iGaming Canada: A Lucrative Market for Casino Operators

People in Canada can finally enjoy a wide range of casino games online. The reason was not the lack of online technology. It is not a secret that laws have been a bit specific so far. However, things have changed, and there are now many online casinos that operate legally as well as traditional forms of gambling that residents of this country can enjoy.

There is one interesting fact that we have to share with you. When you put into consideration all the business fields in the world, the Canadian gambling market is one of the fastest-growing industries. While we are writing this article, the value of the entire market is somewhere around 12 billion dollars. The more fascinating fact is that the value of the industry may be over 50 BILLION DOLLARS in the next 10 years.

What Is the Main Reason for That?

Have you ever heard about the C-218 bill? For those that do not know, it is an amendment that made sports betting completely legal. It allows all the players in Canada to easily place a bet on different sports events. Logically, the Canadian market is already attractive to a huge number of investors around the globe. Now, when this industry is legalized, there is a huge number of casino operators that decided to expand their business to this market.

More Details about the Law

Just because everything is legalized, that doesn’t mean it is not a bit confusing. Believe it or not, there is no federal law that defines the requirements and expectations that online casinos have to meet. The ones that are crucial here are actually the laws designed by provincial authorities. But, even today, certain boundaries and restrictions may not be typical in some other countries.

The first state that decided to do something about gambling is British Columbia. They declared a Gambling Control Act that determined how many years the player should have to legally enjoy these games. After that, Ontario decided on an almost identical move, and things started to expand within the entire country.

But we do not want to confuse you. Some states decided not to legalize gambling at all. A good example of that is Prince Edwards Island provinces, Nova Scotia, New Brunswick, and some other provinces. Whether this will change or not in the future is something we are yet to see. However, even in the USA, the laws are different from one state to another. Because of that, it can happen that people in these provinces do not get the most popular law changes.

More Information about C-218 Bill

We already mentioned that the C-218 bill is the main reason why things started to change in the Canadian gambling market. Because of that, we do believe that you would like to hear more details about it.

As stated above, each province of Canada has the full right to provide a license to online and offline casinos that meet the requirements of the law. The main regulatory body that issues licenses and regulates the entire market is the Lieutenant governor of each province. Today, people can easily place a bet on different single sports events, athletic contests, races, and fights.

If the casinos and betting sites in Canada want to provide services of this type, they will have to apply for a license there. After that, they are going through a huge number of tests that determine whether the provider is reliable, legit, and fair.

There Is One Small Exception

Remember what we said? Betting on races and rating sports is an available option. But there is one small exception. Neither of the provinces within Canada does have the right to offer odds for horse racing. This may seem strange to gamblers outside of this country, but these are the rules that everyone has to respect.

Canadian Gambling Market Has the Potential to Grow

We will give ourselves the right to give one statement based on all the facts and pieces of evidence mentioned in this article. The Canadian gambling market will certainly grow in the future, and there is no doubt about that. But how much it will grow is not something we can determine. Yes, we said the predictions that tell us the gambling market will have a value of 50 billion dollars. However, we can’t be 100% that is going to be correct. If the gambling laws continue to change and adapt to the newest trends, then it may happen that the value becomes even higher.

Generally speaking, the new law made online gambling even more popular among Canadians. The demand already existed before that, and the law changes were a good sign for many licensed operators to provide their gambling services to this market.

Of course, gambling wasn’t completely illegal before this law. Offshore companies could offer their gambling games to everyone. But, with this change, more and more investors are willing to participate as well as local entrepreneurs. That makes the field even more competitive which automatically means all the businesses will have to improve their business functioning to meet the requirements of all the customers.

Conclusion

It is probably a good moment to repeat the conclusions we made. The Canadian gambling market will grow in the future. Apart from that, we do not know if the countries where gambling is illegal are going to change their approach to this activity. If that happens, and the laws continue to follow the latest trends, the value of the gambling market may break the record.