One of the fastest-growing sectors in the world is the online gaming industry. While many things have played a role in ensuring its fast-pacing growth over the last few years, some notable things are the advancement of technology and also the advent of the coronavirus pandemic, which put a stop to all land-based casinos to showcase the joy of online casinos to the world.
The first real money casino online in Canada was launched in 1996, and ever since, the online casino industry has grown to be one of the most lucrative industries in the world. Its evolution today is a result of the combined effort of investments, technology and the industry’s hard work. Online casinos and sports betting have come a long way to become smooth, responsive, exciting and impressive today.
Now, gamblers across the globe are taking it as a preferred choice when it comes to playing their favourite casino games. This is especially the case in Canada, where the online gambling industry is booming. While sports betting is generally popular across the globe, it is one of the most lucrative markets for sports bettors in Canada. However, this should not be surprising as Canadians have always been known to have a deep history with gambling activities like sports betting and casino games.
Back in April 2022, the Ontario government launched a new open gaming sector in the economy, and it is specifically dedicated to the online gaming industry, named iGaming. This was after the Canadian government passed a c-218 bill that legalized single-game sports betting across the country. This act from the government shot the popularity of sports betting through the roof, and it’s expected to continue to see a rise.
In this article, we will be looking at a few reasons why sports betting companies in Canada are increasing their profit in recent times.
Legalizing Single-Game Betting
Back in late 2021, the Canadian government passed a C-218 bill that legalized all forms of single-game betting. This brought about new prospects for the future of the online gambling sector in Canada, as Deloitte Canada now estimates that due to the legalization of single-event sports betting, the Canadian gambling sector is expected to grow close to CA$28 billion in five years.
The launch of a new open gambling market by the Ontario government in April 2022 played an important role in pivoting the profit being raked in by the sports betting companies in Canada. Other provincial governments in Canada are expected to follow in the footsteps of the Ontario government, but none have taken that step officially yet.
Canadians Love for Sport
The Canucks have always loved their sports just as much as they love their gambling acts. Canada is home to a large number of sports and leagues, so it shouldn’t be a surprise that sportsbooks have lots of benefits to offer to Canadians.
The Canucks are known for their fanaticism in sports, and there are many of them to enjoy from American football, hockey and lacrosse to soccer, tennis and golf. These are only a few of the many sports that Canadians place their wager on. The simplicity of being able to bet on any sports they love is one of the important factors that increase profits being made by the sports betting companies in Canada. The more Canadians love their sports with fanaticism, the more profits the sport betting platforms rake in.
Statistics Canada showed that around one in four Canadians aged 15 or older will participate in some form of sports and sporting events due to the popularity of sports and sports betting in Canada. When you love a certain sport, it is only logical you bet on it.
Governmental Promotion of Gambling
The Canadian government has also played an important role in raising the stocks of online sports betting over the years. The gambling markets were created just so people could easily gamble on their favourite sports as they wanted major funding back in 1985. In the 90s, online casinos entered the market and the operators started making more money than the Canadian government at the time. Due to this, the Regulated Sports Betting Acts was launched to help the government generate revenue.Â
The provincial governments of Canada’s encouragement of gambling and sports betting might have played a role in raising the stocks of sports betting within the country. Gambling has always generated a significant amount of finance for Canada’s economy, so it is only natural the government promotes it.
Conclusion
The legalization of single-game sports betting played a pivotal role in increasing the profits being raked in by gambling companies in Canada, as Canadians won’t have to turn to offshore platforms before they can gamble in their preferred way. Following the passing of the C-218 bill and the advent of the new open market launched by the Ontario government in April 2022, a rise in revenue and worth is expected to happen to the sports betting companies in Canada. What would happen if other provincial governments in Canada decide to follow in the footsteps of Ontario?
