In Canada, gambling is legal in general, but not all gambling activities are legal. As a result, the gambling and gaming industry in Canada draws in a large number of people. Gambling has continued to boom and grow thanks to the revenues generated at top Canadian casinos all over the country. The growth in the industry has been helped by the several techniques that the operators have deployed. In addition, these techniques help spread the message about the industry and product offerings.
People love to make quick money from any legal means. It is part of the reason why they turn to gamble. This article will look into the success of the gambling industry in Canada and some of the reasons that led to it.
What is Gambling?
Gambling, in simple terms, is defined as the betting or staking of something of value. It is greatly attached to the idea that there is a risk of losing. However, players are almost always hopeful about the chances of winning.
Gambling in Canada
In Canada, gambling rules ensure that anyone of legal betting age should guess the outcome of two events correctly at a minimum to win. But new moves have been made for a law to allow single-event bets. Canadian gambling laws are set from state to state. It means that gambling allowance and restrictions vary across the country. It also means that the approach to gambling in each city can be slightly different, with certain cities recording more significant revenue from gambling than others.
Gambling as a Business in Canada
The gambling industry in Canada is currently valued at 13 billion dollars ($13bn), with over 1100 operators across the currently providing gambling services. The gambling industry in Canada is rich in competition. Add that with the external competition coming from just across the border in the US. This level of competition is caused by the returns in revenue generated by the industry from its players. As a business, gambling has grown into a formidable industry with lots of features and innovations.
The Canadian gambling industry offers a variety of products which include;
- Casino games
- Electronic gaming machines
- Lotteries
- Horse racing
- Other gaming options
- Sports betting
- Real money pokies
- Online gambling on casinos and sports
The operators in the gambling industry perform these roles;
- Operating land-based casinos
- Operating bingo parlor
- Operating online betting sites
- Operating electronic machines
- Operating lotteries
- Operating raffles (charitable)
Within the industry, there are other unique innovations. One is the growing relationship between gambling and cryptocurrency. We suppose the technology affected and absorbed the gambling industry, and the result, we can see in the thriving gambling business.
Reasons For the Success of the Gambling Business in Canada
The successes and growth seen in the revenue and participants in the gambling industry in Canada can be attributed to these major reasons.
Demographic Shift and Change
Traditionally gambling has always been for the people of means and class. It was so not just in Canada but much of the world. However, this trend has swiftly changed recently, with people from poorer families taking part in gambling. Besides financial change, there is also the change in age. Although the minimum age remains at 18 for all gambling in the country, we see more young people visiting casinos and other betting platforms to make bets. This shift and spread in demography have ensured an increase in the revenue generation by the operators of gambling houses and the industry.
Gambling Friendly Legislations
Canada was notorious for very restrictive and draconian laws regarding gambling and who could operate betting houses. The first gambling operator in Canada opened in Winnipeg in 1995, which was just 26 years ago. That was when the law legalizing gambling was enacted for the first time in the country. There have been many changes in the gambling laws in Canada in recent years, which has helped bring in more consumers. It has also translated to more revenue being generated in the industry.
Online Gambling
The legislature in Canada only enacted laws approving online gambling recently as online gambling was outlawed. So the law-making has now been left to provinces to adopt or not. Thankfully many provinces now allow online gambling. It has since become the single largest revenue-generating sector of the gambling industry.
Online gambling alone contributed about $1.2 billion to the industry. It has grown by over 70% in the last two years in Canada, with these numbers set to continue in this trajectory soon. This trend is set to continue as younger gamblers go into the industry. It will mean an increase in disposable income amongst young Canadians. However, the sole reason for this is that online gambling gives more ease and privacy to bettors. It is gambling on the go for the ordinary person.
Online gambling can hugely contribute to the revenues generated in the gambling industry because of its numerous advantages. Some of which are;
- Convenience: This is a major factor in the growth of the online gambling industry in Canada. Unlike legalizing, traveling a distance to gamble in a land-based casino site, online gambling is much easier and convenient. It gives you comfort and relaxation, allowing you to gamble at ease from the convenience of any location. Provided that you have an internet connection and an access device, you are good to go to make bets.
- Variety of options: Online gamblers have an endless choice of games to play online, unlike in brick-and-mortar casinos and game houses. Players get everything they want in one place: slot machines, blackjacks, card games, and more. In addition, they get various types of casino games, e.g., most casino sites will offer over 60 slot machines with various themes and playing methods.
- Bonuses: Online casinos give gamblers a lot of bonuses; hence, many people are switching to online gambling to take advantage of these mouth-watering bonuses.
Lucrative Winning Payouts and Bonuses
The Canadian gambling industry is worth over $13 billion and offers several types of bonuses to consumers. These bonuses keep a large number of gamblers coming back for more. The amount of possible payouts on the jackpot burns a candle of hope in so many gamblers’ minds. The belief that they would be the lucky winner of the jackpot or a big payout from a winning bet is all they need.
Positivity and Optimism
Gamblers quickly learn the art of positivity, especially with a winning bet. It helps to maintain their mental health. Gamblers can sometimes become incurable optimists because gambling has a way of boosting positivity and optimism in gamblers. This optimism keeps them ever gambling, thereby continuously supplying the industry with more funds.
Conclusion
Gambling has continued to grow and generate revenues for the Canadian economy. This trend will continue to increase, especially with the online gambling option. However, understand that gambling is more than just an industry – it is a way of life for many people. Although problem gambling is a significant problem, the progress of gambling today is mainly tied because of the thrill players enjoy. Gambling is a leisure activity, a great way to think or be more focused for many people. And for others, it is a grand opportunity for a better financial status. Whichever one it is, the industry’s success is mainly due to the benefits people attribute to it.
