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The Canadian iGaming market is rapidly expanding, with more and more players joining the industry every day. In 2023, we can expect to see significant growth in the Canadian iGaming market, driven by a number of factors, including advancements in technology, increased access to high-speed internet, and changing attitudes towards online gambling.
One memorable year for every supporter of legal gambling in Canada is April 4, 2022. This was when Ontario finalised the legalisation of internet gambling. This was one of the major drivers of the market’s growth that every specialist in the field continues to observe with a keen eye. Another trend that is likely to continue in 2023 is the increasing use of mobile devices. More and more Canadians are using their smartphones and tablets to access online gaming sites, and this trend is expected to continue in 2023. This has led to an increase in the development of mobile-friendly gaming sites and apps, which allow players to access their favourite games from anywhere at any time.
What the Numbers Say So Far
In Ontario alone, in 2019, there were an estimated 25,750 slot machines. If we look at it in the grand scheme of things, at present, there are more than 200 licensed gambling establishments in Canada, housing 76,000+ slot machines, and some 2,200+ table games. Even the best online casino for real money cannot hope to achieve such numbers. These are mind-boggling numbers, speaking of how developed the iGaming industry is in Canada.
The revenue from video lottery terminals tells a similar story – it’s been rising in the first decade of the century, and it’s been maintaining a similar level in the past decade. In 2020 Quebec has netted CA$853 million from video lottery terminals alone, with the runner-up Alberta netting CA$545 revenue. In 2021, the valuation of the gambling market in Canada was $12.54 billion. We can’t confirm nor deny that this number has been growing in the past year and a half, but it sure looks like it’s been the latter.
The Technological Side of Things
In addition to the increased interest and expansion, we can expect to see new technologies being developed that will enhance the online gaming experience. Virtual reality (VR) and augmented reality (AR) are two technologies that are already being explored by some iGaming companies. In 2023, we can expect to see more iGaming companies invest in these technologies, which will provide players with a more immersive gaming experience.
More Cryptocurrency Gambling Sites
The number of use cases for the top cryptocurrencies has been increasing in recent years as more and more companies wake up to the realisation that they may very well be the future. The iGaming industry is no different. The number of online casinos that accept crypto is on the rise, but we can’t say that with certainty for Canada. All we can hope for is that this sector of the industry keeps progressing to where gambling with crypto is just as easy to access as regular gambling sites.
Live Dealer Games
Since a substantial majority of players express interest in live dealer games, there’s no reason to think that is not going to continue in 2023. Live dealer games allow players to interact with real dealers in real time, which provides a more authentic casino experience. In 2023, we can expect to see more iGaming companies offering live dealer games, which will help to further blur the lines between online and offline gambling.
Artificial Intelligence in Gambling
What can we say about AI and gambling? AI and machine learning is likely already being used to analyse player behaviour and to better the quality of service. This is the stepping stone to another paradigm shift in the industry, so it’s worth keeping an eye on any new developments in that regard. Unfortunately, not many companies are keen on disclosing the secret sauce that makes them so successful. In 2023, we can expect to see more iGaming companies using AI and ML to optimise their games and promotions.
Challenges
However, there are also challenges facing the Canadian iGaming market in 2023. One of the biggest challenges is the lack of a uniform regulatory framework across the country. While several provinces have legalised online gambling, there is no national framework in place to regulate the industry. This has led to confusion and uncertainty for both players and iGaming companies. It will take a valiant effort from The Canadian Gaming Association to advance the industry to a better position for further growth.
In addition, there is also the challenge of responsible gambling. As the iGaming market continues to grow, it is important that measures are put in place to ensure that players are gambling responsibly. This includes providing access to resources and support for problem gambling and implementing measures to prevent underage gambling.
