With the evolution of the digital age, many sectors have experienced immense growth due to technological advancements and legislative changes. One of these sectors is the Canadian iGaming industry. Here, we explore some of the significant advancements that have popularized the iGaming sector in the Great White North.
Technological Innovations
The most visible driver of the iGaming industry’s success is the rapid progress of technology. Fast internet speeds and advanced devices have allowed players to enjoy high-quality gaming experiences without interruption. A leading example of such technological breakthroughs is virtual reality (VR), which provides players with an immersive gaming experience. Coupled with the widespread use of smartphones and the proliferation of mobile applications, these technological advances have made it easier for users to access their favorite games.
A good number of individuals are now indulging in mobile gaming, with the convenience of playing anytime, anywhere being a significant pull factor. As a result, revenue from Canada online casino mobile gaming platforms contributes to approximately half of the total annual revenue for the iGaming industry in Canada.
Legalization and Regulation
Another factor that has contributed to the growth of iGaming in Canada is the changes in regulations around online gambling. Making it easier and legal for players to access gaming sites has significantly driven the industry forward. For instance, Ontario, Canada’s most populous province, recently made regulatory changes that favor online gambling. Such legal amendments have not only given players peace of mind but also increased participation in the sector, contributing to its rapid growth.
The Rise of eSports
As the digital gaming landscape in Canada matures, another noteworthy advancement that has bolstered the industry is the emergence of eSports. In 2020 alone, 61% of Canadians, approximately 23 million people, were actively involved in gaming. The eSports industry, in conjunction with the video game industry, is expected to generate a whopping CAD $3.7 billion in revenue by the end of 2023. The rise of eSports has opened up new possibilities in the iGaming sector, mostly in the forms of new betting possibilities, proving itself to be a valuable growth factor.
Job Creation in iGaming
The flourishing iGaming industry in Canada has also resulted in job creation, which adds to its popularity. The need for a skilled workforce has led to a 17% increase in employment within Canadian video game companies since 2019. This has not only boosted the Canadian economy but has also created an extensive network within the industry, bringing together giants like Ubisoft and Electronic Arts. Moreover, associations formed within the sector aim to promote these companies internationally and maintain their position among the global leaders of the industry.
Internet of Things (IoT) and Blockchain
Emerging technologies such as the Internet of Things (IoT) and Blockchain also play a role in driving the iGaming industry’s growth. IoT’s ability to track and analyze user interaction data enables online platforms to enhance the customer experience. On the other hand, Blockchain holds potential for independent banking and blockchain-based betting, although its application in mainstream iGaming is yet to be fully realized.
Canada’s iGaming Sector: A Composite of Technological, Legislative, and Socio-Economic Advancements
The prosperity of the iGaming sector in Canada is a result of a myriad of advancements and factors. The technological revolution, especially with virtual reality and mobile gaming applications, has significantly elevated the gaming experience. Legal reforms have made it easier for gamers to enjoy their favorite pastimes without worry. The rise of eSports and the industry’s ability to generate employment also contribute to the sector’s popularity.
Emerging technologies like the Internet of Things and Blockchain further offer exciting prospects for the future. While the Internet of Things allows for a more personalized gaming experience, the full potential of Blockchain in this space remains largely unexplored. The unique blend of these factors makes the future of the iGaming sector in Canada a promising landscape, teeming with potential and opportunities for growth and innovation.
