Over the past few years, online gambling has gained significant popularity in Canada. This trend can be attributed to various factors, such as advancements in technology, relaxed government regulations, and the growing interest of young people seeking alternative sources of income in addition to their primary and stable earnings. Statistics from all sources clearly demonstrate the positive outlook for the gambling industry of the Great White North in 2023.
Gambling in the Capital Province
In April 2022, Ontario introduced a new avenue for virtual casinos and sportsbook managers to establish their gambling businesses in the province. By amending the legislation, the government enabled businesses to apply for casino licenses and commence operations. Currently, the Liquor and Gaming Commission is responsible for issuing these licenses. Prior to this significant Ontario decision, gambling in Canada was heavily regulated and subject to strict standards. Gambling companies were only permitted to operate in a specific province where they had acquired a license, limiting their scope of operations and financial gains.
Gambling in the Rest of the Great White North
Except for Alberta, all Canadian provinces have their own distinct gambling laws. Alberta is the only province that permits foreign and third-party gambling companies to operate within its borders. Consequently, popular casino games such as poker and roulette can be played on platforms like Play Alberta.
In the other provinces, the government solely runs and manages gambling activities, and the regulations and norms are strictly enforced. Gambling companies do not have sufficient freedom to conduct their business operations. Recently, the passing of Bill C-128 allowed online casino and sports betting enthusiasts the ability to place single-event bets. Prior to the passing of this bill, only parley bets were allowed. That meant that players who were knowledgeable about advancing their online betting strategies were constrained.
Outlook for 2023
Assessing the outlook for gambling and gaming in Canada in 2023 requires a look at global trends. Despite strict regulations in countries like India and the US, governments are gradually easing restrictions on online casinos and sportsbook platforms to encourage growth. That has attracted existing online gambling providers to enter these markets, and new players are entering the industry through these new territories.
Canada has already taken steps to facilitate the operations of online casino companies, and this trend is expected to continue in 2023. Legalizing online gambling and betting will not only curb illegal overseas gambling but also stimulate the economy by generating employment opportunities for third-party companies. Experts predict that gambling revenues could increase by 30% to 40% by the end of the year, underscoring the benefits of this move.
Conclusion
In the past, Canada was recognized for having some of the toughest regulations on gambling. But now, things are changing as the government is easing its restrictions, leading to more companies establishing their operations in the country. Consequently, the prevailing view is that the iGaming and gambling sector will see sustained growth in Canada, both in 2023 and beyond.