For several years, conversations about online gaming (especially sports betting) have focused on the US market and its remarkable growth since the country’s federal laws changed in 2018. But in the past 24 months, Canada has emerged as a newsmaker in online gaming, and the regulated Ontario market has been driving the discussion.
Two years later, as Ontario continues to thrive, the Alberta government is actively exploring how their jurisdiction and consumers can benefit from a reimagined online gaming marketplace. Beyond gaming, financial services regulators are evaluating how they can better use technology (such as location verification) to protect their industry and curb online crime and fraud like money laundering. As noted in this GeoComply opinion piece published in the Hill Times of Ottawa, tech compliance innovations should be leveraged to make the entire internet a more trusted and secure place to do business.
Last Fall, we were honored to bring some of these political leaders to our new offices in Toronto to network and share experiences. They joined GeoComply executives and other industry leaders to talk about the positive impact online gaming is having in Ontario and its potential for the rest of Canada.
(R to L – Julien Crette Waflard, GeoComply COO, Linsday Slader, GeoComply SVP Compliance, Ontario Attorney General Doug Downey, Ontario Minister of Economic Development Victor Fedeli and Stephen Lund CEO of Toronto Global)
Expanding our Canadian footprint
GeoComply is proud of our Canadian roots and the growth of our business here. The opening of a competitive market in Ontario has enabled us to expand our number of employees to over 50 Toronto-based employees, doubling our local workforce in just a year. In total, we now employ nearly 225 people across Canada.
At our Toronto office opening event, Minister Victor Fedeli noted that “GeoComply’s choice of Toronto and Ontario as one of its latest destinations for expansion is a strong vote of confidence in our world-class cybersecurity and fintech ecosystems. We welcome the energy, ideas, and momentum GeoComply will contribute, and the growth and opportunity this investment will deliver to our booming tech sector.”
Attorney General Downey, pointing to how the rest of Canada can learn from the Ontario online gaming experience, said: “Industry leaders like GeoComply play a crucial role in safeguarding the online gaming sector and help to position Ontario as a global frontrunner that can inspire new markets in Canada.”
(Attendees at GeoComply’s Toronto office opening give the guest speakers a warm welcome)
AG Downey’s thoughts on how Ontario can be an inspiration for other provinces are supported by data released by the Ontario Lottery and Gaming Corporation, showing that their net proceeds reached $2.5 billion during the 2022-2023 fiscal year, reflecting a $943 million increase from the previous year. When coupled with the figures released today by iGaming Ontario on its 2-year anniversary, it is clear that competitive markets can drive economic growth for all gaming stakeholders and governments throughout Canada.
Given Ontario’s experience, we encourage other provinces to follow in its footsteps, recognizing the potential for economic growth and consumer protection through regulated markets.
Last year we were pleased to officially add our name to a growing list of companies advocating for a transparent regulatory framework for online gaming in Quebec. To announce joining the Quebec Online Gaming Coalition Linsday Slader said, “GeoComply proudly joins the efforts of the coalition to advocate for a modernized online gaming market that maximizes consumer protection, strengthens integrity, and delivers meaningful revenues to Quebec. Ontario’s success has proven that in an open yet regulated market, everyone wins.”
Conclusion
As a company in support of evidence-based decision-making, we take great pride in being a credible resource for Canadian lawmakers and regulators as they look to modernize their gaming and financial services industries.
