The casino gaming world evolves fast. New technologies, innovative ideas, or changes in the regulatory systems can seriously impact the gaming market. For instance, since Canada lifted its iGaming regulations the industry has grown exponentially. It’s projected to reach $2.61 billion in revenue in 2024.
This article discusses the future of the casino gaming industry in Canada and its plans to expand in 2025.
The Canadian casino gaming market remained unregulated throughout history until AGCO set up iGaming Ontario (iGO) in 2022. With the iGO in place, Canada laid a strong foundation for the future of casino gaming.
Ontario was among the first provinces to open the iGaming market to private investors in 2022. This move attracted many investors looking to leverage the untapped market. International companies entered the Canadian gambling market steadily. Look at this site for example.
iGO now has over 71 gaming websites and 47 operators, generating over $1.4 billion in revenue. The gaming experience has significantly improved as developers cooperate with entertainment brands to enhance user engagement. However, iGO is slow to make decisions and it’s claiming to need more time to set up regulated gaming.
Canada’s Efforts to Regulate The Gaming Market
Canada’s journey toward a controlled gaming market started in 2019. The government wanted to reduce the Ontario Lottery and Gaming Corporation’s monopoly. However, this took years to consolidate, and the province officially launched its modulated gaming market in 2022.
The main role of the iGO today is to foster a safe, innovative, and competitive casino gaming environment. However, many believe its position raised a conflict of interest that would hinder its functioning.
Now, when Ontario approved its 2024 fall budget in October, it included a provision to amend casino gaming. The bill would terminate the relationship between the iGO and the AGCO, making the former an independent organization.
Free from external influence, the iGO would build on its momentum and drive further development in the gaming market. The much-anticipated provisions will take effect in 2015. The government assumes that this timeline will allow a smooth transition and the company will have time to prepare.
What This Means For the Future of Canada’s iGaming
After gaining independence, the iGO is assured to lead Ontario to improve its casino gaming industry. Many believe the organization will make more informed decisions and respond more effectively to emerging issues. It may build a fair marketplace for private operators, attracting more investors into the province.
The move to make iGO independent shows Ontario’s determination to solidify its position as a global market leader. The government aims to give the company greater autonomy to foster innovation and growth. However, its stringent rules suggest it’ll also maintain rigorous oversight of companies.
iGO’s accountability and governance can contribute to the success of Ontario’s iGaming market. The organization might influence the gaming laws. For instance, the law that prohibits outsiders from gaming with people in Ontario might be subject to change. It might also help with tax collection, improving revenue generated.
Challenges For Canada to Eliminate in the iGaming Industry
Canada is making great progress in shaping its technological, regulatory, and operational landscape. However, the country still has hindrances to overcome.
Here are some challenges Canada might need to work on in 2025:
1. Rules and Legislation
Ontario is still grappling with restrictive rules requiring players to physically reside in the province to play casino games. This limitation led to diminished sports contests, and poker pools, forcing operators to suspend daily sports tournaments in the region.
2. Decentralization of Policies
Although Canada’s decentralized approach to gambling policies allows provinces to pick their policies, it often leads to inconsistencies across the nation. The government aims to reform the rules to more balanced regulations and tax collection.
3. Responsible Gaming
The Canadian government is leading the charge towards responsible gambling. They feature self-exclusion programs and deposit limits to protect players and enhance safe gaming practices.
4. Promoting Online Safety
Casino game operators must adhere to strict financial controls, separating player funds and undertaking regular financial audits. They must ensure that players receive pay fast and promptly and ensure transparent reporting.
5. Preventing Fraud
Canada is struggling with increased suspected fraud attempts in 2024. There’s been a 79.3% increase in fraudulent activities, which emphasizes the urgent need for advanced fraud detection measures. They must use cutting-edge technologies to combat these technologies.
Canada is making great efforts to leverage its untapped online casino gaming market. Since 2019, the country has improved the legislature, allowing private investors to stream into the country. Ontario, the first province to open doors to private operators, will soon make iGO independent.
Although the country still faces significant challenges such as fraud, strict regulations, and decentralized policies, the iGO might help improve the market. The company might make it fairer for private investors to operate in the country and improve the gaming experience for gamers and their lifestyles.