Ontario’s Online Gambling Industry Booms Three Years After Legalization, but Experts Raise Concerns
Three years after legalisation, Ontario’s online gambling industry has exceeded expectations, generating billions in revenue and thousands of jobs. However, experts warn of rising gambling addiction and question the industry’s marketing practices.
According to iGaming Ontario’s 2023-2024 annual report, Ontario residents wagered nearly $63.3 billion in the fiscal year, generating $2.2 billion in total gaming revenue—representing a 78% increase in wagers and a 75% rise in revenue from the previous year. The industry’s economic impact has also been substantial, contributing approximately 15,000 jobs and $2.7 billion to Ontario’s GDP, as reported by Deloitte.
But Bruce Kidd, co-chair of the Ban Ads for Gambling campaign, claims that excessive advertising has fueled gambling participation and addiction. “There has been an explosion of unregulated ads, leading to a surge in gambling-related issues,” Kidd told CBC Toronto.
The AGCO has implemented restrictions on marketing, including banning professional athletes and certain celebrities from gambling ads. However, Kidd believes further action is needed. “There is a public health argument for reducing the ads. The industry could thrive without them.”
Alberta Introduces Bill 48 to Regulate Online Gambling
Alberta has proposed the iGaming Alberta Act (Bill 48) to establish a regulated online gambling market to enhance consumer protection and capture revenues lost to unregulated operators.
The bill will create the Alberta iGaming Corporation to oversee the private iGaming market, while Alberta Gaming, Liquor, and Cannabis (AGLC) will regulate it. Minister Dale Nally emphasised that the goal is to ensure safer gambling rather than encourage new players.
A key feature of the legislation is a centralised self-exclusion system, which allows individuals to limit gambling across platforms. The minimum online gambling age will be 18.
UK Gambling Commission Launches Consultation on Deposit Limits
The UK Gambling Commission has launched a supplementary consultation to clarify deposit limit rules ahead of new regulations set to take effect on 31 October. The move is part of ongoing efforts to enhance consumer protection following the 2023 Gambling Act Review White Paper.
Currently, deposit limits allow players to set the maximum amount they can deposit within a specific period. However, some operators have introduced “net deposit limits,” which consider withdrawals and potentially allow higher deposits than intended. For example, a player with a £100 monthly net deposit limit who withdraws £50 could deposit £150 that month.
The Commission aims to improve transparency and consistency by refining definitions of deposit limits and other financial controls. “This can be confusing for customers,” it said, emphasising the need for clearer rules. The consultation, launched on 6 March, will run until 30 April. It will gather feedback from industry and consumers.
European iGaming Sector Faces Billions in Fraud Losses
The European online gambling (iGaming) industry is losing over €5 billion ($5.2 billion) annually to fraud, according to new research from identity verification firm Sumsub. The study found that nearly half (47%) of surveyed compliance professionals reported losing more than 10% of their revenue to fraud in the past year, with 15% losing over 20%.
Fraud is rising, with 83% of respondents claiming it worsened in 2024. Identity fraud (65%), money laundering (65%), and bonus abuse (64%) were cited as the most significant threats. Most fraudulent activity occurs after customer onboarding. AI-powered scams, including deepfake-generated IDs and automated bonus abuse, exacerbate the issue, the findings show.
Current fraud prevention strategies are proving inadequate, preventing just 54% of fraud attempts. Experts have urged firms to adopt a multi-layered security approach, integrating KYC, behavioural analysis, and device fingerprinting to combat increasingly sophisticated fraudsters.
Europe’s Gambling Market Shifts Toward Online
Europe’s gambling market reached €123.4 billion in gross gaming revenue (GGR) in 2024, marking a 5% increase from the previous year. However, the growth is largely driven by the rise of online gambling, while land-based operations are seeing a decline in market share. Land-based gambling revenue grew slightly, from €73.3 billion in 2023 to €75.5 billion in 2024, but its share of the overall market fell from 63% to 61%. Projections suggest it will continue to decline, dropping to just 55% by 2029.
