Canadian Gaming Association recently expressed its support of the online gambling efforts in Ontario and the projected impact it could have on the local gambling field. It recently congratulated the government of Ontario for its efforts in this direction, as modernizing the online gaming field could have a positive effect on the province as a whole.
Online gaming modernization and expansion has been a topic of wide discussion for years now, with many supporters backing it up. Such a move will make sure that the local field offers equal and competitive conditions for all online gaming operators willing to enter and explore it down the road. The conversation has been rekindled once again recently along with efforts to legalize it.
November 5 was an important date for the province, as it saw the Ontario Provincial Budget being released. It came with special legislation giving the Alcohol and Gaming Commission of Ontario a bigger authority. As a result of it, the Conduct and Manage Authority for iGaming will be transferred from the Ontario Lottery and Gaming Corporation to the AGCO.
It could be recalled that the 2019 Ontario Provincial Budget saw the government express its intentions to establish a competitive online gaming field and welcome private iGaming operators. This is going to make it a more competitive one, as right now the Ontario Lottery and Gaming Corporation is the sole legal provider of online gaming offerings within the province. With the help of the 2020 budget, the Alcohol and Gaming Commission of Ontario is about to see some changes.
It will be able to conduct and manage online gambling from here on out. Moreover, it will also regulate the daily online gambling operation. If this proposal receives the approval needed, an AGCO subsidiary would be created in order to facilitate the communication between Ontario’s government and the online gaming operators entering the provincial gaming field.
Paul Burns, President and Chief Executive Officer of the Canadian Gaming Association, said that the province needs more gaming revenue during these unprecedented times when everything is changing so rapidly. The brick-and-mortar casino closures earlier this year have already made an impact on the overall gaming revenue of the Crown corporation overseeing their daily operation. Online gaming offered by the Ontario Lottery and Gaming Corporation has seen a surge of popularity.
This makes it clear that patrons are interested in more easily accessible gambling and wagering offerings they can use whenever they feel like it. Mr. Burns also pointed out that land-based casinos would also have the chance to explore the expanded gaming field and collaborate with online gaming operators. This is expected to diversify their portfolios down the road and further improve the gambling field.
Many Canadians still gamble online but they make it illegally, facilitating offshore gambling platforms and fueling them with their money. These buy-ins could instead make their way back to their community and to their province. Projections are that the province of Ontario could amass some gambling revenue of CA$547 million in five years.