Fewer new online casinos as a result of regulations

There was a hysteria close to hysteria in Canada about online casinos for years. The Canadian government was not happy with the development since more and more Canadians were becoming addicted to gambling. But the decades-old monopoly that had been in existence was no longer found to be enough since Canadian casino players could still gamble at online casinos licensed from Malta and Curacao. Here you can watch latest casino releases.

The Canadian government commissioned an inquiry that deemed the monopoly obsolete. It was therefore decided that the monopoly was to be dissolved, and a new regulatory body was put in place, which oversaw licensing and compliance for internet casinos. Now, operators who wanted to offer online casino games needed to have a Canadian license from the country's new regulatory body.

There has been a slowdown in new casinos being launched since then

Getting a Canadian license is not easy. The largest operators have, naturally, made sure that they have obtained a Canadian license, but it also meant that several new online casinos that were previously available to Canadian players were no longer available. This was, however, seen as a positive for the players as it mainly removed rogue operators from the market.

It has also resulted in fewer new casinos being able to offer their range of games to Canadian players. This is because they cannot afford the Canadian license, as it is rather costly—approximately £70,000. That said, there are more than 70 various operators who hold Canadian licenses, and many of these have several casinos operating on the same license. Therefore, Canadian players still have a wide range of online casinos to pick from.

More significant restrictions on online bonuses

There have been significantly stricter regulations on casino online bonuses since the Canadian licensing regime was established. Whereas previously unlimited bonuses were allowed, now each licensee can offer only a single bonus per player. That implies exclusive bonuses such as reload bonuses, daily free spins, and other such offers are now prohibited. One welcome bonus is offered, and thereafter, players are not eligible to receive any further promotions from the same casino.

This is a letdown for numerous Canadians and is regarded as among the largest drawbacks of the present regulatory model. Bonuses are an enormous part of the online casino encounter, and not being in a position to benefit from them to the identical extent as before has not been well-liked.

The pandemic has ushered in even more restrictive measures

Canada online casinos were under even stricter regulation during the pandemic. There was a deposit limit of 5,000 CAD weekly per online casino (around £2,925). Time limits also had to be self-imposed by players, and no bonus was allowed to be more than 100 CAD (around £58.50).

These tight restrictions were met with broad criticism. On the one hand, they were seen as the government acting like an overbearing parent. On the other, people questioned the effectiveness of the measures. With 70 different licensed operators, in theory, a player could deposit the weekly maximum at each, which would translate to 350,000 CAD in possible losses a week.

The future of new casinos in Canada

What is the future of Canadian online casinos? Some of the bigger operators have begun to prioritize the Canadian market less or exit it altogether. At the same time, Canada remains a key market for many online casinos and sportsbooks. New casinos are still being opened on a regular basis, just not as frequently as before. The long-term impact of the pandemic and regulatory landscape has yet to be seen.

New casinos online continue to offer many benefits that are appreciated by players, such as the latest games and mobile-optimized experiences. Though some Canadians prefer playing at unlicensed online casinos, most still opt for online casinos with a Canadian license due to the enhanced safety and support that the regulating body of the country provides. 

Conclusion:

There are fewer new casinos being launched online in Canada because of stricter regulations, more expensive licensing, and more restrictive player policies.