Over the centuries, the Canadian people have been involved in numerous forms of gambling, and online casinos are also permitted on the islands as well. The Canadian laws regarding gambling endured a lot of favourable and unfavourable transmutations, due to stringent protocols and guidelines regarding prohibitions. Whereas, in the present time, several gaming opportunities are considered lawful which are being controlled by the division of internal affairs along with online casino gambling.
Canadian gaming’s standpoint in law
In the 18th century, gambling was permitted lawfully in Canada, according to the Canadian Criminal code of 1892. Whereas, this law endured modification in 1910, which allowed “pari-mutuel” gambling. As per this amendment, winners, horsemen, track and government will have their due part in the loots of the loser. So, this form of gambling became officially legitimate not only for race trackers but also for those games whose profits will use for benevolent and religious activities. This resulted in, the participation from the province’s side which allowed gambling at agronomic carnivals and expositions.
Overall, these gambling laws were not transmuted until 1970 through which the provinces attained power of authorizing the licenses for games of chance in their respective districts, as per the criminal code.
The Dawn of Online Casino Gaming for Canada
This present time is known for technological comfort, and when it comes to gaming, this generation priorities online platforms more than traditional ones. So, this comfortability of gamers initiated a new form of gambling, known as “Online gaming”. This new form of gaming became attractive to gamers that they are also adjoining their casinos and gambling activities with online casino gaming.
In order to regulate online casinos, Canada follows and depends upon Malta’s gaming commission and international regulatory body “eCOGRA”, (eCommerce and Online Gaming Regulation and Assurance Agency) to supervise online gaming activities. Canada hinges on these organizations because they have the capability to handle and control the online gambling procedures and activities that involves money. These regulations are viable to the technological environment where gamers ply and bet online for actual money.
The technology-based casinos are just like traditional casinos, where gamers can have all types of gaming opportunities along with the audio-visual features which are the parts of “actual” gambling machines. This gives the player an illusion of real-life situations and the environment, which eliminates the risk of fraud in the eyes of players. Due to this comfortable and virtual environment, the internet gaming industry is becoming the major industry of growth and revenue in the Canadian gaming world.
Along with this egaming, ebanking is playing a crucial role in making this online gaming opportunity and platform successful. The players when playing online for actual money should have ecards, wallets so that one can easily transfer the earned money into their residential bank accounts. Currently, cyber currency online casinos provided the opportunity where one can convert casinos earned money in forms of Bitcoins, Peercoin, Litecoin, NXT, Namecoin and Dogecoin to Canadian currency.
Self-regulation and Online gaming
Due to technological benefits and edge over traditional casinos, players in recent times felt that because of all-time access opportunity their habit of gambling becomes problematic. Online gambling becomes part of their daily life as they can gamble 24/7. So, in order to regulate one’s own lives and to protect their players, casinos established self-monitoring safeguards.
These safeguards enable the player to inform the gambling casino if they found themselves in a problem. Then these safeguards prohibit the player from gambling for a specific set time, after that specified time the player then again can gamble.
Canadian tax-laws and Your Online Casino Wins
According to the Canadian income tax act, the earning or winnings of online or offline gambling from casinos will be tax-free. Online gaming is considered a hobby and the winnings from gambling is being treated as casual income, just like from any other means. Only in one circumstance, the gambler’s winning could be taxed and that is when the gamer is known as a professional gambler than loots are supposed as income from one’s business, so in this case, that gambler could be taxed on the rewards or loots. So, in a nutshell, Canada provides a favourable environment, where gamers can credit and extract their earnings anytime without worrying much about the taxation percentage. This edging opportunity in the Canadian gaming word gives cherish the experience to their gamers.