While the land-based gaming facilities in Canada have undergone a sharp decline in the number of players and revenue over the years, the iGaming industry in the country continues to soar higher as time goes by.
Contents
The iGaming Industry in Canada
An estimate of $31 billion in annual revenue was the predicted figure the Canadian iGaming industry will be amassing in the coming years. And, it is also noteworthy to know that Canada contributes a significant amount of revenue to the global gambling industry which will be surpassing $500 billion in 2023 to predictions from online casinos for real money.
The iGaming industry in Canada has grown in popularity so much that the country made it to the list of countries that ranks high in the iGaming industry. The tremendous rise in popularity can be attributed to the advancement and evolution of technology, the relaxed gambling laws in the country, and the sharp decline of players gaming at physical establishments.
With this rise in popularity, can you believe that there was a time the Canadian government didn’t allow the operation of online gambling or iGaming platforms in the country? There was, but much has changed as the laws regulating gambling in the country were moderated to allow the operation of online gambling and other gaming platforms in Canada. Due to this, the number of Canadians opting for iGaming platforms, like the Interac gambling , rather than the physical establishment has been increasing continuously over the years. The convenience of playing the games from the comfort of your home and the availability of hundreds, if not thousands, of games on each platform also play a role in pivoting its popularity through the roof.
The Popularity of Online Gambling in Canada
Ever since the laws revolving around gambling in the country were relaxed a bit to accommodate several iGaming platforms, the online gambling’ popularity shot through the roof as there are over hundred online gambling accepting Canadian gamers to show that iGaming is now legal across the country according to online casino websites.
Canada can also be considered to be the leading country spearheading the advancement of the iGaming industry across the world. Even Statistics Canada predicted that over 65% of the Canadian population above the legal gambling age will take part in iGaming in the next few years. This is a competitive figure considering the dominance and popularity of iGaming in countries like Australia and the United Kingdom.
The iGaming industry in Canada has become more competitive than other industries, as the online gambling platforms are all offering a variety of games to players. You can easily find any of your favourite games from blackjack and video poker to lotteries and slots. Research showed that 25% of the Canadian population partakes in one online lottery or the other every week. Although online sports betting is not completely legal in the North American country, over $15 billion are being placed on sports tournaments every year. So we all know it is only a matter of time before the gambling laws regulating sports betting get relaxed too.
Canada is a country with land-based gambling throughout the country, but due to the covid-19 pandemic, many of these establishments were forced to close down for a period of time which affected their revenue in the long run and many believed this is as far as it goes for the brick-and-mortar establishments. However, the online space brought new hope to them as many of these establishments are now moving their business to the online space that has been amassing popularity ever since the pandemic struck in Canada. In this way, they will be able to leverage the expenses that come with managing a land-based gambling with their online platform.
Safety, Security and Legality
With several laws regulating it, iGaming in Canada is completely safe and secure for Canadians. However, its legality depends on which province you find yourself in as the gambling laws governing iGaming varies with each province in Canada. So, it is always advisable you check out the gambling laws of your state before indulging in any iGaming activity, and you should also know what to look out for before registering for an online gambling or iGaming platform.
Conclusion
With many realising the popularity of the online space, the iGaming industry is bound to grow even more in the coming years in Canada, and with $31 billion being the projected annual revenue for the iGaming industry in Canada, we should be expecting more changes and advancements from the industry in the future.
