iGaming industry growth refers to the expansion of the online gambling market, which includes activities such as betting on sports events, playing casino games, and participating in other forms of online gaming, also known as iGaming. This Industry has grown significantly over recent years and has become a significant source of entertainment for many people around the world.
Read on to learn why online gambling could benefit your business’s total gaming revenue. This article has been made possible with the help of online casino experts from Canada Casino Hub.
The iGaming Industry in Canada
The iGaming Industry is snowballing in Canada due to several factors:
- The widespread use of mobile devices has made it easy to access online gambling sites anytime, anywhere.
- The large population base provides a substantial market for this type of activity.
- The competitive nature of the Industry drives companies to offer new and exciting products to attract customers.
Online casinos and gaming platforms have become increasingly popular among Canadians looking for convenient ways to gamble without leaving their homes. Sports betting has also been gaining traction in recent years, with more legalizing sports betting and more people turning to online platforms to place bets on their favourite teams or athletes.
Factors Driving iGaming Industry Growth
Several key factors are driving the growth of the iGaming Industry in Canada. One significant factor is the rise of free-to-play options allowing players to experience online sports betting and gaming without risking real money. This trend has increased user engagement and attracted new audiences who may not have previously considered online gambling. Another factor driving the iGaming industry growth in Canada is the widespread availability of high-speed internet. As more Canadians can access fast and reliable internet connections, it has become easier to enjoy online gambling from home or on the go. This increased accessibility has led to a rise in online bettors and virtual gamers nationwide.
Furthermore, according to a recent report, the global online gambling market is expected to reach over $100 billion by 2025. This forecast indicates significant opportunities for businesses operating in this sector to expand and generate higher revenue. As a result, many iGaming operators are working hard to create new products and services that meet the evolving needs of consumers worldwide.
The economic impact of iGaming industry growth
The iGaming industry growth in Canada is fueling potential economic benefits for the country. With more people participating in online betting and virtual gaming, there is a growing demand for digital platforms that offer innovative software technology and payment methods. This development supports businesses providing these services and helps gamblers spend their time and money wisely with better support for responsible gambling tools.
Moreover, with COVID-19 still rampant worldwide, people are turning towards safer options like online betting rather than physical casinos. This trend has created good news for the iGaming Industry as it continues to drive the economy forward even during difficult times.
Casino and Sportbetting Grow Data
As research estimates suggest, the iGaming market will grow at a CAGR of 11.5% from 2020 to 2027, which means new projects will launch and existing ones will continue to expand. Additionally, regulations and support from the state government help keep this sector competitive while providing users with a safe and secure environment.
The estimated worth of the iGaming Industry already reaches billions of dollars worldwide, indicating its immense growth potential. As smartphones become an integral part of our daily lives, having access to websites, online sportsbooks and live games at any time and place is likely to increase the popularity of online betting further. With innovative marketing strategies and offerings such as free bets or bonuses, operators can attract new customers while keeping old ones satisfied. Therefore, the iGaming industry growth in Canada has far-reaching implications beyond just entertainment; it also presents a host of opportunities for businesses, investors and the economy as a whole.
Online Gambling Legalization
One of the main driving forces behind the continued growth of the iGaming Industry in Canada is its competitive nature. Regulations and support from the state government ensure that users have access to a safe and secure environment when participating in online gambling activities. This provides peace of mind for users and helps maintain a level playing field for all operators. As a result, the Industry as a whole can grow and thrive.
The increased job opportunities and revenue for the Canadian economy
The iGaming industry growth in Canada is a significant phenomenon that has far-reaching implications for the country’s economy. As the sector continues to grow at an impressive rate of 11.5% from 2020 to 2027, it presents new opportunities and challenges for businesses, investors, and the government.
One of the most notable benefits of this growth is the increase in job opportunities available to Canadians. This can help reduce unemployment rates and boost economic growth in various sectors.
Additionally, the increased revenue generated by the iGaming Industry can have positive ripple effects on other segments of the economy. For instance, businesses that provide services to these companies, such as payment processors, web design agencies, and legal firms, can grow and expand as demand increases. Furthermore, governments in other provinces can benefit through tax revenues generated by operators in this growing market.
Assessing market growth
In the latest edition of iGaming Ontario, a quarterly market report (Quarterly Report) by iGaming Ontario will be released on 1 July 2023 and will begin to appear publicly. In a statement iGaming, the key features of this year’s results include the gaming industry revenue total of $26.2 million, the presence of 492,000 poker accounts and cash bets totalling $4076,000. In the face of grey market value, results seem less promising than comparable jurisdictions north of borders, like Michigan or Pennsylvania.
The market for online gambling will be valued at approximately 635.3 billion by 2022. By 2022, the global market will grow by 11.7%. The increasing usage of smartphone apps among players for online games also increases demand for online and mobile gambling. In 2022, Internet usage was 84% of the American population. Aside from promoting culture and legalization, the Internet also supports business development.
iGaming Technologies and Trends: What to Watch for in 2023
The eGAME Industry has a constant growth in technology. This has been shown by iGaming’s tremendous progress in their gaming websites utilizing technology that improves player experiences. As technology develops, iGames is sure to profit from this to create an even better game experience.
eSports Growth and Popularity
Esports is now an international phenomenon whose impact on the iGaming Industry remains undisputed. This competitive video game format has been hugely successful in recent years, with more than 1 billion visitors watching professional tournaments around the world. The event will be a big one in 2023 also, and it will also be the first quarter held on the spot.
Key Companies & Market Share Insights
In addition to promoting their product offerings in the latest industry trends, key players have partnered with partners and acquired companies to gain customers. A number of key players have introduced compatibility with new products to reduce barriers for new users. Using technology advances, companies make it easier to create accounts and start playing. The firm’s customers can now easily add money from their accounts by selecting various payment types to their accounts. Among the most prominent players in the online gambling industry is:
- 888 Holdings
- Bet365 Group Limited.
- Betsson AG Entain Plc
Overall, the iGaming Industry is a force to be reckoned with in Canada and worldwide. Its continued growth provides countless opportunities for businesses and investors and contributes towards achieving long-term sustainability and prosperity. As we look to the future, it will be interesting to see how this Industry evolves and adapts to changing technologies, regulated markets, and regulations.