In the past few years, the online gambling industry has seen a massive burst of growth – and while land-based operations may be becoming less popular in the face of advanced online solutions, they are still posing impressive growth statistics of their own. The Canadian gambling market has been no less successful, with the most recent statistics from the Canadian Gaming Association revealing that the industry’s annual gross gambling yield grew to over $31 billion last year, with more growth expected to come.
While online and land-based gambling markets in the country are flourishing, another major contributor is the upswing in mobile gaming solutions, which has further boosted the popularity of casino gambling in Canada. Plenty of recent local data has all revealed a common thread: Canada is a world competitor, and a veritable hotspot, for online and land-based gambling alike.
So, to what does Canada owe its constantly growing gambling industries? Experts consider a combination of factors to be leading the country’s increasing interest in gambling, not excluding a massive wave of new innovations like VR and social casino games. Currently there is no centralised regulatory standard in Canada, with each state government preferring to set its own gambling regulations. Quebec was the first province to permit iGaming and grant licenses to international operators, and this likely created a trend for other states to follow suit.
Many Canadian provinces are now actively relaxing their laws regarding online gambling, which has lead to increased revenues and the prospect of a thriving economy for many regions. Canadian states are also recognising that big potential revenues are being lost to unlicensed iGaming operators, which is prompting provinces like Manitoba, Alberta and Ontario to rethink their current restrictions. In fact, in some cases the states have even begun to move away from their preference for state-run brick and mortar casinos in favour of the latest trends in iGaming.
While Canada’s gambling industries are growing at a rapid rate, there has been a call for more certainty when it comes to the legality of online gambling in the country. Non-centralised licensing and unclear legislation could hurt the market’s profitability in the long run, not to mention its states that could otherwise profit from more accommodating regulations.
For Canada’s gambling space to truly thrive, it’s certainly within the federal government’s best interests to make its iGaming laws clearer so that both the land-based and online markets can grow at a natural and uninhibited rate. For now, however, Canada’s market shows no signs of slowing down, and positive financial predictions from local regulators like OLG could signal big things for the future of the gambling industry as a whole.