Will a regulated online gambling market be good for Canada?
$6,000 Welcome Bonus
Canada is preparing the ground for legal online and offline sports and casino betting in 2021. The US has already opened up a regulated gambling market in the last three years.
Online gamblers in Canada can bet at the provincial government sites like PlayNow.com or play at offshore casinos and sportsbooks run by operators licensed in the European jurisdictions of Malta and Gibraltar. Private gambling operators will be able to apply for licenses to take bets in summer 2021.
A regulated online gambling market in Canada would be good for punters and the government.
The global online gambling market is expected to reach 100 billion US$ in 2026. Canada's market will be worth around $5 billion CAD at the same time. The government of Canada can start raising funds from money wagered at privately owned online casinos and sportsbooks licensed from within the country. The consumer will have more choice and better value.
The remote sector of online gambling generates around £5.7 billion in revenue annually for private firms and £2. 7 billion for HMRC. The UK made gambling legal under an act of parliament in 2005 and a subsequent act in 2014. A review of current legislation is taking place and the new gambling act is expected in 2022. Some have suggested that deposit limits of £100 per month should be set and affordability checks required. However, affordability check requires very personal information. Big gamblers may stop playing at regulated sites altogether. Canada needs to establish a balance between responsible gambling and right of the individual to spend their money as they wish.
