Thanks to the continued rise in popularity of iGaming in recent years, most countries around the world have gone some way to address the regulation of the industry. Canada is no exception, and the laws allow for iGaming and owning online gambling websites in the country. You must have a license granted by the government to operate an online gambling website from Canada. Generally, the gambling laws in the country are in a good place for the iGaming industry to grow but will it prosper like the US?
iGaming in Canada is beginning to open for brands based outside the country. With single-event sports betting now legal in Ontario in addition to online casino gaming and poker, the iGaming industry in Canada is set to expand rapidly. Ontario is the first province in Canada to fully embrace iGaming and is regulated by the Alcohol and Gaming Commission of Ontario. Before single-game betting was legalized in Ontario, it was estimated more than $1 billion was spent by Ontarians on online gambling. This was money that was leaving the country, but thanks to the legalization and regulation of the iGaming market, 20% of the profit made by iGaming companies will be paid in tax. It is estimated that the iGaming market in Ontario could generate more than $1.5 billion by 2026, putting the province up there as one of the largest iGaming markets in North America. Based on that prediction, the Canadian iGaming scene will grow like the United States.
To continue growing like the US market, the Canadian iGaming scene needs more homegrown brands to prosper. There are not substantial numbers of homegrown iGaming operators in Canada, but with the continued growth and acceptance of the iGaming industry in the country, now is the perfect time for local companies to expand. There are many ways a newly formed iGaming brand can gain customers. Offering a collection of welcome bonuses is always a good method for gaining new customers. If they claim a promotion, people are happy to try a new online casino or sportsbook. However, that does not mean the influx of iGaming operators outside Canada should stop. Many experienced online gambling companies can enter the Canadian market and have plenty to offer. Many UK and US-based iGaming operators have chosen to enter the Canadian market, and thanks to their experience, they are well-based to expand into Canada.
Without having a choice of payment methods, the iGaming market would not exist in Canada. You must have some way of moving money into an iGaming account, and one of the notable features of the Canadian iGaming market is the deposit and withdrawal methods. Debit and credit cards, eWallets, prepaid cards, and bank transfers are all accepted payment methods when iGaming in Canada. In fact, many Canadian iGaming websites have easy-to-understand and smoother payment methods than those in the United States. The easier it is to make a deposit, the more likely people are to play, and that should lead to the continued growth of the iGaming market in Canada.
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