Since the United States and Canada are so near, they are remarkably similar in many ways. Sports, eSports, fast food restaurants, and camping are all popular pastimes for both Canadians and US citizens.
These two, on the other hand, have separate laws and control their markets in different ways. Gambling and online casinos are an excellent illustration of this, as there are some significant variances between the US and Canada.
Even if the gameplay and types of games accessible at online casinos are similar, a lot is going on in the background. Here, we’ll look at how this industry differs and perhaps help you determine whether it’s better to play in the US or Canadian online casinos.
Regulatory Environment
If you want to gamble online in Canada, you can do so. It’s not illegal, so as long as you have access to the best Canadian online casinos and a method to fund your account, you’re good to go. Having said that, Canada does not provide licenses to online casinos, therefore the platforms you use are most likely not situated in Canada.
In other words, you are most likely playing on a website registered and licensed in Malta or on a platform headquartered in the United Kingdom.
This is not the case in the United States. For a long time, online gambling remained prohibited in the majority of states, but with the industry’s tremendous growth, that is changing. More and more states are legalizing iGaming, owing to the economy’s clear income potential. This also implies that online gambling is state-regulated, with operators licensed in the United States.
This can also be a beneficial thing because it assures that users play on a trustworthy platform and gives states more influence over how the sector is governed. It is more transparent, making it easier to report on the most recent changes in the sector. This contributes to the development of trust between users and the state, which controls gaming activity.
Software Developers
Top-tier gambling software is required for sites to give a superb gaming experience. Fortunately, the IT sector saw the promise of online casino games, and many young developers followed suit. Because Canadians have more access to many foreign platforms, they may play on sites or games established by trustworthy organizations.
Betsoft, NetEnt, Real-Time Gaming (RTG), Quickspin, and others are among the most popular software developers in the region.
Unfortunately, this was not always the case in the United States. Fortunately, some states’ attitudes are changing, and New Jersey, Colorado, and Nevada are now welcoming some of these overseas developers.
Different Casino Bonuses
One of the primary draws of online casinos is the huge offers and welcome bonuses, which vary depending on where you are. The reason for the differences is that certain places demand suppliers to be more competitive since competition is fiercer there.
As a result, overseas platforms must compete for customers in Canada, and as a result, more generous offers are anticipated. This implies that, for instance, a minimum deposit online casino platform, as well as those that demand no deposit for consumers to get bonus funds, are more likely. In the United States, competition is more limited because all providers are from the same state.
Greater competition implies better deals for users, but this does not imply that US providers will not give substantial benefits. It simply implies that it will be easier for them to agree on standards and raise prices if necessary.
Tax Regulations
Online gamblers in Canada are not required to pay taxes on gains from online casinos, sportsbooks, lotteries, or other games of chance.
These gains are not considered a reliable source of income. Furthermore, neither internet nor land-based gaming is classified as a business under Canadian law.
In most circumstances, gambling earnings in the United States are reported on Form W-2G and are subject to a flat tax of 24%. The same percentage applies to the fair market value of any non-cash award, such as a vacation or a car.
Payment Methods
Withdrawal and payment methods are frequently a source of contention for US online casinos. Because of the UIGEA, the majority of credit card issuers have placed limits on gambling payments. As a result, payment options for such casinos in the United States are limited. Players may transfer and withdraw funds using Neteller, Visa, Skrill, American Express, and MasterCard, which are the most popular payment methods for US players.
Canadian online casinos, on the other hand, are more adaptable in terms of payment and withdrawal options available to their customers. Most credit firms have no limits.
Currencies
The US has an advantage in terms of the money utilized in gambling sites. Since the US currency is widely accepted, most gambling sites can readily take the USD.
Unfortunately for Canadians, the Canadian currency is not always recognized, even on Canadian gambling sites. Players can still deposit on these gambling sites, but their funds will be converted.
The Future
Online gambling is progressively increasing in both the United States and Canada, although the rates of growth differ in several ways.
The Unlawful Gambling Enforcement Act of 2006 in the United States was a huge step back towards internet gambling, attempting to prohibit any online gambling operator from receiving payment in the form of a bet. It arrived at a time when the Canadian online casino business was booming. Some jurisdictions have even launched their internet casinos.
As gambling rules grow more accommodating, the future appears bright for both the US and Canadian online gaming industries. Canada has more online casino services, and the United States is looking to follow suit with the wider legalization of online gambling.
Conclusion
When it comes to online gambling, Canadians have it better than the US gamblers. Canadians have access to the world’s top casinos. Only a few states south of the border allow iGaming.
What’s more, when Canadians win, they don’t have to pay taxes. Americans Gamblers in the US give up one-quarter of their profits. Fortunately, the United States is gradually catching up with the rest of the world. And, sooner or later, all US citizens will gain access to the world’s best online casinos.