The online gaming industry in Ontario is waiting for the provincial government to make some regulatory changes previously announced that will allow private operators into the market.
A new budget will be revealed on November 5 expected to focus on the pandemic and hopefully the online gambling market will be referenced, or at least that's what operators are expecting.
Expanding on online gambling would mean an increase in incoming revenue for the government right when spending are increasing more and more due to the worldwide situation.
Paul Burns, CEO of the Canadian Gaming Association commented the following: “There’s a tremendous benefit to bringing this out of the shadows and into the forefront and take advantage of this regulatory change that will protect consumers and bring revenue to the government,”
“It will also be a very strong economic driver to the industry to get companies to locate and operate here.”
These regulatory changes, however, have not yet been determined as to when will they be applied.
Finance official spokesman Scott Blodgett also added: “Over the coming months, the government will work to develop a new model for online legal gambling to help foster an exciting gambling experience. Financial details will be determined once further work has been undertaken.”
Legalized online gambling in Ontario would generate about C$547 million in annual revenue after five years, said James Kilsby, a Washington-based analyst at Vixio GamblingCompliance, a company that provides regulatory intelligence to the gambling industry.
