One of the industries with the fastest growth rates in Canada is online gaming. With over 19 million active players, Canada is one of the top 10 countries in the world where people spend the most money gaming online. Canadians use foreign online gambling sites to spend more than $4 billion annually, betting and playing their favorite games, while more than $16 billion is reportedly spent by Canadians at local casinos, according to the Canadian Gaming Industry Report. It is not unexpected that Canada makes such a significant profit from the industry, given that there are about 20 million Canadians that engage in online gaming.
The numerous breakthroughs in the sector are to thank for the expansion of the Canadian iGaming market. This has given rise to a top Canadian online casino in the country, where there are many bonuses. The Canadian gaming sector is consistently expanding; significantly more than some others, along with other sizable iGaming industries, including those in the UK, Malta, the US, and other countries. Putting the massive growth of the industry and other factors into consideration, can the Canadian iGaming market ever surpass its US rival?
Differences between US & Canadian markets
Despite the fact that the two countries share a border and have a number of unique cultural similarities, their gaming cultures are not completely the same. Each country has its own laws governing gambling, while opinions vary by location. They are also significantly dissimilar regarding constraints and limitations.
Business analysts estimate that within the next ten years, the Canadian online gambling market will rise from its current worth of over $12 billion to over $50 billion, demonstrating its enormous potential for expansion. The well-known “C-218” bill passed by the Canadian government in 2021, legalized betting on specific sporting events, which had a massive positive impact on the iGaming industry. As a result of this change, millions of new gamblers are anticipated to enter the industry and websites will direct potential customers to trustworthy bookies where they can safely entertain themselves while earning money.
The popularity of iGaming in Canada was not as high before the passage of the new C-218 law, despite the fact that it was not illegal. Foreign casino operators, who provided unrestricted gambling opportunities to Canadians, were the main reason behind this. Thanks to the recently passed betting law, the Canadian iGaming industry is already showing tremendous potential, and future years are expected to see a continuation of this trajectory.
The US iGaming market is one of the largest in the world right now, and it competes fiercely with the Chinese iGaming sector for supremacy. Even though it has more restrictions than the Canadian iGaming business, it nonetheless thrives and can claim some of the biggest gambling organizations in the world. The market is currently valued at over $50 billion, which is anticipated to rise in the years to come.
Conclusion
More gamblers in Canada are now more likely to use local casinos rather than previously using foreign sites, this is a result of the implementation of flexible legislation and regulations, which have led to safer and more dependable gambling experiences in the Canadian gambling sector. As a result, the market will grow and expand, becoming one of the largest in the upcoming years. There is a chance that the Canadian iGaming market will surpass that of the US given its anticipated expansion, however, it may take years for it to happen.
