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What is the Outlook of the Online Gambling Industry in Canada for 2022?

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The Canadian gambling industry touched another milestone with Ontario launching its own licensed online gambling market on April 4, 2022. The reason for the move was attributed to the massive industry revenue being siphoned off by offshore operators and illegal markets. Thus, Ontario’s model has led to the development of a more positive outlook on Canada’s iGaming industry. Several analysts are optimistic regarding the future of the industry and the benefits it can usher. Have a look at this site: https://www.online-casino-ontario.com/

User Penetration to Increase to 20.3% by 2026

Canadians engage in various iGaming activities online such as casino gaming, online poker, bingo, and lottery. The user penetration in the industry is speculated to be 19.6%, which might reach 20.3% by 2026. Canada’s average revenue per user (ARPU) in iGaming might be $46.39 in 2022.

The iGaming segment generated massive revenue despite a vast amount pocketed by offshore operators. The gambling scene has been growing because of the COVID-19 pandemic, which forced people to stay home. Many Canadians began exploring online gambling, contributing to the boom in the industry.

However, the pandemic is not the sole reason behind the developments. The Canadian iGaming scenario has undergone a transformation spanning the past several years. While provincial governments like Ontario have permitted licensed iGaming activity by launching sports betting platforms and online casinos, the dramatic shifts in the industry will challenge such outfits.

The entry of several casino providers via licensed iGaming marketplaces will force provincial entities to operate in a competitive landscape. With several high-limit casinos making inroads into the Canadian market, consistent competition is likely to be a hallmark of the iGaming industry and will remain unchanged in future.

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Other Provinces to Follow if Ontario’s Experiment Succeeds

Ontario’s recent move to allow international internet betting platforms will present Canadians with a wide array of choices across many betting sites. New players would be eager to avail the benefits of the welcome bonuses online casinos offer them for signing up, contributing to further growth.

If Ontario’s experiment with legalized iGaming is a success, other Canadian provinces like Alberta, British Columbia, Manitoba, Saskatchewan, and Quebec might roll out their iGaming platforms in the next three years to earn more revenue.

Analysts deem 2022 to be a beneficial year for the iGaming industry. Using Ontario as a base for their speculations, they were of the view that iGaming operations in the province have an annual growth rate of 7.21% from 2022 to 2026. Ontario’s iGaming segment is likely to earn gross revenue of $1.86 billion, making it a huge marketplace in North America along with locations such as Michigan, Pennsylvania, and New Jersey.

Legalizing single-game sports betting will further ease matters. Canadian bookmakers will be able to place their wagers with a domestic bookie instead of offshore gambling sites. It will help provincially operated sportsbooks operate on a level playing field. Moreover, the growing popularity of smartwatches and the easy accessibility of eSports betting would attract young punters, amounting to 8 million players by 2026.

Growing iGaming Markets to Usher New Jobs

Opening the iGaming market will also increase employment in software development, media, and IT sectors, which will be complemented by the inclusion of lawyers and regulators to supervise the industry operations and uphold fair standards. Canada’s online gambling industry was already full of potential and would usher in more growth in the coming years.

If the provinces can successfully integrate global competition, the Canadian iGaming industry could become a very strong iGaming market.

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