This week, CasinoCanada issued a report with insights on the current and future potential of the Canadian gambling industry for 2023. It features a comprehensive analysis which is based on the market’s history, regulatory landscape, and important key trends in the local gaming industry. Last year alone, the local sector provided over CA$15 billion in revenue.
Over the last couple of years, Canada made some serious advancements to its gambling sector. Starting in August 2021, when the federal government legalized single-event wagering on sports in the country. This essentially paved the way for Ontario’s open iGaming market for private operators, which drew plenty of interest from third-party gambling brands.
Key Findings and More
Last year, the gambling industry in the country contributed to over CA$15 billion in revenue while providing work for over 135,500 individuals. This latest research by CasinoCanada’s team of gaming specialists delivers valuable insights into the market’s performance in numbers as well as factors which drive its growth and evolution in the near term.
Some key findings from the report include that the Canadian gaming industry provides almost CA$9 million in annual revenue while supporting numerous government and community programs and services. The local industry was valued at CA$12.54 billion in 2021, with lottery sales being the main source of revenue, however, this would quickly change.
It also finds that approximately 18.9 million people in Canada have indulged in gambling in 2022, with 95% of the players being under the non-problem gamblers demographic. Slots and bingo were the most popular types of online gambling in the country, and the growth of the industry can be explained by the introduction of more ways of playing.
Dmitry Rogalchuk, Head of Content for the gaming site commented that the Gambling Market Overview in Canada for 2023 provided important insights for the industry stakeholders, policymakers, and users. He believes that the analysis of the current market trends and future prospects will help industry representatives in navigating the rapidly developing sector.
Ontario Has Major Influence
One of the main reasons for the recent expansion of the Canadian sector was Ontario and its iGaming framework for private operators. Recently iGaming Ontario issued a report on the market for Q4 ending on March 31, 2023. For the quarter, local bettors placed over CA$13.9 billion in total wagers which transformed into total gaming revenue of CA$526 million.
However, the Alcohol and Gaming Commission intends on making some changes to the market and its bombardment of sports betting ads. In April, the regulator proposed banning celebrities from participating in such commercials. This will apply to sports stars, cartoon figures, symbols, role models, social media influencers, celebrities or entertainers who usually appeal to younger audiences
Source: “CasinoCanada Unveils 2023 Canadian Gambling Market Insights: Industry Poised for Growth” PR Newswire, May 4, 2023