(Newswire.net — December 16, 2015) — There has been an influx of online gaming companies in Canada, which has quietly catapulted the country into second place in terms of industry market cap, second to the UK. But based on the poor performance seen in this industry the past few years, investors are understandably jaded.
It’s also important to note that the equity market is starting to improve, which has made investors more willing to take a risk on the online gaming market. Furthermore, electronic gaming is also steadily gaining ground in the Canadian gaming market. In fact, Amaya Inc. recently paid $4 billion for the popular Full Tilt and PokerStars online poker brands, with has turned it into the biggest publicly listed online gaming company in the world.
With all these ups and downs what’s in store for Canada? Keep reading for more information about the expected Canadian Gambling Trends in 2016:
From its inception, over twenty years ago, the online gambling industry has been booming and it continues to increase in popularity even now, This is because people all over the world, including Canada, have been checking out these sites at an accelerated rate. In fact, based on information from gambling industry experts, regulated online gambling is expected to extend its reach further across Canada and at a faster and more successful rate that in the USA.
These reports also say that there are over 80 nations around the world who have legalized and regulated online gambling in some form. This is in stark contrast to less than a decade ago when online poker and other casino games were a forbidden activity in Canada and other countries. Thankfully, Canadians were able to take advantage of a loophole that allowed online casinos to operate within the borders of their respective provinces.
Nowadays, Canadians laws are laxer and state that each individual province has the right to regulate and if necessary, legalize online gaming as they see fit. Many provinces (especially in Atlantic Canada, Quebec, Ontario, and British Columbia) have chosen to take the government up on their offer. The Mohawk Territory of Kahnawake also uses the Kahnawake Gaming Commission to regulate offshore gambling websites,
The provinces of Atlantic Canada were the first to try out a state-regulated online gambling market model, with the launching of ALC.ca in 2004. But, there was one caveat – betting opportunity were limited to pick and click games, some sports betting, bingo, and the online lottery.
It was British Columbia who became the very first Canadian province to regulate more traditional online casino games when they launched PlayNow.com in 2010. Quebec soon followed suit in December of 2010, with EspaceJeux.com, the first truly legal online poker site in the county Plus it offered online lottery and casino games as well.
Ontario recently jumped on the online gambling bandwagon, with the release of PlayOLG.ca in the beginning of the year. This site offers appropriately aged Ontarians the opportunity to play both lottery and casino games. But, it doesn’t offer sports betting, bingo, or poker.
As of right now, Canadian’s only gambling market is expected to break even more ground next year, which will help it to grow considerably. In fact, the amount of money generated by the industry in the different provinces over the past decade has been quite impressive, an important factor that is expected to add fuel to the fire called countrywide regulatory approval.
It is also important to note that the Liberal party won a significant victory in Canada recently and now hold the position as the majority party in the government. This means one thing – changes are in store for Canada, even in the gambling industry.
The National Liberal Party hasn’t made an official stance on gambling expansions or related laws in Canada, But, if you look at what’s happened in individual provinces in the past, it’s safe to say that the gambling industry will soon experience a period of prosperity under the new regime.
In comparison, only three of the fifty United State have taken advantage of some of the online gambling regulation on online gambling, New Jersey, Delaware, and Nevada. All three of these states launched their own iGaming market, but revenue generation has not been as impressive as expected. In fact, they fall far below the estimated figures of industry analysis and state officials. These three examples haven’t provided sufficient evidence or motivation for the other states to push for the legalization of online gambling in their respective territories
It’s safe to say that when compared to other countries, Canada is producing some global leaders. Based on the current trend, this sector of the market is expected to grow even more. Canadian gambling authority Grizzly Gambling provides updates and reviews of online casinos, sports betting sites, skills games that are available to Canadians.