Crypto Gambling Could Fade as Alberta Proposes iGaming Overhaul

Alberta lawmakers are bidding to bring more players into a legal system and add layers of consumer protection that were otherwise absent. Currently, the government is concerned about the prevalence of crypto casinos and other offshore operators and the number of Albertans who gamble outside of the province.

Currently, the Alberta Gaming, Liquor and Cannabis Commission (AGLC) run ‘Play Alberta’, the only regulated online gambling website in the province. However, the grey market remains available to offshore gambling websites and crypto operators.

What’s Inside the iGaming Alberta Act?

The “iGaming Alberta Act” has been tabled and would create a new corporation, the Alberta iGaming Corporation, to oversee a more broadly regulated Alberta online casino market. The AGLC would remain in charge of regulation.

The proposed legislation would add consumer protections, such as self-exclusion tools and keep gambling revenue in the province. Service Alberta and Red Tape Reduction Minister Dale Nally said at a press conference that the main goal of the Act is to channel unregulated gambling revenue from offshore or unregulated sites into the province.

Alberta regulators have suggested they took inspiration from the Ontario regulatory model which saw online gaming platforms generate $2.2 billion in total gaming revenue, which allowed external sports betting operators in 2022.

Nally commented in an interview: “Albertans have said to us, why don’t you do the same here? Why don’t you put in place safety measures? Why don’t you stop the money from leaving the province and keep some of it in Alberta?”

“To be clear, gambling is never safe, but you can make it safer. And that’s what we’re going to do,” he continued.

Player protection and addiction

Nally further discussed how marketing on a nationwide level has impacted the province. He emphasized that Alberta can set rules for advertising and promotions within borders, but it’s not possible on a national level. “We don’t control the advertising, the CRTC does,” he said.

Canada has been a little slow to roll out expanded gambling legislation, but remains a hotspot for cryptocurrency. Recently, Bitdeer acquired a 101-megawatt site and gas-fired power project in the province, aiming to become a “fully vertically integrated Bitcoin miner.”

The company emphasized that the deal gives it control over land, power generation, electrical and data-center infrastructure, and its A3 mining rigs.

The crypto mining firm said the deal gives it control over land, power generation, electrical and data center infrastructure, as well as its Sealminer A3 mining rigs. The company’s results have been mixed since it entered the Nasdaq exchange through a backdoor listing in April 2023, so watching how investors react in future months will be interesting.

“It marks a significant step in our strategy to become the first fully vertically integrated Bitcoin miner, giving us unmatched control over costs, energy efficiency, and scalability,” Haris Basit, chief strategy officer at Bitdeer, said in a news release.