Toronto is the largest and most populous city in Canada. It is also the capital of Ontario, which broke ground in 2022 by regulating the iGaming market. Ontario remains the only province where iGaming has been regulated, although Alberta is expected to follow suit in the coming years. However, industry regulation has seen a surge in popularity in online casinos, as well as online sports betting and online poker games.
Toronto is the main technological and business area of Ontario. In the city itself, there are nearly 100,000 businesses, with nearly a quarter of a million across the whole metropolitan area.
Toronto has the infrastructure, the technology, and the business backing to run an established iGaming scene and it has seen the introduction of a lot of popular online casinos. Toronto is also emerging as a crypto city where businesses and individuals are increasingly likely to accept cryptocurrencies.
Cryptocurrency has become a popular bedfellow of online casinos because it offers instant deposits and withdrawals. It offers secure and private payments, as well as innovative ways of placing wagers on casino games. Toronto’s place at the cross-section of a newly regulated market and innovative cryptocurrency businesses sets it up as the iGaming capital of Canada.
There are obvious security concerns surrounding online casinos. Players deposit money into their accounts, and in a lot of cases have to share their personal and financial information. Toronto is home to cybersecurity specialists and firms, and even has its own cybersecurity conference, which enables local online casinos to offer fully secure gaming environments.
Since the regulation of iGaming in Ontario, Toronto has become an iGaming hub. Toronto is home to more than a dozen physical casinos, including well-known venues like Woodbine and Casino Niagara. Physical casinos remain popular, but players can’t always head out to casinos, and this is where iGaming websites have proven especially popular. They enable players to enjoy games like roulette and blackjack without having to leave their homes.
There are still some challenges and hurdles faced by iGaming companies in Toronto. Regulatory changes are likely. In particular, there have been calls for restrictions to be placed on advertising with surveys indicating that even casino players are sick of seeing gambling advertising. As the province watches the market evolve from the sidelines, advertising is one area where companies and lawmakers will concentrate a lot of their efforts.
And, while locals can register and play at local online casinos, such as those that are licensed in the province, there is nothing to stop players from opting for offshore casinos. This means competition is still rife in the industry. Competition is good for players because it means better quality games, improved features, and bigger bonuses. It is also good for business because it forces iGaming websites to improve their efforts and stay lean. But, with thousands of offshore casino options, local iGaming sites do have their work cut out for them.
iGaming was only regulated in the province two years ago, and the industry has evolved very quickly during this period. There is still something of a skills gap, with the Toronto iGaming industry crying out for experienced, skilled talent to develop and improve online gambling efforts.
iGaming is evolving throughout Canada. Ontario is the only province that has legalized and fully regulated the industry, although Alberta is expected to be the next state to offer a fully regulated market. Alberta lawmakers have even said they would use Vancouver as a blueprint for how to develop their own industry. While there are obvious challenges ahead for the whole country, even including groundbreaking Vancouver businesses, the industry is developing very well.
