Numbers and projections for the Canadian online gambling industry in 2022 and 2023
$5,000 Welcome Bonus
online gambling in Canada, and the numbers show that this trend is only increasing. Reports have estimated that in 2021, the Canadian mobile gaming industry earned over $643 million in revenue. And experts predict that by 2023, the market volume will reach approximately US$2.13 billion.
Naturally, with the growth of this industry being at an exponential rate, there are a number of reasons why the iGaming industry is set to continue to boom.
The Numbers Behind the Growth of Online Gambling in Canada
Online gambling has become increasingly popular in recent years, both in Canada and around the world. According to reports, approximately half of the annual revenue of Canadian online casinos comes from mobile devices. Video games are predicted to grow at a rate of 9.17% in Canada, reaching US$1.5 billion by the end of this year (2022) and US$2.13 billion by 2026. This rapid growth shows just how quickly this industry is expanding, thanks to its convenience and accessibility for players everywhere.
The Factors Behind Canadian iGaming Growth
Indeed, there are a number of factors that can help to highlight and explain why the industry is able to achieve as much growth as it has been able to experience in recent years, with each of the following playing a role in helping to drive it forward after a successful 2022 and potentially help it to go even further in 2023…
Technology
Technology has been advancing in leaps and bounds for a number of years, and this is one of the most important factors in driving the growth of the Canadian iGaming industry. Thanks to faster internet speeds and more advanced technologies being available, players can now enjoy high-quality gaming experiences with no issues.
One such example is the use of virtual reality. This technology allows players to be fully immersed in the game as if they were actually there inside it. With this level of realism and immersion, it is no wonder that more and more people are choosing to try their luck with online gambling.
Additionally, the usage of smartphones and the proliferation of mobile applications have also made it easier for players to enjoy their gaming experience on the go. This is something that has been instrumental in helping to drive the growth of this industry, as it is now much more convenient for people to access and play online games whenever they want.
Legalization
There have been a number of changes in Canada when it comes to the regulations surrounding online gambling, making it easier for players to access sites legally and take part in games with no worries. This has helped to open up the industry further and drive more people to get involved, which is a major reason why the market is growing so quickly. The province of Ontario recently underwent changes in regard to its online gambling market, with the Great White North’s most populous region having introduced new regulations that have made conditions favorable for the activity.
Range of choice
The iGaming industry is one that is highly adaptable and competitive. This is why new games are released every month. Big software companies in the iGaming industry are always trying to bring players more variety in games, sometimes even drawing inspiration from movies. Some of the most popular include 'Star Wars' by IGT, 'Alien' by Netent, and 'Jumanji' also by Netent. ey . The proliferation of these games is expected to continue as more countries and regions continue to legalize online gambling. For instance, whilst online gambling in Canada has already grown quite a bit in recent years, with increased regulations in specific Provinces like Ontario in the near future, more of the Great White North’s population are expected to help contribute to its growth within this emerging and promising market.
Convenience
One of the biggest draws of iGaming is that it allows players to take part in their favorite games from the comfort of their own homes, with no need to go out or visit a casino. This convenience has been a major factor in the growth of this industry, as people are more likely to participate if they don’t have to leave the house.
Bonuses and promotions
Many sites also offer players bonuses and promotions, which can help to entice them to get involved in the industry. These rewards can range from free spins on slots to deposit bonuses, as well as a number of other offers that can provide people with even more motivation to participate in online gambling activities. Canadians are incentivized to play more and more every day, which helps to contribute to the overall growth of this industry.
These factors all contribute in some way to the growth of the Canadian iGaming industry, and it is expected that they will continue to do so in 2022 and 2023.
Projections for 2023
Experts estimate that the best online casinos in Canada will continue to grow throughout 2023 as they attract more players with their selection of games, promotions, bonuses, rewards programs, and more. In addition to video games which are expected to see significant growth during this period, other forms of gaming such as sports betting are also expected to experience an increase in popularity as people flock to these sites for entertainment purposes and look to enhance the lifestyle choices that they make.
The Future of Online Gambling in Canada
The growth of the Canadian iGaming industry is expected to continue for many years to come, as it stands to benefit from more advances in technology, as well as further liberalization and legalization of the activity. It is also anticipated that new laws will be introduced to make the activity even more accessible and attractive for players, driving more people into the market. As the industry grows and more people become involved, it is expected that even further advances will be made in terms of gaming experiences, rewards programs, bonuses, and promotions. Ultimately, this should lead to a bigger and better online gambling market for Canada going forward.
As a result, 2023 looks set to be another incredible year for the Canadian online gambling industry, especially after a highly successful year in 2022 helped to show just how much potential can be achieved and how much growth can be experienced at the same time!
