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Online gambling is one of the fastest-growing industries in Canada and different parts of the world. With over 19.3 million active online gamblers, Canada is ranked eighth among countries that spend the most money gambling online.
Many provinces are already taking advantage of the lucrative industry. They include Saskatchewan, Ontario, Alberta, and British Columbia.
Canadians spend more than $4 billion on offshore online gambling sites every year. Based on the Canadian Gaming Industry Report, Canadian players pay $16 billion in local casinos.
With almost 20 million Canadians playing online gambling games, it is no surprise that the country earns so much revenue from the industry.
Online sports betting takes the most significant chunk of the online betting cake. Canadian sports betting fans are happy to blow their bank accounts. They prefer football, hockey, basketball, and other mainstream games. While most men bet on sports, female players prefer bingo and luck-based games.
Although land-based casinos are great, more and more people are turning to online casinos in Canada. Online gambling sites are easier to access. They are convenient and generous with bonuses.
Online casinos in Canada have become so popular that the revenue from land-based casinos has been declining over the years. The 2020 shutdowns accelerated this decline. Alberta land-based casino revenues dropped by 24 percent in the period 2018-2019.
The provincial government launched its own online casino to increase revenue. Other provinces followed the lead soon after. The most popular online casino games in Canada include slots, poker, and roulette.
In Canada, male and female online gamblers make up almost the same percentages. Forty-three percent of online gambling fans are women, and 56 percent are men. Female gamblers prefer mobile devices to male gamblers. About 55 percent of female online gambling fans bet on their mobile devices.
Most online gamblers in Canada are aged 30-50. However, there are plenty of younger players as well. Gambling preferences may vary depending on age. Older betting fans prefer comfortable and laid-back games like bingo. However, younger players enjoy fast-paced games. Slots are the most popular online casino games in Canada.
Canada's gambling industry earned $2.64 billion in revenue in 2021. $1.2 billion was from online gambling. However, many believe that the country would gain more revenue if not for requiring a provincial government to license all online gambling providers.
The diversity of the Canadian online gambling market has attracted plenty of offshore investors. They are likely to increase the country's online casino revenue in the future.
Every province in Canada has unique laws regarding online gambling. However, casinos are generally legal. The relevant authorities must license Canadian online casinos. All provinces except Saskatchewan have at least one online gambling site.
Manitoba, British Columbia, Ontario, and Quebec can issue licenses in practice Without special licenses, online gambling sites are only operational on a local level. There must be a special agreement before games can be played across provincial borders.
Offshore operators don't need licenses to operate within the country. Only land-based casinos are subject to penalties. Canadians can play at offshore online casinos. However, it is illegal for such casinos to specifically target Canadian players.
Before the emergence of online casinos, Canadian players relied on land-based casinos. Today, however, you can access more than 2,100 online casinos. The overall return on investment for these casinos is 97 percent of your winnings. It, therefore, makes sense that the country's online casino revenue keeps increasing.
The government doesn't impose taxes on gambling returns. Therefore, you can keep 100 percent of your winnings. You may only need to pay taxes if you turn gambling into a career and win consistently.
During the pandemic, plenty of land-based casinos had to shut down. Even players that didn't previously enjoy online casinos started exploring them.
However, the growth of the online casino industry in Canada can be attributed to many other factors. They include internet penetration, the adoption of mobile gaming, and the increased need for convenience. The future of the industry is bright. Here are a few trends to expect in 2022.
1. A Shift in the Marketing of Online Games
In 2022, Canadian casinos will experience a shift in the way online gambling sites promote themselves. As further legislation is enacted, there has been a lot of focus on problem gambling.
Casinos are equipping their players with tips to promote themselves. They are implementing measures like the use of gaming tools to help users control their experiences and age restrictions. You can now exclude yourself from specific promotions and games.
2. More Live Dealer Games
As the competition increases, more Canadian online casinos are now offering live dealer games. They are constantly looking for opportunities to give you an authentic playing experience. Live dealer games allow you to interact with other players and real-life dealers. Your online gambling experience no longer needs to be lonely.
3. The Rise of Crypto Casinos
The popularity of crypto casinos is on a constant rise. More online providers now allow payments through crypto coins like Bitcoin and Ethereum. Plenty of casinos has already turned into solo crypto casinos.
These casinos are safe and effective. They promote anonymous payments meaning that there is no risk of your information falling into the wrong hands. Since they use blockchain technology, crypto casinos promote instant payments. Transactions don't have to pass through a central banking authority for approval.
Tracking crypto payments can be difficult. Therefore, you can enjoy unmatched privacy and better gameplay.
4. Increase In esports Betting
Esports is expected to be a massive hit in 2022. It is likely to grow into one of Canada's most popular sporting games. The interactive nature of online casino games is likely to fuel this growth. You get to see what is going on in real-time and also be part of the action. Esports betting is very interesting as it is packed with action.
