Gambling laws differ significantly in various parts of the world. In Canada and the US, these laws vary across different provinces and states. Therefore, what is allowed or prohibited can change from one town or city to the next. The gambling laws in Canada are more permissive and relaxed than those in the United States.
At the moment, online casinos and sports betting are allowed in the US thanks to the changes that took place back in 2018. For avid gamblers, one of the main differences between Canadian and US law is how much the player can take home. In Canada, winners are not taxed in land-based or online gambling sites. This means that all the profits go into the player’s account.
In the US, things are quite different since gambling wins beyond a specified amount are taxed. The percentage of the tax mainly depends on the nature of the game and the amount won. In most cases, players who win huge amounts of money can expect to be taxed anywhere between 24% to 30%.
Canadian online casinos cannot be operated by Canadian citizens legally. Similar to New Zealand, local residents have been banned from running online casinos. However, there are no laws that prohibit offshore casinos from offering gambling services in Canada. Or preventing Canadians from accessing these services.
Canadian law allows players to gamble at licensed websites and get best casino offers online. Casino gambling is popular in Canada and there are more than ninety land-based casinos for players to choose from plus online services operating in the UK and Malta.
US citizens can access offshore online gambling sites but this varies in complexity depending on the gambling rules in each state. Some states make it hard for citizens to access specific forms of online gambling through payment restrictions. At the moment, online gambling in Indiana has been relaxed to encourage players to gamble and win. It’s important for players to be conversant with the laws of every state gambling at online casinos.
In most cases, Canadians can easily access a wide range of online casino games unlike their counterparts in America. This is due to the quantity and quality of gaming providers used by offshore sites. Providers have always wanted to differentiate their gambling sites by offering a wide range of titles and attractive features to lure players and get the top spot.
Most iGaming software brands are not licensed to operate in the United States or sell software to casinos based in the US. However, several states including Nevada, New Jersey, and Colorado have started eliminating gambling regulations and opening gates to international developers.
While most Canadian players don’t have to pay taxes when they win, casinos do pay taxes to help in the generation of revenue for the country. The gambling sector’s GDP rose by approximately a billion dollars between May and September 2019.
New Jersey was among the first states in the US to embrace gambling laws and provide sportsbooks and casinos to visitors and citizens. This made it possible for the gambling industry to rake in $85 million in August this year. This was an increase of 120.9% from last year.
These numbers show that gambling can be highly advantageous to the global and country economy by generating millions of dollars in taxable revenue every month. The gambling industry in Canada is booming. And the relaxation of gambling laws in most states across the United States makes it possible for other states to follow. Since gambling regulations keep changing, it’s always important to check the state laws before committing time or money.