Online poker players will be able to gamble on online gambling sites after regulators in New York and Washington eased restrictions on their businesses.
Online poker operators will be required to file an application for bankruptcy if they cannot comply with state and federal gambling laws.
Under the legislation, online poker players must file bankruptcy papers within two years of receiving any amount of money in any amount, or if their business is subject to bankruptcy, within five years of the end of their state or federal gaming licenses.
The legislation is the latest step in a battle over whether online poker operators should be allowed to continue operating in the U.S.
In addition to being subject to new regulations, online gambling operators will also have to register with the U of T’s Department of Financial Institutions and submit their gaming licenses to the Canadian government.
The Department of Gaming, Tax and Revenue Services, in a letter dated Thursday to the Ontario government, said it will begin enforcing a new federal law that prohibits players from operating a business in Canada if they do not have a Canadian gaming license.
The law, the Gaming Tax Act, was signed into law by Canadian Prime Minister Justin Trudeau in May 2017 and is set to take effect on July 1.
In a statement, Ontario Gaming Minister Mark Brison said the move to enforce the law will help protect consumers from unscrupulous online operators and ensure that Canadians have access to safe, legal and secure online gambling services.
Online gambling is a growing market in Canada, with more than $2 billion in revenue generated annually.
The U.K. is the only jurisdiction in the world where online poker is legal, according to the International Centre for the Study of Illegal Organized Crime, or ICSI.