Gambling Market Size in Canada: How Much Do Canadians Spend on Gambling?
The gambling market in Canada is large and growing. The country's population is estimated to be over 35 million, with over 6% of the population playing casino games regularly. According online casino group Canada website, gambling revenue is rising steadily for decades, increasing by about 12% each year since 2000. Moreover, this trend is likely to continue as more people play online gaming and mobile devices become more popular among gamblers around the world.
What Is the Total Gambling Market in Canada?
The total gambling market in Canada is $5.5 billion and is set to grow at a CAGR of 3.2% during the forecast period. Moreover, the total market size for 2018 was around $5 billion, which represents an increase of 0.4% over 2017 estimates according to data from Statista. Moreover, the Canadian gambling industry is growing rapidly over the past several years. This is primarily due to new legislation that specifically targets online gaming operators such as PokerStars or Betfair Sportsbook owners operating in Canada who previously did not require providing any kind of age verification process. This was true for allowing people less than 18 years old access to their site or app store.
Why Gambling Market Is Large in Canada?
Canada has a large population, and it is also one of the most multicultural countries in the world. Additionally, there are over 1 million immigrants living in Canada every year and they bring their own culture with them. Therefore, this means that many different types of people come from all over the world to live here, including non-white races such as Chinese and Indian people. Another important factor is that the internet penetration rate in Canada is high in comparison to other countries around the world. Therefore, it allows people from different backgrounds to communicate easily with each other online through social media platforms which give them access to information about online gambling and casinos. This helps them make better decisions about how much money should be spent on gambling activities.
How Much Do Canadians Spend on Online Gambling?
Canadian online casino players put up quite a bit of money. According to the Global Online Gambling Report, Canadians spent $1.3 billion on gambling in 2017 and they are to spend another $1.5 billion this year which means that they have already surpassed estimates. As a result, that is not bad considering that Canada is only one of many countries where people enjoy playing casino games such as blackjack, roulette and poker online. Only in recent times that Canada has become one of only two countries in which the number of people who play at least one hour per month saw an increase between 2015-2017, the other being South Korea. However, the difference between these two countries' gaming habits is due to how quickly mobile technology has become available here in comparison with other nations around them.
Online Gaming Taxes in Canada
In Canada, the government levies a federal tax on all bets made through any online gambling site. Moreover, the rate of this tax varies depending on the amount you bet and your age. In 2018, more than 30 million Canadians were playing online games at least once per month. That is a lot of people spending money on their favourite pastime and it helps keep Canadian casinos busy as well. Additionally, Canadian online gambling revenue per year also showed an increase. The total revenue tax rate per person per year for 2017 was $2 billion around 21% more than the previous year.
Growth of the Gambling Market in Canada
The growth of the gambling market in Canada is quite impressive. The increase in the gambling market is one of the reasons why it has become so popular among Canadians. Additionally, the online gambling industry is also growing significantly in recent years, which means that more people prefer playing games online instead of going to casinos or other traditional venues for entertainment purposes. This trend is mainly due to various factors like convenience and no need to travel long distances, but also because there are fewer restrictions on what you can do while playing your favourite game at home or wherever else you choose. As a result, the future holds bright for the gambling market in Canada.
Risks Involved in Gambling
Even though the market is huge when it comes to gambling, there are many risks as well. Gambling has many risks, including the possibility of becoming addicted to it. Moreover, you may also find yourself in financial trouble because of gambling or having an addiction problem. Additionally, gambling can affect your family life as well, causing arguments with other people who may bear the negative effects of your gambling habits. There are also health risks with gambling that you should be aware of before starting any type of betting activity.