The online gambling industry in Canada has grown faster than most industries across the world in the last few years. The online gambling industry in Canada is currently estimated to be worth over $12 billion, and several market analysts predicted the worth to go beyond $50 billion in the next decade. This is not a surprise considering its tremendous growth over the last five years.
Back in 2021, the gambling industry took a new leap in revenue when the Canadian government passed the C-218 bill that officially legalized betting on single sports events. This bill took the punters in the country by storm, and several gambling sites didn’t take much time before the sections were updated on their websites. This new gambling rule boosted the potential of the online gambling industry in Canada in 2022. But a question lingers around, is online gambling in Canada here to stay?
Impact Of The C-218 Bill In Canada
The passing of the New C-218 bill by the Canadian government brought several changes to the laws regulating online sports betting by the provinces in the country. It also affected other types of legal gambling activities within the country.
This new bill makes it so that it is legal for provincial governments or entities that have been licensed by the province’s Lieutenant governor to regulate lottery activities like single sports events, fights, race betting, and athletic contests. What this means is that any entity can apply for a betting license in the province they are located before they can start dashing gambling and sports betting offers to the residents of the province. This alone will allow the gambling industry to grow at a new rate than before.
It is without a doubt that the new gambling law will affect the entire gambling industry as well as all company that offers online casinos and sports betting. The arrival of this new Canadian bill will give casino platforms access to new markets that were previously not available legally. This makes it hard to estimate just how far or fast the online gambling industry in Canada will grow to become, but it is a significant boost. It allows the provincial government to legalize sports betting and online casino games thus, creating a new market in the industry. So we should expect to see more online casinos in the country in the next few years.
Mobile Gambling Trends
Even before the C-218 bill was passed, mobile gambling has always been a trend amongst avid gamblers in the country. Being able to place wagers on the go, or play online casino games at any time and place is a popular convenience for gamblers across the world, and the Canucks are no different.
Over 86% of the Canadian popular have a smartphone. A smartphone means you can easily place wagers on a football game that will start in 30 minutes, it also means that you can play your favourite casino games to lift your boredom at any location you find yourself in. Researched data showed that online casino players increased by 2% in 2020, with the online casino revenue also increasing by 24%. The figures increased once more in 2021, and it is more likely to increase in 2022 once more. Most gambling websites in Canada either have a free gaming app or mobile-friendly website that makes things all too easy for the average gambler.
Technological Advancements
It is no news that the online gambling industry will always take a new leap in evolution every time technology advances. They are almost synonymous with each other. Live casinos, live dealers, chatbots support, and a variety of games are all a product of various technological advancements that have happened over the years. VR and AR are slowly being integrated into the world of online casinos, it is only a matter of time.
Canada is considered to be a high-tech country and it is no stranger to innovations with its internet speed being higher than other North American countries on the planet. As technology evolves, the online gambling industry in Canada is sure to advance. So it is not hype, online gambling is here to stay.
Conclusion
The online gambling industry in Canada seems to have a bright future ahead and with the federal government’s continuous amendment of gambling laws, the online gambling market will become more profitable for the economy in the future.