Market Insider By Daniel Thompson 257 Views

Ontario Provides Update On Online Gambling Regulations

Reports have most recently emerged from Ontario that the province is on track to modernize its gambling industry. After public consultations with the province’s Attorney General the proposed online casino legislation initiative received a green light. Local authorities have been working hard on the matter in order to iron out all details and prevent unwanted damages to the gaming industry.

Not long-ago Ontario has assigned Birgitte Sand to lead the public consultation on the proposed changes in the province’s online gaming regulations. This was in order to allow private businesses and third-party service regulators to access the country’s strictly regulated gaming sector. Ms. Sand has plenty of experience on her resume, as she was in charge of Denmark’s gambling regulation from 2008 to 2020.

Legalization Process

Ontario’s legislation has been quite busy recently, as it works on the details of the proposed gambling regulation framework. Province’s Attorney General Doug Downey has currently stated that the consultation to the public will have a huge influence on the consumer protections which will be implemented with the new regulations. Additionally, anti-money laundering protocols are also heavily discussed along with determining the role the private sector will entertain in the local’s digital gambling.

In an interview. Mr. Downey informed that the province’s authorities should not wait on consultation by the federal government and continue working out the details of the proposed online regulations change. He also, claimed that he is hopeful for the framework to be ready and finalized by the end of this year’s fall.

The province’s government has released a white paper stating that Ontario is looking to determined what kinds of revenue-sharing approach will be taken with the private-sector parties. Along with this, a range of betting categories is also discussed, for instance, prop-bets or single-game wagers. Then there is the issue of whether the brick-and-mortar gambling facilities will be offering these kinds of services online.

Mr. Downey claimed that the public inquiry’s purpose is exactly that. Also, in his words, he is looking forward to working with experienced industry individuals who will be able to provide a valuable assessment on the matter. The consultation aims to provide the best possible online regulations for third-party private businesses that are considering launching online casino offerings.

Exploring New Industry

Media company Torstar Corporation who usually specializes in the media industry of news has expressed its desire to enter the Canadian online gaming market. The media outlet is currently cooperating with former employee Ontario Lottery and Gaming Corporation Jim Warren, who will help them by providing his much-needed understanding of the gaming industry. According to Mr. Warren, the online platform is almost ready and it is awaiting its last finalizations.

Likely Change in Gaming Law

Another very intriguing topic concerning the future of the gaming industry in Ontario and even Canada as a whole is the legalization of single-event wagers. The proposed change that will allow Canadians to finally bet on single events has received huge backing among the country’s gaming regulators. In February, the House of Commons passed the proposed bill in its second hearing, thus making the change seem more and more likely.