The Canadian online gambling industry continues to boom as we enter 2022. Last year, online gambling in the Great White North generated billions of dollars as over 20 million Canadians got in on the action. Granted, a lot of that cash went to offshore operators. Of course, some of the industry’s recent success can be attributed to unfortunate world events that have resulted in people living somewhat isolated lives.
The online gambling landscape in Canada has changed over the past several years. For instance, provincial governments have launched online casinos and sports betting platforms. However, it looks like those outfits will soon face some stiff competition because the landscape continues to shift dramatically. Casinos with high limits are popping up in Canada and this trend would not change in the foreseeable future.
It’s all but certain that Ontario is about to allow international betting sites to operate in the province. If and when it happens, those in Ontario will be able to choose from several online betting sites. This will also likely attract a lot of new players who want to take advantage of various welcome bonuses. Should Ontario’s proposed model be successful, it will just be a matter of time before other provinces including B.C, Alberta, and Quebec follow suit. They have those precious revenues on their minds too.
2022 should be another profitable year for Canada’s online gambling industry. Looking at Ontario once again, analysts estimate that licensed online gambling there will generate close to a billion dollars in 2022. By 2026, they project gross revenues of about $1.86 billion. Ontario is poised to become one of the biggest online gambling markets in North America along with New Jersey, Michigan, and Pennsylvania.
Another thing that bodes well for the 2022 outlook is the recent legalization of single-game sports wagers. This will put Canadian bookmakers on a level playing field. Instead of being forced to place single wagers at offshore sites, Canadian sports bettors can place their single wagers with a domestic bookie. Most provincially-operated sportsbooks are now offering single-game wagering.
There are other factors to consider as well. For instance, eSports betting, virtual/augmented reality, social betting, and even wearables like smartwatches are gaining in popularity. These types of trends draw in new generations of online gamblers. Online gambling is so easily accessible and people are attracted by new innovations.
It’s not like Canada is the only country with a gambling industry that’s looking positive moving forward. The industry is booming on a global scale. Canadians just have to look south of the border to see how successful it is. As is the case in the United States, Canada, and almost everywhere else on the planet, the online gambling industry is projected to see significant growth over the next few years. More and more Canadians are going online to partake in all sorts of gambling including:
- Casino Gaming
- Betting on Sports
- Betting on eSports
- Online Poker
- Horse Racing
We must also consider that opening up Canada to online operators will bring a lot of jobs. Not just with the operators, but other sectors such as software development, IT, media, and even payment providers to name a few. Lawyers and regulators will even get in on the action. It’s a big pie and a lot of people will get a slice.
Canada’s online gambling industry already had a bright future. However, it will be even brighter if Ontario and the other provinces and territories can successfully implement solid plans to introduce competition. It’s probably going to take some time, but it will be worth the wait for Canadian online gambling enthusiasts and the industry as a whole.