Online betting in Canada could grow into a $25 billion industry by 2025 according to a recent study. This follows the country’s decision to legalize single-sport betting mid last year.
Ontario is Canada’s biggest market with the potential to record annual betting handles worth $11 billion per year. Presently, online betting is growing sporadically, with millions of Canadians choosing to gamble online over offline sportsbooks.
What are the reasons behind the growth of online betting in the Great White North?
Safe Offshore Betting Sites
Although Canada legalized single-sport betting last year, Canadians have been betting on single sports for over a decade. How you may ask? The answer is simple – Offshore betting websites. They are safe, licensed, and reputable.
Many Canadians prefer to bet at bookmakers licensed in Malta. That’s mostly because the Malta Gaming Authority does an excellent job of vetting new applicants to ensure they’re genuine.
That’s why there is a huge variety of offshore betting websites available out there. So it is in your best interest to search for the best bookmakers in Canada for 2022 and take advantage of quality odds, fast payouts, amazing bonuses, and excellent customer support.
Legal Sports Betting
Another reason online betting is growing in Canada has something to do with government support. For clarity, online gambling is regulated by provinces. Many provinces permit some form of online gambling.
British Columbia has been regulating online gambling since 2004. At the time, however, it only permitted parlay betting and online casino games. Manitoba, Ontario, Québec and Alberta legalized the industry much later.
As we mentioned, Canada made a landmark decision to allow single-sport betting last year. Since then, provinces have had the leeway to license and regulate online betting companies.
Most provinces are yet to draft the laws required to officiate legal sports betting. However, news that singe-sports betting is now legal in the country has increased the demand for betting services.
Mobile Support
Online betting would probably not be as popular as it is today without mobile support. Statistically, more than 70% of Canadians bet on sports and play casino games through their smartphones.
Mobile devices provide the type of convenience simply not offered by desktop computers. No need to leave your bet to check sports odds. No need to wait until you get home if you’re traveling.
With mobile devices, you bet where you are when you want. The best part: you can use your android or iOS device. While you can install an app for an immersive experience, it’s not compulsory.
Today’s mobile betting companies also run on browsers. This means one account is all you need and you can use it to bet on your laptop, cubicle desktop, tablet and smartphone.
Social proof
There’s no denying many Canadians bet online because there’s proof it’s safe and trustworthy. In fact, many Internet users don’t transact online unless there’s proof a site is legitimate.
In the betting space, social proof comes in many forms. It involves a valid license, testimonials, ratings, independent audits and functional social networks. Fortunately, social proof is easily available nowadays.
There are countless testimonials of people who bet and won loads of cash online. In fact, you can find social proof for just about any betting website. This allows potential punters to verify a site’s legitimacy before you create an account.
Safe Deposits and Withdrawals
One of the biggest barriers for betting online is the availability of safe payments. Fortunately, Canadians have this privilege. They can deposit and withdraw money trough a wide range of options, from Bitcoin to bank transfer.
Variety means everyone has a chance to use their favorite payment option. If you like Visa or MasterCard, you can link your credit card. If you would rather use PayPal, you also have the option.
Another benefit is that you can now bet through flexible limits. To expound more, you can deposit as little as $10 through your preferred payment option. The maximum you can deposit ranges from $500 for gift vouchers to $100,000 for crypto and bank transfer.
That being said, how fast you cash out your betting profits depends on your banking option and betting website. Digital wallets and cryptocurrencies are pretty fast. But as mentioned, you also need a fast betting site to benefit from the service.
Betting Bonuses
There are many reasons people bet on sports. For some Canadians, it’s the availability of free bets and bonuses. Betting promotions increase your bankroll. And in doing so, they magnify the maximum you can win.
Now, not every betting websites provide good bonuses in Canada. And this is why it’s essential to be wary of where you grab bonuses. A great free bet isn’t necessarily one you get without a deposit.
It’s a promotion which can help you bet on your favorite sport. More importantly, it’s a bonus you can use to win real cash without having to fulfill harsh terms and conditions.
Owing to that backdrop, always read the fine print behind a promotion. Learn what you need to qualify for a no deposit or first deposit bonus. Next, find out the rules for betting using the bonus.
Lastly, learn about the cashout terms. Find out if a free bet comes with wager requirements, the maximum you can withdraw and the validity period. Logically, claim the bonus with the best terms.
A Wide Range of Betting Markets
After Canadians realized they could bet on virtually anything in the world, they joined offshore betting sites in droves. You see, many provincially licensed sportsbooks provide a small variety of sports. And until recently, you couldn’t bet on single sports.
By comparison, overseas-based betting websites have always offered hundreds of daily markets. Think of the Major Leagues, Canadian pro sports, and European sports. Anything you dream of betting on is available online.
Sometimes it’s not even about sports. You could bet on celebrity events, weird stuff like the world of the world, politics and the weather. While at it, you have tons of sportsbooks to help you compare odds. In doing so, you can maximize your potential profits.