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Online gaming in Canada booming and gaining ground

Online gaming in Canada booming and gaining ground
Canada has an absolutely booming online gaming industry. On a list of countries that spend the most on online gambling, Canada tops the list. But just a few years ago, it was technically illegal to operate an online casino from Canada. What has changed? How did the industry become so popular and why are developers flocking there?
The reasons are many and varied. In short, we can attribute the success to the usual culprits. Factors like the rise of cryptocurrency and, yes, the COVID pandemic have definitely changed the industry's success curve.
It is also the case that many provinces did not allow casinos to operate until relatively recently They were based on Canadian soil. This made the process somewhat cumbersome for large betting companies to get involved.
Obviously, those rules are a bit looser now. Let's go into some detail about the Canadian online gaming scene.
What is the online gaming situation in Canada?
Let's start with a brief overview of Canada's stance on online gaming. It has a difficult history. Previously, it was illegal to operate an online casino if it was based in Canada. But it was perfectly fine to play at online casinos that operated from other regions.
However, the situation changed back in 2020 when the provincial government of Ontario started introducing changes. These changes were designed to end the national lottery's monopoly on online gambling in Canada. Provincial governments still require that any company wishing to operate an online casino in Canada must be licensed through them. Some believe that this is hurting the profit potential of the industry, but as we'll get to in a moment, it's still doing pretty well.
There is no set rule. Each province has its own rules and regulations, but generally it boils down to the provincial government issuing a license. Every province except Saskatchewan has at least one online gambling site.
Licenses were quickly awarded to large companies such as Bet365 and 888, with many smaller operators also participating. As it stands in 2022, online gambling is one of Canada's fastest growing industries. Canada ranks eighth on the list of countries that spend the most money on online gambling.
It's a huge industry. Canadians spent $16 billion on local casinos and more than $4 billion on offshore venues. Among that spending, online sports betting was the biggest piece of the pie - no surprise given the country's penchant for sports like field hockey and soccer.
Sports betting is followed by traditional games such as slots and cards. From the available data, Canadians enjoy the most typical forms of online gambling, but there are plenty of modern innovations as well.
Perhaps surprisingly given the country's relatively strict licensing rules, the government does not tax gambling winnings. This means that everything you win is yours.
Canadian gambling sites are big business now. It's so big, in fact, that the rise of online gambling has begun to diminish the profits of brick-and-mortar venues. As with everything else, the convenience of going online wins every time!
This has definitely been aided by the pandemic that has seen countless physical locations close en masse. Even those that survived lockdown orders were immensely damaged by the disruption. Meanwhile, online casinos flourished.
These sites were closed and online casinos took their place. Online gaming, of course, experienced a huge boom during the pandemic, as it was physically impossible for gamers to pursue their favorite hobby elsewhere. As we can see with literally every other type of online commerce, once this shift occurs, it is usually permanent. Yes, some players may have returned to traditional casinos after the restrictions were lifted.
But once you've been shown the sheer convenience and accessibility of online casinos, especially on https://bestonlinecasinosincanada.com/best-payout-casinos

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Created by: derek jackson
Created on: 02 Apr 2023
Language: English

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