Facts About Online Gambling Industry In Canada
Canada is a land of booming economy and development. In the world, It is one of the most comfortable countries to live in. Amongst Canada’s various booming industries, casinos, gambling, and the iGaming industry is also worth the mention. Canada houses one of the largest gambling communities in the world. According to statistics, there are almost 20 million active gamblers in Canada. Canada ranks as the 8th most active iGaming country. The country has very lenient policies regarding gambling, and Canadian citizens like to enjoy recreational gambling every now and then. There are multiple interesting tidbits about the online gambling industry of Canada.
Let’s explore the Canadian Online gambling scene in this article.
The Canadian Gambling Industry
Before we deal with the interesting facts, let us take a look inside the Canadian gambling industry. The Canadian gambling industry is only on its way to progress. The Canadian online casino and gambling industry is estimated to reach a revenue of $500 billion by the year 2023. As the physical, brick and cement casinos face a decline due to the onslaught of the pandemic, the online casino sector is on a steady rise.
Online gambling is legal in Canada; however, it comes with a catch. Canada does not issue any licenses for online casinos. So, who can operate casinos inside Canada?
Casinos with valid licenses from the following regulatory bodies are allowed to legally operate inside the Canadian Borders:
- United Kingdom Gambling Commission (UKGC)
- Malta Gaming Authority
- Curacao Gaming License
- Government of Gibraltar
- Costa Rica gaming License
- Antigua and Barbuda gaming license
Canadian gamblers are regular visitors to these offshore online casinos. Offshore casinos have added Canadian currency to their list of accepted currencies due to the surge of Canadian gamblers. Currently, there are more than 200 such offshore casinos accessed by Canadian players.
The Development of the iGaming Industry in Canada
Canada doesn’t have any national regulatory body that grants licenses to online casinos. Although this law is very much potent, there are many offshore online casino servers located inside the borders of Canada. The majority of the offshore online casino servers can be traced back to Kahnawake, which is located inside Canadian territory.
But do not worry, as this is all done legally. Kahnawake Gaming Commission, which was established in the year 1996, is a gaming regulatory body that licenses online betting and gambling in Mohawk Territory, Canada. The Mohawks are known to have jurisdiction over their territory. This establishes that they can run all their businesses quite freely and legally, which includes online gambling and casino activities.
The Kahnawake Gaming Commission is known to have licensed over 50 online casinos. This regulatory body manages over 250 offshore gambling websites. The Kahnawake Gaming Commission is a major contributor to the growth and development of the iGaming industry in Canada.
Interesting Facts About Online Gambling in Canada
Gambling has been an age-old tradition in Canada. The history of gambling on Canadian lands dates back to the pre-colonial period, before the arrival of the European settlers on the Canadian shores. Gambling was practiced by the indigenous population of the land. They made use of sticks and bones for a game called “Slahal”. The game held a lot of spiritual and social significance within the indigenous community of Canada.
Gambling and casinos have come a long way since then. Here are some interesting tidbits about the online casino industry.
Canada has no national gaming regulatory body, so all the legal online casinos are based offshore. Canada does not criminalize the act of gambling, and it has been recorded that no one in Canada has ever been prosecuted for gambling online. Canada is also progressive regarding its taxation laws. No one has to pay added taxes on their gambling wins. For recreational gamblers, their earnings from various online casinos are completely tax-free. The Canadian government aims to make the casino experience enjoyable and rewarding for all the customers involved.
Gambling as a Pass-Time Activity
Gambling is treated as a recreational activity in Canada. Unlike the other countries, gambling is not such a serious affair but a mere pastime enjoyment. There has been a noticeable shift in the gambling industry. People now prefer online casinos over land-based casinos. Online casinos are cheaper and can be accessed from anywhere, at any time. This shift has led to the inclusion of casinos as a pass-time activity.
Online gambling in Canada is not just a source of enjoyment but is also a major industry. The online gambling industry of Canada has created and provided about 135,000 full-time jobs, and its net worth is more than $15 billion.
Online casinos in Canada offer a plethora of gambling options. From traditional card games, poker to slot games, every option is available to suit the taste of the customers. Recent demographics show that casino slot games, especially the likes of penny slot machines, have increased in popularity amongst Canadian gamblers. Slot games are a fan favourite because of their bright visuals, exciting themes, and attractive background music. Slot games do not require intricate skills and are easily accessible to new players.
Research conducted by CasinoValley shows that men and women are equally into gambling in Canada.
It has also been noticed that female gamblers are more pro online gambling. Almost 55% of the female gambling population prefer online casinos that they can access through their mobile devices.
As land-based casinos face a significant decline in their popularity and revenues, online casinos are only getting more popular each day. Online casinos have played an important role in spreading happiness amongst the gambling community during the grim period of the pandemic.
The Canadian gambling community has embraced the concept of online gambling with an open heart. Game developers and the Casino regulatory bodies are constantly upgrading themselves to provide the best experience to all gambling enthusiasts out there.