Canada is joining the regulated gambling markets and is preparing to legalize online sports betting and gambling. This action with new rules will benefit both the gamblers and the government.
Canada is joining the regulated gambling markets and is preparing to legalize online sports betting and gambling. This action with new rules will benefit both the gamblers and the government. The government will be able to collect considerable tax revenue, and local gamblers will have a wider variety of games to choose from.
This, of course, raises concern over multiple problems that come along with online betting. One of the biggest worries would be the addictive nature of these games. Experts are working on laws to design this emerging gambling market to adequate levels of responsible gaming.
New regulations will change the online casino market remarkably because until now, online betting has been provided only by few provincial government sites and offshore casinos. Time will tell just how much the government and consumers will benefit from the reform.
Regulating the Canadian Market
Canada is in a good position when it comes to regulating state laws that will set the rules for licensed online casinos and sports betting sites. There are good lessons to be taken from other recently opened regulated markets like the USA, Spain, and Great Britain.
At the moment, most Canadian players choose to gamble at offshore online casino sites licensed in European jurisdictions. Choosing the best online casinos from foreign gambling providers has left the local government without revenue tax. This has led to a situation where the government has started to review the whole industry to find the best solutions for both consumers and local governments.
According to the Canadian Community Health Survey, about 2% of adult Canadians enjoy occasional gambling. As mentioned above, the government has missed out on all of this Canada revenue tax. But putting new laws in place will help the government to raise funds from taxation, and consumers will enjoy betting in legal and trusted online casinos licensed in Canada.
Pros and Cons of Gambling
Gambling is one of the oldest forms of entertainment. Putting personal assets on the line in order to make a bigger return is luring luck hunters around the world. While gambling provides a certain dose of glamour and excitement, it can also have a negative effect on players.
There are people who are more likely to get addicted than others. For those, gambling can cause serious social and financial problems. This is also the main reason why Canada has turned off from legalizing the industry before. Due to gambling problems, the authorities are seriously considering low deposit and wagering limits for all licensed providers.
Limiting the wagering deposit can be beneficial in making the Canadian online casino market even safer. Thanks to many emerging gambling sites, customers will be able to enjoy a wide variety of modern and traditional casino games like roulette and spins.
Online casinos are attracting more and more players every year. The global online casino market is expected to reach 100 billion $ in 2026, with Canada’s being worth around 5 billion $. The government will be able to raise funds with the gambling tax and aid post-covid infrastructure. This is certainly a big motivation for legalizing safe and trusted gambling for all citizens.
Safe Gaming for Everyone
Creating a safe environment for gamblers is the key to making the Canadian gambling culture work. Authorities must ensure that the game providers and licensees will adopt adequate levels of response measures.
The experts are taking advice on this question from other countries that have legalized online casinos earlier. For example, Great Britain is discussing setting monthly wagering and deposit limits to stop players from losing too much money on betting. Balancing the gambling strategies and every player’s right to independent financial decisions will provide a safe online casino environment for all consumers.
Bright Future for Online Casinos
Regarding both aspects of collecting remarkable industry-related taxes and broadening the variety of games, the Canadian online casino market seems to have a bright future ahead. Those who worry about gambling-related problems can be confident that authorities are considering every aspect of gambling seriously. Canada is known to prioritize public health and liberal values. Making the most of entering an online gambling market will presumably benefit all counterparts.