Alcohol and Gaming Commission of Ontario.
As you can see, recently, the government of Ontario made a lot of changes when it comes to the iGaming laws in their province. This now makes it the most popular market in North America. All because of the low tax rates and other convenient things and rules for both players and casino owners. If you live in Canada or in any other part of North America and you love playing online casino games, this market is definitely for you.
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