North America has recently taken great strides with the iGaming market, with both the United States of America and Canada starting to embrace gambling activities such as sports betting and online wagering a whole lot more than previously.
Indeed, both countries have started to adopt legislation and pass bills that have meant certain areas have been able to provide these types of services to those who reside in the area where the laws have been passed, with America showing that there are plenty of positives with the move.
However, can Canada’s iGaming market explode just as much as their southerly neighbours?
Canada has C-218 bill passed
There is plenty of optimism within the country that the iGaming market can enjoy huge success, especially following the decision to pass the C-128 bill into law. Whilst many have already been enjoying Canada’s favorite online casino for all of their wagering needs, residents are now able to enjoy even more betting activities, such as the ability to place wagers on single-game sporting events.
There is a concern that the market has already been able to reach its peak as figures are believed to be relatively stable across an annual timescale, with it being between $14 and $16 billion each year on average, although there is enthusiasm from senior officials and experts who would suggest the passing of the C-218 bill will encourage these numbers to grow.
Growth has already been experienced in great numbers
With no doubt that there is a hunger and desire for iGaming activities within the country, Canada has already seen a number of extraordinary figures in regard to the number of punters placing bets online over the past couple of years.
Statistics have suggested that a rise of 77% has already been achieved over the past 12 months, which would suggest that the iGaming sector is already booming and being embraced as much as possible. With the passing of legislation, it would be hard to argue that the numbers reported will not increase further, especially as partaking in active online gambling becomes legal within certain provinces and regions.
Additionally, it should not come as a surprise to learn that the figures are as high as they are already, with evidence already showing that the country is one of the largest gambling markets in the world. Currently, Canada is ranked as the eighth-largest market, thus suggesting that iGaming is already highly popular.
These figures would also suggest that there is every chance that the market will explode just as much as it has – and continues to do so – in the United States of America.
What are the concerns?
Unfortunately, it would appear that the answer to whether the market will explode for Canada is far from being black and white, though.
As mentioned, there are several numbers that have been reported to suggest that the market has become rather stable which may suggest that expansion and growth is something that could be relatively optimistic. In fact, there are many experts who have already suggested that the market has already reached its ceiling given the stable annual revenues over the last few years.
Nonetheless, it would be wrong to immediately rule out any possibility that the iGaming market can not expand and grow at this stage, as it is clear that the passing of regulation south of the border has worked, therefore there are plenty of encouraging signs that it could in Canada.
