Understanding Regulations of the iGaming Industry in Ontario

Ontario’s iGaming scene is regulated by the Alcohol and Gaming Commission of Ontario. This is mandatory to ensure all casino and sportsbook operators comply with regulatory standards. Every online casino must be licensed by AGCO to provide services in the province.

These regulations are crucial for casino operators to follow. In 2022, Ontario launched a private online gambling market. It was the first province in Canada to operate privately and ultimately became the nation’s largest gambling market. We’ve asked Kris Olson, a gambling expert from https://casinorix.com/ca/ontario/, to help us explore how these regulations affect the iGaming industry.

Overview of iGaming in Ontario

According to the team at CasinoRIX Ontario, Ontario’s iGaming market has undergone significant growth since its 2022 launch. Nearly $35.6 billion has been wagered in this market over the past two years. As the technology for casino platforms advances, we expect to see this number rise a substantial amount over the next few years.

So, what type of online gambling do players in Ontario prefer? The CasinoRIX experts have noticed a high demand for online games, like slots, jackpots, card and table games, and live dealer games. Nearly 84% of wagers in the iGaming market are placed on these games. Online sportsbooks account for 14% of wagers placed. 

There are over one million active online casino accounts registered in Ontario. The iGaming industry in the province is swiftly becoming the most in-demand form of betting. Since the launch of the iGaming market in Ontario, the province’s land-based casinos have generated roughly $2.2 billion. This is a mere portion of what has been spent at online casinos in the province within the same time period.

Regulatory Authorities 

All gambling in Ontario is regulated through AGCO. This is a provincial Crown agency that is responsible for reporting activity to the Ministry of the Attorney General. It’s not just the iGaming market that AGCO oversees. It also regulates liquor, cannabis, and horse racing. This operation has built a solid reputation for keeping the public’s interest a priority. 

Another key player in Ontario’s iGaming market is iGO (iGaming Ontario). This corporation was formed in 2021. Its main responsibility is to manage iGaming through Ontario’s private sector. Casino operators are required to collaborate with iGO in order to operate in the province. 

There are various federal laws that casino operators must follow to stay afloat in Ontario. These are essential for shaping the online gambling industry. There are provincial and federal regulations that these operators need to be familiar with. All of this is crucial to ensure that players in Ontario have a safe experience when they gamble online.

Licensing Requirements 

All online casino operators must meet specific standards to qualify for an AGCO license. Players in Ontario should always review a casino site before joining to ensure it holds a valid license. (Did you know that you can find the best licensed online casinos in Ontario using CasinoRIX ON? Sports betting, online slots, and live casinos are only a click away.)

Casino operators can apply for an AGCO directly online from the official online portal. Once the application is put through, there will be various steps involved in the process. This includes:

• Having all games tested by an independent testing laboratory
• Registering the casino with AGCO.
• Participate in the Internet Gaming Notification Matrix training
• Meet compliance standards
• Pay required fees
• Upload documents

Compliance standards involve various aspects of the casino. The operators must show proof that they are taking action to make the casino a safe online environment. This includes security measures, funds management, member account management, responsible gambling methods, and fair gameplay.

It’s also crucial that online casinos show proof of player protection. One must-have is a KYC (Know Your Customer). Ontario online casinos are only allowed to accept members over the age of 19. All accounts must go through age verification to ensure minors aren’t gambling online.

Conclusion 

The online casino market in Ontario has some very exciting offerings for players. From high-stakes games loaded with thrills to live betting options for the most anticipated sports events, there are plenty of reasons to get excited. All legitimate online casinos in Ontario must be licensed by AGCO. The AGCO license is how you can determine that a casino complies with standards and has the player’s best interests in mind.