Ontario Will Set up a Body in Charge of the Gambling Industry
Actually, such was already represented by AGCO (Alcohol and Gaming Commission of Ontario), but now another one, more narrowly specialized, will be singled out in its structure. The new agency will be named iGaming Ontario. The need for a narrow-profile body is caused by the implementation of the recently adopted C-218 law, according to which the Canadian gambling market is significantly liberalized.
What Does the New Law Provide?
As a result of the coronavirus pandemic, the Canadian gambling industry has dropped significantly. Because of this, everyone suffered: the players were left without their favorite entertainment and began to use foreign resources, in places with a murky reputation, casinos lost their profits, and the state lost taxes. In such a situation, the government decided to look for ways to solve the problem. And such a way was found: at the end of this year, Canadians will be able to legally create their own online casinos (which was previously prohibited), obtain licenses, and pay taxes. This is also a plus for gamblers: they will be able to choose establishments licensed in their home country to know for sure that their rights are protected.
The provincial government of Ontario has high hopes for the innovations being introduced. For the local economy, hit hard by the coronavirus restrictions and need a new boost, simplifying the gambling business will be a way to create more jobs. In fact, this is another small step towards the complete recovery of the economy to the indicators that are now commonly called pre-coronavirus. And although the innovation will not bring immediate results, there is no doubt that gamblers, entrepreneurs, and the tax authorities will be happy.