For the most part, Canada hasn’t been the busiest place for gambling of any kind. This is down to hefty restrictions in federal legislation. However, this all looks set to change. The casino and overall gambling market in Canada is on the rise, and some experts predict that it is set to grow to three or four times its present size over the next 10 years, making Canada one of the fastest-growing casino markets in the world.
But why? Is Canada the next big casino market? Let’s take a look.
The change in legislation in Canada
If you live in Canada, then you will know that the gambling legislation in the country is a little muddled. It is, in part, why Canada has always struggled to be a growth market for online casinos – or even casinos in general. Even the best online slots Canada websites have struggled historically in the face of red tape. From a federal perspective, it is illegal to gamble in Canada. The only ones that can make laws related to gambling of any sort will be the provincial governments. The federal government has not changed the laws at all.
Without going too deeply into things, in recent years, we have started to see a trend toward the provincial governments having a far more relaxed approach to gambling. They have started to realize how much cash a well-regulated gambling industry can generate for the economy (over 130,000 jobs in Canada are tied to gambling), so they allow it. It wasn’t too long ago that many of the provinces had a flat-out ‘NO!’ response to online gambling. Oh, how things change when there is money on the line.
As time goes by and gambling starts to contribute more and more to the Canadian economy, we expect that many of these provincial governments will spend a lot of cash trying to develop this sector. It could eventually get to the point where the Canadian gambling economy rivals that of the UK and Sweden, which is where the majority of big casino game developers are located.
The rise of more gambling options
Of course, as gambling rules in Canada are relaxed, more and more new online casinos enter the fray to grab a piece of the gambling pie. It seems that people in Canada love this, because the amount of cash generated by gambling increased to almost $15bn in 2022, from a shade over $12bn in 2021, when we started to see a major shift in laws in the country.
It is believed that around 50% of all Canadians have gambled at least once in the last year. While the vast majority of that gambling would have been on the many lotteries in the country, there has also been a marked increase in the number of people playing slot machines at various online casinos. This is more by choice and is all due to the huge change in legislation. Before, many big casinos and game vendors wouldn’t let their games into Canada due to the tough laws that were in place. Now, they are available – people are no longer stuck playing ‘awful’ casino games and are playing the same games that can be found around the world.
Of course, the rise in the number of online casinos in Canada will also lead to more and more advertising on TV. Every new casino wants a slice of the pie, and they will be advertising like crazy to attract new punters to their sites. Some people who would never before have contemplated it are now gambling – nevertheless, Canada does have a very low number of problem gamblers in comparison to other countries.
Because this is a fresh market that seems like it has a ton of cash available in it, and a population that is digitally savvy and keen for the latest tech innovations, whether it is the latest smart phone or streaming service, we believe that Canada is going to end up becoming the next big online casino market. There are very few countries, at least in the West, that can go through this growth (except for the US), so expect to see a lot of attention on Canada in the coming years.
How the future of Canada looks as a casino market
As we have said, Canada is a growth market. The number of online casinos in Canada will continue to rise, as will the number of players. At present, the entire gambling industry in Canada is worth $15bn, but experts believe the market could be worth more than $50bn in just a decade, which goes to show how big the potential market in Canada is.