Canada’s online gambling market has been predicted to grow rapidly over the rest of the decade. The projected growth of 8.86% by 2029 might not sound like that huge of an increase, but you need to consider the fact that the industry is already worth billions. Adding 8% or more to an established, billion-dollar industry is no easy task.
So, what is driving this growth? Compared to its present state, how will the industry look in the coming years?
Casino gambling growth
The gambling industry is not limited to casinos. There are many facets to gambling, but casinos often come to mind first.
One thing that has been changing rapidly is that there are more and more states across the U.S regulating gambling and allowing people to play in different ways. The economic advantages of having a regulated gambling sector are hard for states to pass up. It’s easy to look to Canada’s southern neighbour as an example of the benefits of regulated gambling.
As seen on new casinos are launching online, all of which have their own specific take on casino gaming. Some offer features like live dealers while others offer a more traditional approach by focusing on online interfaces for playing the games.
Casino laws are changing all over the country, so it is worth keeping tabs on exactly what is happening and whether there are things that could impact the number of players in a local area. As well, new casinos sometimes also offer promotions to boost the number of players.
All this growth in casino gaming is attracting new players and potentially bringing much more revenue into the industry.
Choice of games
One reason why casino gaming is growing so much is the fact that there are so many new games. Some estimates indicate that there are thousands of different games on the market today, including new releases that come out virtually every single week.
In particular, slot games are available in a wide range of themes with many unique ideas behind them. Some developers are also working to tweak the mechanisms of these games to keep things fresh. More options tend to lead to more engagement.
New payment options
There are also new payment options cropping up all the time on both the casino side of the industry and on the sportsbook gambling side.
There are a variety of payment options, suitable to each person’s preference. Digital wallets also help provide enhanced security and convenience and can be set up easily to work on a phone, making digital and physical payments quick and secure.
Sports growth
People in North America are keen to follow their favorite sports, and US vs Canada games tend to generate a big buzz even in minor league sports. Sports gambling companies offer markets for many sports, so gamblers can explore them and potentially choose to place a wager.
Some sports are growing really quickly in the US and Canada. People in both countries are fanatical about certain sports, but less popular sports, each with huge gambling followings, are growing. For instance, cricket has become popular in the US, and the country will jointly host the T20 World Cup this year along with the Caribbean, where there is a rich history of cricket.
Cricket is only one example. There are also more people watching and taking part in esports, which has become another sport for people to gamble on, with odds and markets available on the larger events.
The sports industry in general is growing. A quick look at the deals being offered to elite athletes makes it pretty clear that things are likely going well in the industry, and that money likely continues to flow into the NFL, NBA, NHL and MLB, alongside other sports organizations. Many Canadian teams regularly compete in these leagues, helping to boost their profiles north of the border.
Mobile gambling
Something that may improve in the coming years and contribute to growth in the industry is the ability to connect on mobile. While a huge number of people already use their phones and devices to log onto gambling sites, , even in rural areas of Canada.
With connectivity becoming more reliable, people are able to access these sites wherever they are. Mobile gambling provides an entertainment option for people who are on public transport, sitting in a waiting room or taking part in almost any other activity where they’re on the go and have some time to spare.
Mobile gaming isn’t exclusive to the gambling industry. There are many different types of games launching all the time that are compatible with iOS and Android. Other huge industry giants, such as Microsoft, are also getting involved and creating products and solutions that allow people to play on the go. Xbox has an app to support mobile control, allowing people to play compatible Xbox games even when they’re on their phone.
Both sports gambling and casinos are predicted to grow in the coming years, boosting the industry to new heights in 2029 and beyond.
DISCLAIMER: The information presented on this page/site is intended for entertainment purposes only. Please be aware that gambling entails inherent risks, and it's crucial to acknowledge this when utilizing online gambling platforms.
This sponsored content has been paid for by our sponsor and does not reflect the reviews and recommendations made by Â鶹ÊÓƵ staff.
