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How Much Did Online Betting Sites Grow in Canada Since 2020?

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How Much Did Online Betting Sites Grow in Canada Since 2020?

In 2019, the Canadian online betting market was valued at $53.7 billion. However, it is expected to grow at a compound annual growth rate of 11.5% from 2020 to 2027. The high internet penetration and improved use of smartphones have been vital contributors to this growth.

Other reasons behind the growth of online betting sites in Canada include corporate sponsorships, the legalization of online gambling, celebrity endorsements, and cultural approval.

Canada’s Sports Betting Revolution

Looking back at the Canadian sports betting industry in 2020, it may be difficult to see the progress. After all, it is the year when sports all around the world were struggling to find ‘the new normal.’ In 2022, some of the teams are still struggling to go back to how things were.

Late in the year 2020, however, there was a different kind of progress. Sports betting was finally on the verge of proper legalization. With the coming changes, sports fans finally had a bright future to look forward to.

Before 2020, the Canadian betting industry had been stuck in the same position for a long time. The revolutionization of the industry, especially mobile gaming, has taken things to the next level.

Canada had a criminal code outlawing wagering on single events. The law has stagnated the industry for a long time. However, it never reduced players’ demand. Many Canadian gambling enthusiasts turned to offshore sites.

The Liberal government introduced Bill C-13 In late November. It sought to open doors for modernizing the industry. According to Justice Minister David Lametti, the goal was to take online betting out of the shadows and regulate it.

Nowadays, the majority of bettors in the country bet at sportsbooks such as those listed by https://www.oddsshark.com/canada. Not only are they safe and licensed, but they also provide a wide range of sports and quality odds.

How Much Was the Industry Worth In 2021?

In 2021, the Canadian industry accrued revenue worth $2.64 billion. The online sector accounted for $1.2 billion. The country would probably earn more revenue if not for the requirement that provincial governments license all online betting providers.

The market has become safe, diverse, and regulated. It attracts plenty of offshore investors. These investors will help Canada earn more revenue from the online sector over the next few years.

Online Gambling Is One of the Fastest-Growing Industries

Online betting has become one the world’s fastest-growing industries. In Canada, there are more than 19.3 million active online gamblers. In fact, the country ranks eighth in the amount of money spent on online gambling sites.

Provinces like British Columbia, Saskatchewan, and Ontario are already taking advantage of the industry. Canadian players invest over $4 billion on offshore betting sites annually.

According to the Canadian Gaming Industry Report, local casinos receive $16 billion from local players. With so many online players, it is no surprise that the country is already enjoying significant revenue.

The Most Popular Types of Gambling in Canada

In Canada, online sports betting take the biggest piece of the online betting pie. Canadian fans enjoy betting on basketball, hockey, football, and most mainstream games.

Even though traditional casinos are fantastic, most players now prefer online options. These sites are more accessible. They are convenient, and most of them offer generous bonuses. Thanks to the popularity of online casinos, the revenue from land-based casinos has been declining. The 2020 shutdowns brought the numbers much lower than they have ever been.

The Demographics

The number of male and female online gamblers in Canada is almost equal. Fifty six percent of online gambling fans are men, and 43% are women. Female gamblers prefer to bet on mobile devices, and male gamblers prefer to bet on desktop devices.

While Canadian online gamblers come in all ages, they are mostly aged 30-50. The gambling preferences change with age. While younger bettors prefer slots and other fast-paced games, older players prefer bingo.

Major Betting Deals

Since the legalization of single-game sports betting in Canada, a lot of money has been coming in from foreign investors. U.S investors are already dominating the industry.

In 2021, Penn National offered to buy the shares of Score Media. The $2 billion price tag may seem extreme to invest in such a company. it is predicted to take in under $40 million in 2022.

However, analysts in the sector believe it is a smart move. After all, the Canadian market is set up for fast growth. According to JP Morgan analyst Joseph Greff, it is a strategic and profitable deal.

Score owns Canada’s most popular sports app. Therefore, it is in an excellent position to roll out sports betting in Canada. The company’s technology will finally let the company take up about 20% of the Canadian market.

As investors continue to eye the sports betting sector, they improve job opportunities and create new revenue streams.

The Evolving Fan Experience

In 2021, FanDuel signed partnership agreements with Maple Leaf Sports and Entertainment (MLSE), the NHL, Raptors, Marlies, and Argonauts. The Ontario Lottery and Gaming Corporation also got into a deal with the NHL. In addition, The Score Bet and the Toronto Blue Jays got into a ten-year exclusive partnership.

Fans get better experiences with the increasing number of leagues and teams. Increased competition pushes players in the sports betting industry to improve the quality of their services. It eventually improves players’ experiences.

Sportsbooks are changing the game by shifting the focus from losses to profits. The shared goal for sports betting providers is to keep more people playing and to encourage them to play for longer. They seek profits from TV ratings, ticket sales, merchandise, and more.

According to a Deloitte Canada report, the industry is expected to grow from $500 million to $28 billion within five years of countrywide legalization.

Conclusion

The online betting industry in Canada has come a long way since 2020. Many local and international operators have set up shop in the country. Canadian players now enjoy playing in a safe and regulated environment, and the country receives millions of dollars in revenue. The passing of Bill C-18 opened up new doors and increased betting choices for Canadian players.



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