When it comes to internet gambling, Canada has adopted a proactive stance. This is in line with the country’s established economy, inclusivity, and good life quality. The legislative picture is still evolving and differs according to the several provinces, each with its unique set of difficulties and laws. Its neighbor, the United States, is a shining example of fully exploiting the casino industry’s revenue potential while also aiding economic growth.
Online Casinos Are Becoming More Popular
According to industry analysis, there has been a gradual shift from land-based casinos to internet gaming. The earnings of brick-and-mortar betting institutions have been declining while the popularity of online betting has soared. Many of these online casino brands are based in Canada and have country-specific domains in several other countries.
What Is The Size Of The Canadian Gambling Market?
Gambling is an important aspect of Canadian culture, even though it is not widely acknowledged. Although we don’t see several gaming shows or hear about the newest online casinos in Canada as we do in the United States, Canadians enjoy a little activity on the line. As per Statistics Canada, the gambling industry contributed just over 2.5 billion dollars to the country’s GDP at current values. In terms of GDP, the gaming industry outperformed others such as:
- wineries
- distilleries
- communications equipment
- manufacturing industry
- machine manufacturing
Trends In The Industry
From 2012, when the sector began to grow in this country, development has been moderate across all segments, including sportsbooks, lotteries, traditional and online gaming. There has been a pause, which is a result of the global economic downturn. To compensate for the lag, casinos provide a variety of entertaining activities. Most internet services have been successful in luring customers away from physical stores.
There are groups of such activities that are defined and specific in terms of geographies. For example, Quebec has a gross revenue share of 20.3 percent, Ontario has a share of 28 percent, and British Columbia has a share of 24.6 percent. British Columbia generates 13% of the country’s gross domestic product. The best year for gambling in Canada was 2017 when Ontario earned about 43% of the country’s gambling income and saw a 12 percent increase year over year.
When we look at the tech trends in this sector, we can see that most popular sites have mobile compatibility. Many offer specialized Android and iOS apps, while some have cross-platform compatibility, allowing their websites to work seamlessly on mobile browsers. As a result, players may easily log into their accounts on their tablets and cellphones at their favorite sites. The majority of brands’ software is built using HTML5 technology. This means that players may play the games on the move and stream them without the need for further downloads on their smartphones or desktop computers.
Generating Revenue
In 2018, the province of Quebec generated approximately C$3.6 billion, while British Columbia came in third with C$3.14 billion. The Canadian Gaming Association said that the industry’s total gross output was over C$31 billion. Online betting became permitted in the country in 1995, resulting in a 300 percent growth in gross gaming production since then. It is the most profitable source of revenue in the entertainment industry. Several government activities and charitable organizations rely on gambling income for funding.
The Stable Environment
The regulatory authorities prioritize safety, security, and licensing standards in this area. The industry remains committed to socially responsible gaming, and underage gambling is prohibited in the online casino market. Gamblers in Canada live in a well-regulated environment and framework, with the government allocating annual resources to encourage gambling prevention, research, and problem awareness.
Final Thoughts
There is likely no other market in the world today that can rival the speed with which online gambling has grown and developed. Innovation is gaining hold worldwide, with more companies than ever fighting for player interest and more individuals betting as a result. Everybody is looking to the future, given the current situation of global gambling. However, as most people will attest, projecting the future of the gambling industry is no easy task. We’ve broken down the statistics to give you a heads up on what’s to come in the hopes of making the situation a bit clearer.
