(Newswire.net — June 7, 2022) — Juniper Research released a report this year that the value of online casinos and betting wagered has already surpassed over $550 billion. In 2021, they found that around $950 billion in wages were made in that year and now, they expect that there will be around $1 trillion spent on digital wagers.
Countries like Canada have some of the fastest-growing online gambling industries. Traffic to the best Canadian online casinos is also expected to increase since the country has already launched legal online betting and casino gaming this year.
This is also the case for the US now that more and more states are starting to launch legal sports betting operations. Australia and the UK are also gambling hotspot locations and experts are also predicting that online gambling in these places will continue to rise in the coming years.
More on Juniper’s Research on Online Gambling
Juniper’s research mainly found that gambling activities are now migrating to the internet. The majority of the net growth of the online gambling sector is also attributable to the users of mobile channels. Juniper also said that technologies like Virtual Reality will further stimulate the growth of the industry.
It has been over two decades since casinos went online and as this industry matures, the online casino operators and casino software providers have already intensified their effort to ensure customer loyalty. Juniper mentioned the efforts of large online gambling operators like Ladbrokes in offering rewards. Rank Group’s Grosvenor is also providing cross-channel memberships.
The likes of online casinos and bookies like BetMGM, Ocean Casino, and Wynn Casinos also do the same. While they have online platforms, they are still known for their facilities that people can visit. To ensure that both segments of their businesses thrive, they offer rewards at their online casinos that players can also use in their establishments.
For example, Ocean Casino has a loyalty reward scheme where online players get to earn points when they play more games on their site. These points are exchangeable for rewards they can use the Ocean Resort-like free parking or room discounts.
Juniper’s research author, Lauren Foye spoke about user engagement. Foye said, “User engagement goes a long way towards drawing in return business. Providing features such as news and media on favorite teams, as well as personalized offerings based on past betting activity, enables greater engagement and is likely to reduce churn.
“Other Key Findings Included that: Despite a general trend towards regulation, several countries (such as the Philippines) have hardened their stance in recent months and have moved towards outright prohibition. Whilst several leading sportsbook providers now offer Bitcoin, Juniper believes that the cryptocurrency is unlikely to see mass adoption, even in the gambling space.
“The new format of VR will attract a niche clientele initially, though these participants will wager significant amounts on real-world ‘casino-style’ VR gambling products.” Foye is now the head of research at Zero Carbon Academy and she still believes that the infusion of new technologies will continue to drive the growth of the online casino market.
Foye explains furthermore and said, “New channels, like chatbots can boost customer engagement by providing 24/7 support, and delivering personalized offers.”
Online Gambling in Canada
Canada is in the eighth spot on the list of countries that spend the most money on online gambling. It is estimated that there are over 19.3 million active online gamblers in the country. Most of them are from Saskatchewan, Ontario, Alberta, and British Columbia.
According to Analytics Insight, Canadians spend more than $4 billion on offshore gambling websites each year. The Canadian Gaming Industry also reported that around $16 billion is spent on local casinos.
Last year, the Canadian Gambling Industry was able to reach a revenue of over $2.64 billion, and $1.2 billion of this is from the online sector. Now that local gambling regulations are in place, it’s likely that the local gambling scene in Canada will flourish in the coming years.
Generally, online casinos are legal in Canada and all provinces, except Saskatchewan, have at least one gambling site. Provinces like Manitoba, British Columbia, Ontario, and Quebec issue gambling licenses. However, it is required for local online casinos to have special licenses to be able to operate across provincial borders.
Another factor that will help boost the growth of the casino industry in the country is the rise of esports betting. It is expected to be a massive hit in the country each year.