Gambling is a fun and relaxing way of unwinding after a day’s work. With online gambling coming into the picture, it has become easier to participate in the activity.
It’s not all fun and games, though! The increase in the number of players also increases the risk of maintaining safety protocols. Canada stands at number 8 in online gaming worldwide.
With almost 19.3 million people actively participating in online gambling in Canada, this raises many security questions. Therefore, Canada joining the regulated gambling market is a massive step in legalizing online sports betting and gambling.
Read on to learn about the forthcoming effects of the new regulations on the online gambling scene in Canada.
What is a Regulated Gambling Market?
Let’s first understand what it means to regulate the online gambling market. Currently, Canada allows online gamblers to place their bet in two ways.
They can choose to bet at government sites of the provinces, like PlayNow.com. However, the number of that is still minimal. The other option is to play at offshore casinos and sportsbooks.
These are run by licensed operators authorized by the European jurisdictions of Malta and Gibraltar. Since most prefer the 2nd option more, this means a lot of loss on potential tax income for the government of Canada.
As per the new regulation sanctioned, the C-218 Private Members Bill has come into effect from June 2021. This has made Canada’s online gambling very much legal for single-event sports betting.
So, is online gambling legal in Canada?
The answer is yes. You can legally participate in online gambling in Canada now.
But the question of legality is a bit more complex. Online gambling in Canada is legal as long as the bets are placed in provincial sports lottery. However, the activities by international bookmakers were unregulated primarily, even if not illegal.
Up until now, the Canadian gambling laws were not that strictly implemented. With the global gaming revenue reaching billions, this situation needed to be brought under control. This will also mean that private operators now must apply for licensure to continue taking bets.
Not all is bad news for the online betting community, though! This also opens up new opportunities for them in the long run.
Each Canadian province will have its own licensing procedures and governing authority. This is similar to the US making sports betting legal on a state-by-state basis.
Moreover, many online operators are encouraged to apply for an operating license in the country. This gives many choices for the punters as well.
The Effects of a Regulated Online Gambling Market
As many bookmakers cater to the Canadian market and accept their national currency, the law will definitely prevent them from making shady deals. Moreover, it will prevent the draining of revenues by most offshore operators.
In the long run, it will have completely changed the online gambling scene in Canada.
Increased Number of Bookmakers
Even though the C-218 Bill will put some restrictions and requirements of licenses on operators, it will also legalize the act of single sports betting. This is definitely a big move in taking igaming or online betting to a whole new level.
As a result, it will bring more legal bookmakers into the Canadian gambling market who are into fair play. This can benefit the betting community just as much as the government authorities.
Moreover, it will give the players a better idea about the safer alternatives, so they don’t end up in problems later. Even punters will have more options in their wagering activities due to this.
Increased Revenues
This is another crucial benefit of the legalization process. By making online gambling in Canada legal, the government can put an end to the financial drain of the Canadian currency.
Simultaneously, the number of players will also rise now that punters can use legalized bookmakers. Previously, they were using international bookmakers to place bets. With the recent change in the rules, this is going to change as well.
Naturally, the government expects to receive more funds from taxation. Moreover, single-game betting legalization is bound to stimulate the country’s economic development as well.
More Opportunities for the Crash Gambling Players
The latest attempt to regulate online betting in Canada will directly impact the crash gambling players. Before this law came into effect, the government did not legally look over crash gambling.
Although you can place the bet with various international bookmakers, there was a bigger risk.
Some of the top crash gambling sites include Crypto Play, Trust Dice, BC Game, Stake, Bet, etc.
A solution to Gambling Addiction
Of course, one of the most significant benefits of the regulations would be getting control over the gambling addictionproblem. It is true that online gambling in Canada is a popular form of entertainment, but it also involves real money.
Due to this, a lot of people tend to take it up as a form of income. This often doesn’t end well, and some players face financial problems. Moreover, the hope of winning pushes many people towards an unhealthy obsession, leading to acute mental health issues.
With this regulation, the authorities can better address the problem. How so?
Well, there will be a limit placed on the wagering amount, which prevents players from placing excessive bets.
Final words: Will the Regulation Do Good or not?
Wrapping up, we can reasonably say that Canada is in an excellent position to authorize the rules on online betting. By doing so, it has solved many problems in one go.
It will definitely help the governing authorities track the betting process better and gain more revenues in taxes. Moreover, the legalization will attract a lot of potential operators into the market, boosting the country’s economy.
More importantly, it will prevent any shady dealing in the market and make the process more transparent. This will give the players a fair chance at choosing the right bookmakers.
Lastly, keeping a limit on the wagering amount can also put a leash on the rising gambling problems.
So, overall, the regulations on the online gambling market will surely do good in the long run.
If you were worried about the rules restricting your entertainment, it’s time to let go of that concern!