The year 2022 was groundbreaking in more ways than one. This year saw the Ethereum Merge taking place, it saw the release of Chat GPT, and it witnessed the launch of a new iGaming market in Ontario, so you could say that there was hardly a dull moment all throughout the year. Now that the one-year mark has passed, we are able to look at the facts and see how well the market has progressed. And let us tell you – the opportunities in Ontario’s online gambling market are incredible after only a year of it being active, so one can only imagine what is to come a few years down the line.
The province’s new online gambling law
If there is one event that we would set apart as a huge milestone, it would be this one. The new law that was introduced through Bill C-218 single-handedly legalized and regulated sports betting, online casino games, and poker. It has created a safe and controlled environment for every individual who likes to play these games in their free time, not to mention how it has taken the illegal aspect out of the equation.
All casino operators who want to be present in Ontario’s online gambling market are required to obtain licenses and abide by strict regulatory guidelines. The goal is for them to promote fairness, transparency, and, above all else, responsible gambling practices. As of today, there are 75 online casinos operating in the province, and all of them have had to pass the test and obtain a license.
That being said, having so many options is an amazing thing, but choosing the right one is oftentimes overwhelming for most prospective gamblers. Not to worry – the Internet is there to provide you with all the help that you need. Reading online casino reviews is the best way to ensure that you are at the right place. You can do that by focusing on different forums where people left hopefully unbiased testimonials, or you can visit websites such as Time2play.com, as they were made with the purpose of testing and reviewing different gambling operators. Either way, the most important thing is to get yourself covered.
Some numbers that serve as a testimony of this area’s success
Many reports have been conducted regarding the performance of Ontario’s online gambling market. They’ve come up with some impressive figures that reflect the success of this area’s gambling industry. The reports claim that:
- The open Ontario online gambling market supports more than 12 0000 full-time equivalent jobs.
- It contributes almost $1.6 billion to this area’s GDP.
- The GDP figure incorporates more than $900 million in labour income.
Now, these are just the present numbers. The predictions related to the opportunities in Ontario’s online gambling market in the future are just as bright. Reading some of these estimates might empower the leaders of tomorrow and give them an idea of which sector holds their next investment.
- When it comes to the annual revenue to the provincial government, the online gambling market could deliver over $2.1 billion.
- The number of full-time equivalent jobs could rise up to 22 000.
- The market would contribute as much as $4.7 billion to Ontario’s GDP.
Investment opportunities in Ontario’s online gambling market
Everyone wants their peace of the cake when the cake is that good. One of the main things that worldwide casino operators need to keep in mind is that Ontario has more than 14 million residents. When it comes to the potential players, you should know that 35% of Ontarians report having played casino games at least once. That leads to the conclusion that your target audience will consist of 4 900 000 people, many of which will become passionate casino players.
Secondly, breaking into Ontario’s online gambling market and attracting players should be easy, as all casino operators face a level playing field. Since everyone is operating within a legal framework, there can’t be any disadvantages due to foul play. Granted, you’ll also need to adhere to strict regulatory guidelines and obtain the necessary license, but we see that as an advantage.
After all, Ontario’s gamblers have become used to the fairness, transparency, and responsible gambling guidelines that are a given with this province’s online casinos. That in itself builds trust with the potential players, as they are already used to a safe gambling environment.
But if you truly want your investment in Ontario’s online gambling market to pay off, you’ll have to focus on other practices that will set you apart from the competition. That means concentrating on creating a mobile-compatible platform, including a variety of payment options, and prioritizing security measures.
Of course, keep in mind that the most successful online casinos are those that have the richest game libraries, with the inclusion of a user-friendly interface. You must remember that people are enticed by what they see. So if they see a beautifully-designed website that’s filled with games, there will hardly be a need for them to look beyond that.
What do players stand to gain?
Let us put it this way – everyone participating in the online gambling industry will end up on the winning side. Casino players get to revel in the fact that all online casinos will be fighting for their attention. All the while, they will be in an environment that promotes fair play and responsible gambling. With measures such as self-exclusion, they will be less likely to fall into the shackles of addiction.
The opportunities in Ontario’s gambling market favour both casino players and casino operators. The operators will be subjected to the same rules and guidelines, so none of them will have a head start. This means that breaking into Ontario’s online gambling market and succeeding is likely to happen should you pay attention to your game selection and banking methods. And it’s fairly easy to see how these new regulations benefit the players, as they have dozens of casino operators competing for their attention. It would be ideal if everyone would use the immense opportunities that are at their disposal.
Also Read: Exploring the US Gambling Market: What to Expect from New Online Casinos
