Ontario’s Best Online Sportsbooks: The Complete Guide & FAQ

If you’re looking for the best, safest and most legal online sports betting in Ontario, you’ve come to the right place. On this page we bring you all the information about licensed sports betting operators in Ontario and everything you need to know before placing your bets.

Canada has specific laws regarding sports betting and gaming in general, with the Ontario Lottery and Gaming Corporation having held a monopoly on the market for many years.

In 2021, this monopoly was finally broken, as the necessary laws were passed to allow private gaming companies to enter the market and obtain proper gaming licenses in Canada’s largest province.

As of April 2022, Ontario sportsbooks have grown significantly, with many international sportsbooks obtaining their licenses and beginning to offer their services to Ontario players.

With millions of people waiting for online sports betting in Ontario, we are likely to see an explosion in the market, which will finally have adequate competition that will encourage operators to provide better services and offer the type of products that Canadian players deserve.

If you’re looking to bet on sports in Ontario in the weeks and months to come, keep reading and find out the best sportsbooks in Ontario to bet with, how we got to where we’re not and what kind of markets and betting services you can expect. new players in town.

Online sports betting in Ontario

Rarely has a new online gambling market opened up as strongly as Ontario, with dozens of gambling operators ready to launch their products and get going.

The main businesses to enter Ontario are online sportsbooks that have made a name for themselves in regulated US states and are looking to expand into all North American markets.

BetMGM Sports tops the list of top Ontario sportsbooks you can expect to see active in early April. BetMGM has partnered with Entain to provide this product to Canadian players which means we are definitely in for a top notch product from the owners of Coral, bwin and Ladbrokes, some of the biggest sports betting sites in the world .

FanDuel Sportsbook is another operator with a strong presence in the United States that has decided to come to Canada and expand its reach. The popular fantasy sports platform now offers hundreds of betting markets and one of the most modern sports betting platforms.

DraftKings Sportsbook offers a similar product to FanDuel, which is why the two attempted to merge in 2016, before the Federal Trade Commission halted the merger to avoid a monopoly. DraftKings continues to offer one of the best sports and fantasy betting products and will undoubtedly enter the new market as one of the top sportsbooks in Ontario.

Chicago-based BetRivers is another well-known US operator entering the Ontario market and bringing with it the experience and skill set to immediately deliver premium service. Like BetMGM, BetRivers joins the fray in early April and is pushing for a big share of the market.

PointsBet is another major online sports betting site that has announced its entry into Ontario, with the operator offering a unique ‘points betting’ system that sets it apart from the competition. PointsBet will offer a bit of versatility and another premium mobile betting platform for anyone looking to place sports bets, especially in expanded markets.

Ontario Online Sports Betting Laws and Regulations

For many years, single-event sports betting was illegal in Canada and Ontario, which meant that players who wanted to place sports bets would travel to foreign betting sites to place their bets. In June 2021, Bill C218 abolished this ban on single sports betting, paving the way for legal sports betting in Ontario.

The new law also abolished the monopoly that the Ontario Lottery and Gaming Corporation (OLS) had in the province, allowing licensing to other private game companies. The government established iGaming Ontario, a subsidiary of the Alcohol and Gaming Commission of Ontario, to license and oversee the operation of online sports betting in Ontario.

With all the rules and standards in place, the official launch of online gambling in Ontario was scheduled for April 4, 2022.

From now on, private gaming operators wishing to operate in Canada need only apply to iGaming Ontario and prove that they can adhere to all the standards of this regulatory body. Once done, a license is issued and the operator can operate as they could in any other legal market, making Ontario a new haven for international sports betting sites.

Ontario Online Sports Betting Taxes

When it comes to sports betting taxes in Ontario, there are two things to consider. The first relates to the taxes that sports betting operators will pay to the government, and the second relates to the taxes that you may have to pay on your sports betting winnings.

Under Ontario laws and regulations, online gambling operators will not pay taxes as such, but rather enter into a revenue sharing agreement with the government. Although it is not a tax on paper, it is in fact a tax on all revenue generated and at present it looks like operators will pay around 20% of their gross income. That said, this is significantly lower than the 55% that live casinos in the province must pay.

