Gambling is an interesting game that can turn anyone from rags to riches if their luck favors them. Well, everything does not depend on luck; to win a gamble at the casino or any similar games, you also need experience and skills.
Canada is one of the fastest-growing gambling countries, and its prominence is rising because of the popularity of online gambling platforms and the legalization of betting and gambling. The country sure does have a list of rules and regulations for legal gamblers, but anything beyond the rules is strictly punishable.
From casino table gambling to horse race betting, electronic gaming machines, and lotteries, there is much to explore and experience in this wide range of betting opportunities. You can also visit Canada Casino Hub if you seek a legal site to bet on casino games.
The Market Trends Of Canadian Gambling
Still not the most popular destination for gambling compared to Las Vegas, but unexpectedly, Canada is showing massive growth in their legal gambling market. In Canada alone, the total revenue generated from casino games in the year 2022 was around $280 million. And what’s more interesting is that the market is progressively growing at a rate of 7.30%.
Canada’s total licensed online sports betting and gaming market is expected to be around $989 million; by 2026, it is expected to grow further to $1.86 billion. Ontario is believed to become the largest hub for online gamblers and can easily compete with the American cities of Michigan, Pennsylvania, New Jersey, and many others.
Which Categories Do Fall Under Canadian Gambling?
Have you ever wondered why Canada is witnessing the fastest growth in legal gambling? This is because people have access to a variety of choices. According to various surveys, approximately 70% of Canadians have placed a bet at least once in their lifetime for something. This percentage is very high compared to other countries that encourage legal gambling.
When in Canada, you can bet on the following categories.
1. Casinos On Table And Online
Canada encourages casino games both offline and online. By partnering with hotels and placing casino tables along with electronic gaming machines, offline gamblers are carried on. Similarly, through online legal websites, all of the online gambling takes place.
2. Sports Betting
Among very few list of countries where sports betting is legal, Canada is one of them. Sports betting takes place through both offline and online platforms. The total revenue from sports betting contributes a lot to the total gambling market of the country.
3. Horse Race Betting
Another popular betting category is horse race betting. It is absolutely legal to bet on horse races, and the bets are mostly conducted offline, but there is also an online option for those who cannot be present physically.
4. Electronic Gaming Machines
Apart from casino tables, electronic gaming machines are an excellent source of generating revenue. It is the easiest and most demanded part of gambling and is fun to play.
What Factors Are Contributing Towards The Growth Of The Canadian Gambling Market?
Eventually, Canada is becoming the fastest-growing legal gambling country, but before that, the country was also listed with the majority crime rates. Since the rise of legal gambling in the country, very surprisingly, crime rates have surged. The gambling market is becoming lucrative, and these factors are contributing to its growth.
Betting Is Legal In The Country
The biggest reason Canada is being noticed worldwide for its impressive growth in the gambling market, and revenues are that it is legal to bet in this country. You have a wide range of options to bet on, starting from casino tables to online sports betting; everything is legal.
There are a lot of regulations for participating in legal bettings; for instance, the game or the category you are betting on must be organized by provincial authorities. Betting platforms owned by non-provincial authorities are illegal and can get you into serious legal trouble.
Access To Advanced Technology
It is undeniable that Canada is one of those countries witnessing rapid technological advancements and impressive growth in infrastructure and economy. From businesses and IT centers to schools and luxury hotels, Canada has the best of them all. And this technological advancement is why the country is showing great progress in online gambling.
This ensures that all gamblers enjoy a high-speed network and high-end gaming experience without interruption.
Various Choices In Gambling
This is the biggest reason Canada is becoming noticeable worldwide for its gambling market it offers a wide range of choices to gamblers. If you love gaming and wish to earn lucrative profits, you choose casinos and other similar online games.
Whereas, if your luck always favors you and you are great at offline gambling, you can try sports betting, horse race betting, electronic gaming machines, and showing off your skills on the casino tables. You have a lot of choices in offline and online platforms.
Challenges The Gambling Market Is Facing
Even if gambling is considered legal in Canada but the picture is not as simple as it seems. The country is divided into provinces, and only a few provinces agree with legal gambling. Meaning if you wish to gamble in Canada, you must be sure if the province allows that.
While provinces like Ontario, Alberta, Quebec, Manitoba, and British Columbia appreciate legal gambling, there are still a few provinces that do not. As a result, there is a lack of unity in the national framework. If the country expects further lucrative growth, it has to align with all the provinces and create a unified regulation.
Undeniably, the future of the gambling industry in Canada is quite bright; however, as long as all the provinces encourage legal betting, the whole country cannot grow fully. If the country is able to implement new measures and regulations in the gambling industry, it can become one of the leading countries on the list of legal betting. Keeping these factors aside, Canada is indeed becoming a gambling paradise.