Despite the worldwide boom in gambling, and in particular online gambling, Canada has seen itself left behind in a revolution that has swept the globe for more than a decade. Restrictions relating to online casinos and regulations forbidding bets on single events in the world of sports have seen the country miss out on the growth in this area.
In Ontario alone, experts estimate that in just one year there was a spend of C$500 million on online gambling and that the majority of this was spent on the grey market: online casinos that operated just outside of the law. Residents of Ontario who wanted to venture into online gambling have been left with little choice but to hover over the line of what is legal, but Bill C-13 is set to see this change, which no doubt will affect any Canadian online gambling laws in the near future.
A welcome economic boost
At a time when world economies are reeling from the impact of a pandemic, the province of Ontario faces a huge budget deficit: figures quoted show this being as much as C$38 billion. The new gambling laws, that are set to come into force in 2021, offer a unique opportunity for Ontario to work itself out of a current crisis and to strengthen its financial position.
Estimates suggest that over a 5-year period, the revenue generated from online gambling in Ontario could exceed C$550 million. What this would mean exactly to Ontario and its financial predicament would depend upon what tax rate is applied to gambling activities. At a rate of 20%, Ontario could see as much as C$110 million coming its way.
Sports betting in Ontario
The relaxation of laws surrounding online casinos will, undeniably, benefit the Ontario economy. What is likely to see a dramatic increase in revenue is the ability to be able to bet on single sports events. As the new law is set to come into force this year, this could see gambling revenue in Ontario reach as much as C$1.47 billion.
Canada has not seen any significant changes to regulations surrounding sports betting since 1985. The new law has been much anticipated in Ontario and its passing is eagerly awaited. Alongside other forms of gambling, liberalizing sports betting will only see positive effects for the Ontario economy.
The impact on society
For sports and gambling fans in Ontario, the new gambling laws will, of course, be welcome news. The ability to be able to enjoy freedoms that are experienced in other countries around the world has been a long time in coming. Beyond this though, those in power have resisted these changes for so long partly due to fears of the cost to society.
With gambling being more readily available, those fears centre around a rise in problem gambling. Those who are in favour of the new gambling laws are keen to point to the fact that proper licensing and regulation are more likely to control gambling habits rather than let them run out of control. Until now, residents of Ontario had ventured into grey markets with little protection and regulation. The new laws will ensure that they are able to gamble in a safe environment.
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