Canada is starting to make strides within the iGaming industry as the country is starting to join the regulated gambling markets of the world.
Indeed, there are a host of benefits that will be immediately experienced for everyone involved, including authorities, operators and individuals who enjoy gambling, although there are some that will look to highlight some of the potential drawbacks that could be experienced by the country’s decision.
Naturally, the introduction of new regulations should help to change the online casino market in an immense way, as it should make a crypto casino in Canada more accessible to punters across the entirety of the country. Online gambling platforms are very popular to offer as players would be able to enjoy the services provided without any concern whilst enjoying the best online gambling experiences possible.
Could Canada regulate the market?
There is no doubt that Canada is in a good position when it comes down to trying to regulate state laws and introducing new rules for online casinos and sports betting sites. Countries such as Great Britain, Spain and even southern neighbors, the USA, could be perfect case studies for them to look at and follow.
It is claimed that around 2% of adult Canadians currently enjoy an occasional gambling session, according to data found by the Canadian Community Health Survey. This would mean that the government is missing out on a potentially large sum of money that could be acquired from taxing the industry. If they were to do this, there is no doubt that they would be able to benefit, whilst players would also receive the advantage of knowing that they can enjoy and trust the services being provided in the North American country.
How can Canada embrace the positives and drawbacks that gambling provides?
As highlighted earlier, there are a number of different sides to the argument regarding the possibility of regulating iGaming activities such as sports betting and online gambling within Canada, with both sides having strong cases.
Recent figures suggest that the global online casino market is expected to reach $100 billion in 2026, with Canada thought to account for $5 billion. This would allow for the government to be able to raise funds if regulated through tax and aid infrastructure improvements. This is clearly one of the biggest benefits that can be experienced.
Additionally, another benefit to regulating the iGaming industry is that it will help for a safer gambling environment to be able to prosper. The authorities and regulators would have an onus to make sure players are protected as much as possible, whilst operators would have a responsibility to ensure they continue to offer the very best service, as well.
Although there is always going to be opposition to anything that is introduced into law, it would seem that entering and regulating the gambling market would prove to be rather beneficial for Canada moving forward.
The nation would be able to benefit by receiving tax revenue that they had been missing out on which in turn could transform a number of services within the country, whilst those that reside there would also benefit by being protected better and receiving a safer gambling environment.