When it comes to actual gamers, there is good news. Anyone betting on sports in Canada who is not a professional gambler does not have to pay tax on their gambling winnings. That’s right, gambling profits are tax exempt, operators being the ones who pay tax on the money they win from players.

Ontario Sports Betting

As of April 4, 2022, all sports fans in the province of Ontario will have many options to legally bet on the sports of their choice. With around half a dozen operators available from the start and more likely to join, the market will be saturated, with great opportunities for punters.

To bet on sports, you will need to register with one of the licensed operators and confirm your identity. You can download an app to your phone to bet quickly and easily, with each of Ontario’s top sportsbooks offering a dedicated betting app for Android and iOS devices.

Once you have registered and credited your account, you will be able to bet on the sporting events of your choice. The list of betting markets is long and there are plenty of options for fans of all sports, ranging from hockey, soccer and basketball to tennis, boxing and soccer.

Operators will also be allowed to offer live betting, which means you can bet on matches that are already in progress. Placing in-play bets through a mobile betting app has never been easier and is a great way to make sports even more fun.

With the arrival of legal sports betting in Ontario, some things are about to change. Instead of placing bets with insecure international bookmakers that are outside of Canadian jurisdiction, all bets will now be taken by operators legally registered in Canada.

All gaming licenses for gaming sites in Canada will be issued by iGaming Ontario, the new online gambling regulator. This body will ensure that operators adhere to the highest standards of safety and fairness and provide their customers with the best care and confidentiality.

Ontario betting sites are protected by SSL high-end certificates and encryptions that prevent any data leakage. They are also required to keep all of their user data private and not sell or share it with other entities.

When it comes to monetary transactions, these are also very secure. Operators can only use the best and safest payment methods in the world, and you will not directly share your bank details with real sportsbooks. This means that you will always be safe and can be sure that your money will be kept safe and separate from any operating funds of the companies managing the sports betting.

Banking Options at Ontario Sportsbooks

As we have already briefly mentioned, all licensed sportsbooks in Ontario are allowed to use proven payment methods on their platforms, thus guaranteeing the safety of their users.

Players still have more than enough different methods to move their money, with traditional banking options and e-wallets available. Fast and affordable transactions are key, and transferring money with these payment methods will ensure that.

Here are some of the payment methods that top sportsbooks in Ontario will have access to for deposits and withdrawals:

  • MasterCard
  • AmEx
  • Visa
  • PayPal
  • Skrill
  • Neteller
  • ACH/electronic check
  • Online banking

FAQs

Is sports betting legal in Ontario?

Yes! Sports betting is now fully legal in Ontario, following the 2021 Parliament decision that legalized sports betting on a single event. Beginning April 4, 2022, private online sports betting will be launched in Ontario, and the online betting market will be launched in full.

Where can I bet on sports?

A number of sports betting sites have applied for and obtained sports betting licenses. Some of the biggest include BetMGM, BetRivers, PointsBet, FanDuel and DraftKings, with more likely to follow. You can legally bet at any iGaming Ontario licensed bookmaker.

What sports and markets can I bet on in Ontario?

Canadian sports bettors in Ontario have access to a whole range of betting options. Popular sports competitions from Canada, the United States and the rest of the world are all available, with dozens of different betting markets on offer, including moneyline, spread and points betting.

Who regulates the betting market in Ontario?

Online sports betting and other forms of online gambling are regulated by iGaming Ontario, a new subsidiary of the Alcohol and Gaming Commission of Ontario.

How can I fund my online betting account?

You can use a range of payment methods to make deposits into your Ontario online betting accounts. These methods include popular credit and debit cards, direct bank transfers, checks, and e-wallets such as Skrill, Neteller, and PayPal.

Do I have to pay taxes on my won sports bets?

No! Canadian gamblers are exempt from tax on their gambling winnings unless they are registered as professional gamblers. Instead, the government will take a cut of the revenue made by online gambling sites, in the region of 20%.

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