New Ontario Laws Make The 2023 F1 World Championship More Exciting



11 April 2023 - 00:01
New Ontario Laws Make The 2023 F1 (...)

Ontario contains about a third of Canada’s population, and it is also one of the biggest gambling markets in North America. With their constant tourist flux and residence, most markets are thriving, including gambling.

Ontario Lottery and Gaming Corporation’s latest changes and updates in laws hope to improve the quality of the market and provide a safer betting environment for customers. iGaming Ontario is the regulatory betting body in that area. It was created by OLG to give working permits to online gambling establishments.

In 2021, the old bad on single-game bets was finally reviewed and changed. Ontario began a new gambling era in the summer of 2021.

In April 2022, Ontario decided to give equal chances to every casino and sportsbook that operates under their jurisdiction but limited access to certain gambling activities.

From Parlays To Singles, Futures And Props

Before 2021, you could legally bet on Formula 1 and sports only by placing parlay wagers. Parlays are more complex than other bets, and you need solid F1 knowledge and luck to win them all. Bill C-218 erased that rule and allowed future and single-game betting.

This means you can bet on what driver will win the Pirelli Grand Prix Du Canada and the pole position for the race. These new categories allow bettors a broader palette of odds and chances of winning, enabling the market to bring more money to the local budget.

Besides these two, you can bet on prop bets. They are more popular for NFL matches and events like Super Bowl, but this doesn’t mean that Formula 1 doesn’t have such bets. Some propositional bets present a 50/50 winning chance, which can be easy to win. For example, the odds of a specific car crashing or a driver to classify for this year’s races.

Ontario Law Forbids Sports Betting Bonuses Platforms

Despite all these inclusive changes in Ontario’s market, the authorities decided to limit people’s knowledge about bonuses. Comparison and reviewing platforms cannot promote gambling bonuses or display casino reviews in Ontario’s jurisdiction.

This plan should decrease people’s general interest in betting and bonus hunting. The first results about it will be announced before 2025.

You might still find some good deals as a player, but only by manually searching every promotional page on legal gambling websites.

Canadian Casinos Trends

Canadians enjoy all sorts of casino games, from themed slots to baccarat. Most gamblers stick to slot games, and about 30% pick blackjack and roulette. Sports betting is more popular than blackjack, but Formula 1 is not yet the most popular.

Some insights show that sports bettors also try casino games and vice versa. Meaning that more gamblers will choose casinos with both sports and games of chance and mixed bonuses.

However, their preference doesn’t stop at games and types of bets. Casino experts saw a tremendous interest in crypto payments that started in 2020. A listing platform observed what altcoins caught the Canadian gamblers and why.

CasinoBonusCA’s in-depth analysis compares the total volume of searches for specific crypto in 2020 versus 2021. The result shows that the interest grew exponentially, and in 2023 it keeps being an upwards trend.

Can you bet on F1 with crypto?

Yes. Numerous bettors use crypto for racing wagers. F1 fans usually use Bitcoin, Ether, and Litecoin for betting because they are some of the most stable on the market. Other factors influencing them to use crypto are efficiency, convenience and accessibility.

Altcoins have lower transactional fees than traditional payments. You don’t pay bank fees because they are not a state’s property. However, the government categorises digital coins as property, meaning you must pay taxes.

F1 bettors use crypto because the transactional time is shorter. They can add money to their accounts in seconds and withdraw winnings in 30 minutes.

F1 Betting Future In Canadian Casinos

Canadian land-based casinos and online foreign platforms have already adapted their content and advertising methods for Ontario’s government demands. The market still brings significant sums for the jurisdiction, so the regulatory bodies would have to accommodate casinos.

In 2023 specialists predict more meetings and talk about gamblers’ safety. Due to their agreement to add more bettings, they want to keep the risks of gambling addiction low and prevent rather than treat it.

Prevention of gambling is possible and efficient, but it has to be implemented correctly.

One thing is sure, F1 fans don’t have to worry about being left without betting options any time soon. OGL and IGO don’t plan to limit the new betting options if the situation doesn’t get out of control.

Overall, the future of Formula 1 betting in Canada looks bright. The industry is strong and growing, and the government and regulatory bodies constantly work to improve the quality and gambling options for people.

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