Globally, online casinos are on a rise. With legislature and laws becoming flexible around online gaming, barriers being broken down between countries, and people spending most of their time and money online, the era can be considered a boom for online casinos.
While the top player in online and offline casino markets in the West is still the USA, its most revered competitor is its neighbour, Canada. Canada unfailingly ranks in the top 10 countries to play on online casinos. It provides the most comfortable platforms along with competitive pricing and lucrative offers that attract players from across the globe.
A Look Into The Industry
Canadian online casinos industry is thriving and while there are several factors that contribute to its growth, some major factors are acting as speed breakers to an otherwise charts breaking revenue earning business.
Canadian online casinos record revenue of about C$31 billion a year, a staggering amount for a country that outlaws private stakeholders of online gambling and casinos. While Canada does not completely ban the gaming and gambling experience, only the government-owned online casinos are legitimate in true sense. If you play on any other privately owned Canadian online casino, you would be breaking the law. However, it is important to mention that the Canadian government has left this decision up to the provincial authorities which have created a diversified market for online gambling in Maple Country.
For a population that consists of 76% of adults enthusiastic about online gambling, it is understood that government-based casinos may not be enough. Therefore the law is made flexible enough to allow Canadian citizens to participate in online gambling on off-shore sites. The advantage not only comes in terms of the diversified access to top casinos in the world, but also to invest less and earn more in several international cases.
Despite the ban on online casinos on Canadian soil, there are companies that can completely legally allow the process of connecting Canadians to global games and players. Software providers like Microgaming and Playtech are important industry players that make sure Canadian markets have newer, more advanced, and innovative games to play.
Regulation of Canadian Online Casino Markets
Regulations of the Canadian online gaming market give the citizens a lot more space to breathe and have some fun, unlike its stringent neighbour the USA, which is also providing regulating authority to individual states. When it comes to regulating the online casino industry or the unregulated growth thereof, Canada is a lot like India.
For instance, India records about $1.5 billion of lost revenue due to the inefficiently regulated online casino market systems. Whereas in 2016, Canada recorded a loss of revenue of over $10 billion. Particularly provinces like Alberta, Ontario, Manitoba are relaxed in terms of the framework of online casino regulation as well as resistance to proposals of setting up more such businesses.
However, both countries are making progress is deriving advanced regulations that will control the flow of transactions in online casino activities and increase the taxable revenue generation. If you are looking to gamble online, take the right step. Join a trusted casino site that you will enjoy spending the time playing in.
- Written by Harshita Khemani