The online gambling market for North America is set for five years of impressive growth rates. A recently published report by ResearchAndMarkets.com explained that the North American gambling is projected to enjoy a compound annual growth rate of 14.78% by 2025.
Canada is set to be one of the main benefits of this growth as the country is largely unregulated in how it handles everything from casino gaming to sports betting. The Canadian casino industry has been hard hit by the effects of the Covid-19 pandemic, but there are early signs that it might be on its way to achieving similar levels of revenues to this time last year.
The report by ResearchAndMarkets.com noted that casino gaming is the fastest growing form of online gambling across North America. Much of this is due to the sheer convenience offered by the new wave of online casino sites that have opened up to Canadian customers. In addition to this, several US states such as New Jersey and Pennsylvania have recently allowed online casino sites to legally operate.
Canada rules the North American gaming market
Canada is still the largest gambling market in North America. The Canadian Gaming Commission regulates the activity across the nation, but individual provinces have their own laws regarding anything from online gaming to the activities of physical casinos.
It’s currently estimated that the Canadian unregulated internet gaming market produces anywhere up to $1 billion in revenues each year. This involves visiting so-called ‘offshore’ casino sites that exploit the loophole in Canadian gambling law to allow people to legally gamble at these gaming websites. It is thought that anywhere up to 85% of Canadians gamble in some form, with those resident in places like Nova Scotia more likely to participate.
Many of the most successful operators in Canada are also starting to eye up potential developments in the rapidly deregulating US casino market. European operators like 888 and William Hill are now recognisable brands in both Canada and US, and there are many homegrown casino sites that are seeking to take advantage of the rapidly growing domain.
Much of this growth will ultimately depend on how the government agencies decide to license and regulate the online casino activities. But with Canada looking unlikely to change its unregulated approach anytime soon, it should still remain North America’s biggest online casino market.