Privatization Delays Costing Ontario Money As Casinos Shut Down Again
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Ontario has closed the doors on all casinos until January 26. The province is trying to capitalize on the federal government’s repeal of its nationwide prohibition on single game sports betting.
In June 2021, the Canadian federal government passed Bill C-218 amending sections of the Criminal Code relating to single-event sport betting. In July 2021 Ontario established iGaming Ontario as a subsidiary of Alcohol and Gaming Commission. igamingontario will manage private online gambling operators and watch the money. AGCO will still be in charge of regulation.
iGaming Ontario is a private company offering gambling products in Canada. It is supposed to be privatized but has been delayed several times. The province is now projecting its fruition in February 2022. iGaming Canada is not yet operating. igaming Ontario has missed its target release date of December 2021.
The province is losing money due to the closure of casinos and the missed betting opportunities. The province was making a profit of $2.5 billion per year before COVID-19. Now it's losing about $200 million this month. The money would have been going towards sports, cultural events, and hospitals.
