  | Canadian Spotlight on Online Casinos According to a report by the Ontario Lottery and Gaming Corporation, which is responsible for the Canadian province's legal gambling activities, revenues have dropped more than $330 million in the past three years due to competition from the online casinos and poker industry. Another $200 million is forecast for this year, prompting further calls amongst Canadian gamblers for the legalization and regulation of the online casinos and poker industry in Canada. At present, the bulk of the lost revenue is going to offshore based online casinos as the popularity of online gaming increases. Several land-based gambling ventures have urged the Canadian government to legalize online casinos, arguing that regulation would keep hundreds of millions of dollars in Canada instead of being sent abroad. Regulation of online casinos and poker industry would also go a long way to protecting vulnerable adults and minors and could reduce the gambling addiction and problem gambling. Those in favour of legalizing online casinos are quick to point out that Canada isn’t the only country affected by loss of taxation revenue. Even Las Vegas, the world’s oldest and most established gambling capital, is feeling the pinch of competition. According to industry figures, gambling in Canada is worth $14 billion each year. The industry directly employs 50,000 workers and another 50,000 to 60,000, most of them in Ontario, who make their living through horse racing. Worldwide internet gambling revenues were an estimated $5 billion in 2001. This year, online casino and poker industry is expected to net $12 billion, which will increase to $21 billion by 2010. In order to share a piece of the ever-growing pie, Canada will have to follow in the United Kingdom’s steps and formulate a new approach toward online casinos, or be left behind. Back |
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