Much has been made about the gaming industry in the United States, but Canada has seen a very profitable return on gambling in their country as well.
From casinos, both online and brick and mortar, to sports betting, Canada’s gaming revenue is contributing roughly nine billion dollars to fund community and government programs and services on an annual basis.
Yet, industry experts believe that the lucrative industry could see a boom in revenue of $2 billion dollars per year in the very near future. This increase in revenue is largely due to sports betting and the online casino markets.
Sports Betting in Canada
Canada has had variations of sports betting in their country for many years now. However, it’s the latest legal triumph that could generate over two billion dollars in annual revenue.
On August 27th, 2021, Bill C-218 went into effect which allows residents the legal right to place wagers on single events. Prior to this bill, Canadians were only allowed to wager on three games or more.
It’s much harder to win a bet when you have to wager on three events at a time. Single event wagering is pretty much the standard throughout most countries that have legalized sports betting.
This means that Canadians can bet on single football, baseball, hockey and basketball games instead of having to wager on three of them at once.
Furthermore, it also means that Canadian provinces will collect roughly $300 million dollars in tax revenue for the 10 provinces. Some pundits believe that Canada could see up to $400 million dollars in tax revenue due to the increase in sports betting.
This staggering number is the main reason why the new bill was passed. But it doesn’t stop there. Researchers believe that Canada’s sports betting market could grow at least 125% in the next five years.
Canada’s Online Casinos
Another benefit of Canada’s growing gambling industry is the exciting online casino market. This gaming niche has really taken off over the last few years and is expected to continue as residents love the option of playing their favorite casino games from home.
However, not all online casinos in Canada are the same. There are some that standout from the rest of the pack. And, it’s important that you choose the right one.
According to industry experts, like Online Casino Fans, Canadian gamblers should make sure that the online casino of choice meets the following criteria:
- Reputable gaming establishments
- Provides top-notch, high-grade security and encryption
- 24/7 customer support across various methods of communication
- Numerous different deposit and withdrawal options
- Extensive array of casino games from slots to table games
- Offers live casino games
- Industry leading bonuses from Welcome bonuses to re-ups
- Fantastic graphics and realistic gameplay
As the sentiment shifts towards online casinos of this high quality, it’s not hard to see why this market and the overall gaming industry will continue to boom.
Furthermore, the sports betting casinos tend to pair up their sports wagering apps and websites along with online casinos to provide gamblers with the ultimate gambling experience.
In the end, Canada is becoming a fruitful market for sports betting, online casinos and the gaming industry as a whole, and it’s only going to get bigger and better.