Ontario's iGaming potential has become a hot commodity with companies from across the globe eagerly anticipating regulation of the territory.
The Alcohol and Gaming Commission of Ontario (AGCO) has been hard at work laying the groundwork for the province's entry into the regulated iGaming space, having launched an online portal as recently as September 13. The portal enables prospective operators to register in advance, proactively ensuring an efficient onboarding process when the market officially opens. While no date has been set, Ontario's online gambling sector is expected to be given the go-ahead by the end of 2021.
Regulation Revolution
As the wait for regulation in the province continues, the AGCO has assumed regulatory duties in cooperation with the new iGaming Ontario organisation.
iGaming Ontario was founded to manage digital gambling services, empowered by the existing Criminal Code. The organization's powers include creating commercial agreements with entities, enabling it to enforce the Criminal Code and take appropriate action. where needed. This effectively makes it the province’s digital gambling watchdog.
Open Books
Aside from the standard application process, prospective suppliers and operators will need to comply with an entity-level disclosure that involves providing full details of all aspects of a commercial entity. Organizations will need to disclose financial statements, ownership details, tax returns, a diagram of the intended sites, and a full criminal background check.
Whether these stringent procedures will deter any potential entities from entering the market has yet to be seen, but what is certain is that exciting times for Ontario are on the horizon.
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