The local government in Ontario has introduced new legislation in the hopes of privatizing internet casinos in the province, which would result in a significant expansion of the iGaming business. Ontario is the most populous province in Canada. A renewed push for the legalization of betting on individual sporting events is one of the topics that will be discussed during the talks for the vote.
On Thursday, the provincial government presented parliament with its proposed budget for the fiscal year 2020–21. Within this document is a gloomy forecast regarding the impact that the prolonged global health crisis will have on the finances of the province, and in particular of the Crown corporation the OLG. According to the actual data that were presented on Thursday, the OLG predicts that it will only be able to provide a total of CA$200 million to the provincial coffers during the current budget year. This is in comparison to the total of CA$2.3 billion that it was able to contribute during the financial year 2019-20.
Not only has the OLG been unable to keep up with annual revenue performances, but because of widespread closures of land-based casinos and gaming venues across the country, the organization has been forced to apply to the government for a desperately needed CA$500 million financial lifeline simply to keep its operations going and the lights on at its land-based venues. This is in addition to the fact that the OLG has been unable to keep up with annual revenue performances.
In Charge Of Supervision And Regulation Is AGCO
Going ahead, the objective will be to introduce the appropriate legislation in order to grant the Alcohol and Gaming Commission of Ontario (AGCO) the authority required to manage internet casinos on a provincial level. This will be the focus of the next phase of the project. If the new legislation that has been proposed is passed, then the AGCO will also be appointed as the provincial iGaming regulator. This regulator will be entrusted with managing the licensing processes, safe gaming rules, regulatory and compliance-focused activities, and other processes.
If such legislation is enacted, the Ontario Lottery and Gaming Corporation (OLG) will be forced out of its current monopoly position within the industry of online casinos if it is given the green light. As a result of privatization, a greater number of operators will have the option to submit an application for a license and serve the local market. In addition, it is anticipated that the newly privatized model will result in an increase in the amount of taxable money contributed to the coffers of the provincial government of Ontario.
The Center of Attention: Betting on Sports
A number of elements connected to the campaign for a legalized sports betting market were also included in the recently presented budget for online casinos, which was only recently tabled. The federal government continues to have regulatory authority over sports betting, and parlay bets are the only sort of sports wager that may now be placed legally.
The newest effort to fully legalize betting on sports, including wagers put on individual events, has now been re-raised by the federal sponsor of the bill, Member of Parliament Kevin Waugh, despite the fact that previous measures have in the past been defeated as a result of a variety of delays and opposing motions. Although this has occurred, MP Kevin Waugh has now re-raised the issue.
Many more members of parliament have stated their support for Bill C-218, referring to the bill as a draft piece of legislation with the intention of creating a legal and safe setting for those who are experiencing problem gambling behavior – while at the same time legislation not posing any risks to the integrity of local sports, in particular the province’s horseracing industry, which is a financial mecca. While some members of parliament have expressed several concerns over specific provisions contained in the draft bill, many more members of parliament have voiced their support
The Beginning Of Wonderful Things
It is highly expected that the bill will go through its subsequent reading sometime between the end of January and the beginning of February. After the reading, there will be a vote to determine whether or not the bill should be advanced to the next level, where it would be read in front of the Justice committee, before ultimately being taken to the floor of the Senate for a final approval vote.
If Ontario were to privatize internet casinos and make sports betting legal, it is reasonable to anticipate that additional jurisdictions would do the same. The end goal is to completely privatize and then regulate the online gaming industry so that it can be implemented all across the country for everyone’s benefit.