In contrast, online gambling accounted for 39% of the total GGR in 2024, up from 37% the year before. Mobile gambling, in particular, is driving this growth, with mobile devices expected to generate 67% of online gambling revenue by 2029. As consumer preferences shift toward convenience and accessibility, the future of land-based casinos looks increasingly uncertain.
YouTube Tightens Policies on Gambling Content
YouTube is tightening its policies on gambling content, announcing new restrictions that will take effect on March 19th. The platform will prohibit creators from verbally referring to gambling services not approved by Google, as well as displaying their logos or linking to such services in videos.
Additionally, videos discussing online gambling may be subject to age restrictions, preventing viewers under 18 or those not signed into YouTube from accessing the content. However, this rule does not apply to videos about online sports betting or in-person gambling.
YouTube also stated that it will remove content promising “guaranteed returns,” even if the gambling service has been approved by Google. The platform emphasised that these changes are aimed at protecting younger audiences and ensuring safer experiences for all users. This update follows similar actions by platforms like Twitch, which restricted gambling content in 2022.
Bitcoin’s Rise Drives Shift Toward Altcoins in iGaming
The latest report from SOFTSWISS reveals a notable transformation in the iGaming industry, with altcoins now accounting for nearly half of all cryptocurrency wagers. Despite Bitcoin’s market capitalization soaring to €1.8 trillion in 2024, its dominance in gaming transactions has waned. SOFTSWISS data shows Bitcoin’s share dropped by 17 percentage points, while Ethereum, Litecoin, Tether, and Dogecoin gained significant ground. Altcoins now represent 52.4% of crypto bets, nearly double from 2023.
The rise in Bitcoin’s value late in 2024 led to more conservative betting behavior, with the average crypto bet increasing 1.4 times, though overall crypto wager volumes dropped by 12.8%. This cautious approach signals a shift in player preferences toward more stable, efficient digital assets. The report also highlights the growing adoption of proprietary tokens by platforms like Rollbit, promising more tailored and stable gaming ecosystems.
The iGaming industry is clearly evolving, balancing both fiat and digital currency solutions.
Binance and Mastercard Launch Crypto Payments Card in Argentina
Binance has partnered with Mastercard to introduce a crypto-enabled payment card in Argentina, marking the product’s first launch in Latin America. Issued by Credencial Payments, the Binance Card allows users to make purchases with cryptocurrencies like Bitcoin (BTC) wherever Mastercard is accepted.
The card converts crypto to fiat in real-time at the point of purchase and offers up to 8% crypto cashback on eligible transactions. Currently in beta, it will be widely available in the coming weeks.
Binance plans to expand the card to other markets, supporting additional cryptocurrencies in the future.
Panama Proposes Bill to Regulate Crypto Payments
Panama has introduced a new draft bill to regulate cryptocurrencies, positioning the country as a fintech leader in Latin America. The legislation recognizes Bitcoin (BTC), Ethereum (ETH), and stablecoins as valid payment methods for goods, services, and debt settlements, subject to mutual agreement.
The bill also establishes licensing requirements for Virtual Asset Service Providers (VASPs) and enforces Know-Your-Customer (KYC) and anti-money laundering (AML) regulations. Additionally, it promotes blockchain use in public administration and recognizes smart contracts as legally binding.
Now under review in the National Assembly, the bill could shape Panama’s crypto future if approved.
Italy Clarifies Taxation on Crypto Payments
The Italian government has clarified its stance on crypto payments taxation, confirming that no tax applies to cryptocurrency transactions unless capital gains are realized. This clarification follows questions raised about the 2023 crypto law, which left uncertainties regarding tax calculations.
Capital gains taxation applies when crypto is used to purchase goods, with a taxable amount determined by subtracting the original acquisition cost from the euro value of the purchased item. Currently taxed at 26%, the rate will rise to 33% in 2026. However, direct exchanges between cryptocurrencies of similar function, such as Bitcoin and Ethereum, remain tax-exempt.
Complexities arise when tracing an asset’s original purchase cost, particularly if multiple transactions were involved. As a result, experts recommend using tax software for accurate calculations. To simplify tax reporting, converting crypto into stablecoins before making purchases is suggested.
This clarification ensures compliance for crypto users and businesses in Italy’s evolving digital economy.
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