Canada is where the gambling industry has been thriving in the last couple of years. You will find countless online casinos that are registered in the country. One of the main reasons for that happening is the legislation that allows for them to operate properly and without any distress in the meantime.
If you compare local legislation to the one players encounter in the US, you will understand what we mean. You will not encounter limitations present in the United States. If you are interested in taking a look at some of these online casinos, be sure to pay a visit to Casinobonusca.com.
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As is the case with all countries in the world, Canadian players have their preferences when it comes to games they like to participate in. Today, we want to talk about the most widespread casino games and trends in Canada. Without further ado, let us begin.
Demographics and Preferences
The first thing we want to talk about is demographics and players’ preferences. According to a report, roughly 65% of citizens older than 18 participated at least once in gambling activity in 2022. Surely, this says a lot about the potential of the local market. The number of players has increased severely in the last couple of years, mainly due to gambling becoming more accessible.
When it comes to the players’ preferences in terms of forms of gambling, the most popular one by far is the lottery, at 45%. You will agree that this is a trend in most of the countries out there. After the lottery, online casinos are at 26% of the population, followed by sports betting, which lies at 12%. Once again, men are gambling more than women in Canada.
As you can presume, younger generations are more focused on online casinos, while the older generation gravitates towards brick-and-mortar casinos and lotteries. However, it is important to say that the percentage of the older generation who take part in online gambling has increased significantly in the last couple of years. Experts expect that this trend will continue in the future.
As is the case with practically all other industries, we can see that technology plays a vital role in this one as well. It is simply not possible to think about this being a possibility without the inclusion of modern technologies, such as virtual reality, or digital currencies. The current value of this sub-group of the gambling industry, you will see that online gambling generates more than $1.5 billion annually.
Of course, this is quite an achievement if you know what the situation was just a decade ago. When it comes to the technologies that are the main drive-force behind this immense growth, they are not numerous, but they simply cannot be avoided when discussing this topic. There are four of them, mobile gambling, live dealer games, augmented and virtual reality, and digital currencies.
The reason why mobile gambling is among these is quite simple: the number of mobile phone users who participate in online gambling is quite high, with the potential to grow significantly more in the future. Live dealer games are quite popular nowadays for the experience they provide to players.
Virtual reality and augmented reality are emerging technologies and are yet to reach their full potential, even though their impact is felt. Of course, we cannot forget about digital currencies which are something online casinos cannot work without anymore, and expect higher revenue; as simple as that.
Even though we mentioned virtual reality briefly earlier, we think this technological advancement must have its section due to its impact and complexity. Its use will offer numerous possibilities when it comes to the improved player experience. Think about it, players can visit virtual casinos and have the same experience as when they enter a real one. You will certainly agree this is something that will reshape the industry and improve its potential massively.
At the moment, only around 15% of online casinos have embraced VR. While this is pretty low, we can understand that the true potential of this technology is yet to be understood. When it finally happens, we are certain that a higher percentage of them will focus on utilizing this technology and reap all the benefits it can provide. That is why we do not doubt that massive adoption will occur sometime in the future. It remains to be seen how it will occur exactly.
What Does the Future Hold?
Last but not least, we want to touch upon what we can expect in the future when it comes to the Canadian gambling industry. Since the industry is projected to reap massive amounts of revenue in the future, Canada will probably not be an exception. Of course, there are several ways this growth can go. The most important experts expect to happen in the future is a complete domination of online gambling.
Sure, brick-and-mortar casinos are still popular and will continue to be in the next couple of years. The next aspect that will grow significantly is sports betting. Many do not know that sports betting has been legalized in Canada only recently. Therefore, it is safe to expect that this aspect will grow immensely in the future.
Some experts think that it may touch roughly $28 billion within the next five years. There is one more thing nobody can know for certain, but many experts think it can occur. We are talking about the legislation becoming stricter for numerous forms of gambling.
Sure, legislation is something that is constantly updated due to technological advancements and other reasons, but experts are clear about this expectation. Most think it will occur because of the growing market.
The Bottom Line
Canada has a lot of potential in various industries. Therefore, nobody should be surprised why this is the case with this one. As you can see, local industry will follow the trends found in the global one. We are certain you will find this insight interesting.