The online gambling market has been rapidly growing over the past few years. There is not one but multiple factors which account for this rapid growth of the online gambling market. Some of the basic factors which have led to the enormous growth of the online gambling market are easy winning of prize money, the abundance of games, and simple and easy games. In addition to this, the online gambling market is expected to grow up to 11.49 percent by 2026.
We are seeing firms such as DraftKings, Barstool Sports, and other firms that are adjacent to this market that continue to create content or find ways to monetize in this sector.
Individuals are looking for ways to spend time having fun while they are on the go and having the best online casino to win money can certainly be good for more people. As more people also obtain office jobs, they can get more value as they play while they are on their downtime or when they have nothing else to do.
That is why this move by Ontario is far from surprising.
Ontario Moves to Launch Legal Online Gambling
Ontario is set to launch its legal online gambling market on 4th April. The opening is taking place after three years when the provincial government planned to end the lottery's online gambling monopoly in 2019. The province gave its final Verdict last September regarding online betting and gaming.
As the new online gambling market is all set, the iGaming Ontario, the subsidiary of the Alcohol and Gaming Commission of Ontario, commonly known as AGCO, will regulate the new market and issue licenses to the operators and suppliers.
There Are Several That Have Secured Licenses
Secured licenses like PointsBet, theScore, Rivalry, and other 888 licenses were offered. In addition to this, suppliers such as Inspired Entertainment and Play'nGo are also approved to work with these licensed operators. Moreover, the AGCO will take strict action in case of any unregulated Ontario market activity involving law enforcement agencies.
Since online gambling is being launched on 4th April, all the businesses who applied for the registration before 4th April were requested to cease operations until their registration was approved through AGCO.
There Are More Who Are Looking to Step In
Amongst all the other names, PointsBet Canada became the first private sportsbook to take the legal wager. On this account, the company's chief executive expressed his thrill and gratitude. In addition to this, before the opening of iGaming, FanDuel Group, owned by Flutter Entertainment, said they would begin taking bets from today. They will offer both services, including sports betting and gaming in Ontario.
The chief executive of FanDuel said that this was a huge step forward in the gaming industry. Moreover, he also shared that there will be opportunities where the Canadians will be provided chances for entertainment and responsible sports experience.
High 5 Games also made it official that its titles were live with multiple operators, apart from these two brands. The chief executive of High five also stated that there are numerous opportunities and chances for growth in Canada; hence, they look forward to expanding their brand.
As the launch was anticipated a few months later, a website named OntarioBets.com was launched, which allows the players situated in a province to compare legal online sports and casinos.