Finally, McGuinty makes a good decision

The Ontario provincial government, led by Premier Dalton McGuinty is by all accounts a terrible government and Premier. I won’t get in to why this is so, but everyone living in Ontario will more than likely agree with me. Almost 4.5 months ago, I published a post about online gambling and how governments in North America should legalize it (click here to read it). I said at the time that Ontario and other provinces/states would stand to gain a lot of tax revenue by doing so and it might help spur the economy.

Well, either Premier McGuinty read my post or they came to this realization on their own but it looks like that is where we are headed. This is according to a recent article I read in the Toronto Star (click here to read it). I don’t want to get too far ahead of myself because the decision has not been made yet, but they are seriously considering it. They say that Ontarians spend about $400 million a year on offshore online gambling sites and they would like to see this money stay in Ontario instead. This is true. In fact, if it becomes legal then the number would likely grow as more people would be made aware of what it is due to advertising.

It will also allow people to start online gambling sites from Ontario which will employ people and add even more tax revenue to the government. We already have foreign online gambling sites advertising in Ontario to Ontarians which you would think wouldn’t be allowed. However, this is more of a grey area in North American right now and that means we are simply not making money that we could be because the law prevents us from doing so. I realize the same thing could be said about illegal drugs, but online gambling is not going to kill anyone.

Sure, people need to do it in moderation and not throw away their life savings on it, but we already have casinos and lotteries which go after the same temptations anyway. Online gambling offers many of the games that you would find at a casino, plus sports betting which is taken to a new level online.

Online sports betting allows you to make many different bets on one sports game because the odds, potential winnings and shape of the bets change in real time as the game progresses. It is called in-progress betting or in-play betting and is one of the fastest growing trends in the gambling industry. There is a lot of potential for investors to reap the rewards if the Ontario government legalizes online gambling. You can put money in to new start-up online casinos registered in Ontario or in specific marketing firms that will work with them, among many other ways to invest in this new and emerging opportunity.

The Ontario government is so awful at its job that I am completely surprised that they are on the verge of making a good decision. Now if only they can undo every bad decision they made since they came to power, we would be in good shape.