The regulation of the online gambling industry in Canada has always been seen as strict till the closing stages of 2021 when the Canadian government passed the C-218 bill that legalised all kinds of single-event sports betting offerings throughout the country. This new bill serves as a new adventure for gamblers within the country, and it also brought about new changes to the regulation of the iGaming industry in every provincial government.
Shortly after the C-218 bill was passed, the Ontario government established iGaming Ontario (iGO), which is the subsidiary of the Alcohol and Gaming Commission of Ontario (AGCO). Through this, they launched a newly regulated gaming market in Ontario on the 4th of April, 2022. This new open market was created by iGO and AGCO to establish a new, safer, and competitive online gaming space for its provincial residents. This establishment saw several iGaming platforms rushing in to join the newly-launched open gaming market in Ontario. However, before they can enter, all operators have to meet up with the iGaming Ontario requirements for fairness, game integrity, player protection and social responsibility.
iGaming Ontario
iGaming Ontario work with the AGCO to regulate Ontario’s online gaming market. The AGCO continues its work as a regulator for the province while the iGO will be overseeing the operators and the online gaming services they offer to customers. According to Michael McKenzie, journalist in iGaming where you can find more work from in his profile by clicking here, The AGCO ensures that all operators carry out responsible gambling, game integrity, prevention of underage players, prevention of money laundering and protection of players’ personal data.
iGO’s responsibilities are to build a top iGaming market in Ontario, protect players, provide more choice in the market, ensure operators meet responsible gambling requirements and watch out for anti-money laundering.
How iGaming is Regulated in Ontario
Before gaming operators can join the open gaming market in Ontario, they have to register with the AGCO and enter an operating agreement with the iGO before they can openly offer their internet gaming services to residents in the province. As of the time of this writing, over 20 private gaming operators have already achieved this and are currently offering gaming services in the province.
There are several steps gaming operators must take to completely register with the iGO and AGCO, which also include some form of training. Once these steps are completed and passed, gaming operators will be able to offer their services in the province.
iGO: Know Your Customer
One of the steps gaming operators must complete is employing the Know Your Customer (KYC) to establish customers’ identities so they can assess and monitor for any potential risk. This process involves gaming operators collecting information like date of birth, address, and name during the process of account registration. They will proceed with the verification process which can include document verification, proof of address check, biometric verification, a credit file check or more.
iGO: Anti-Money Laundering
Gaming operators hoping to enter Ontario’s open gaming market will have to comply with Canadian Federal Regulatory Anti-Money Laundering (AML) requirements.
This process includes complying with the rules and regulations like reporting suspicious transactions, sanctions and PEPs checks, and screening prohibited players. If operators neglect or don’t comply with AML regulations, they stand a chance of being punished in the form of AML fines or face serious penalties.
Identity Checks of Players
Identity verification is now playing a pivotal role in the creation of an account, due to the establishment of Ontario’s gaming market. Identity verification helps the operators meet requirements like KYC and AML, which will play a role in reducing the risk of financial fraud and crime.
Conclusion
While there are several ways the iGO and AGCO regulate the new iGaming market in Ontario, the aforementioned are the ones known to the public. This new regulation set up by the two organizations will prevent and reduce financial fraud while protecting the personal data of players in Ontario. This is a way for the provincial government of Ontario to protect its residents from the dangers of the gambling space while increasing its annual revenue.
