Canadian Gambling Industry on the Up
The last twelve months have seen a significant surge in revenues from gambling in Canada, both in land-based casinos and from online and mobile casino providers. During this time there have also been many developments in how the market is run, with regulators tackling thorny legislation issues. Meanwhile, some Canadian gambling companies continue to expand, and there is talk of opening sportsbook facilities to Canadian customers. In short, Canada’s gambling industry is looking healthier than ever.
Casino Operators Announce Strong Second Quarter
The Q2 results are in for two of Canada’s top casino operators, and the news is good for both. Great Canadian Gaming Corporation, which runs land-based casinos in BC, Ontario and Atlantic Canada, reported a 134% increase in net earnings compared to the 2017 Q2. This has been largely fuelled by the acquisition of gaming bundles in Toronto, and with plans for further expansion Great Canadian’s fortunes look set to increase even further.
The second company to announce record-breaking numbers is the online and mobile casino provider, The Stars Group. The Canadian company, once known as Amaya, has been busy with major mergers and acquisitions including the recent purchase of SkyBet. The company has shown impressive growth, and there’s no indication that they will be slowing down any time soon.
Rivalling the USA?
The USA’s gambling industry is enormous and well-established, bringing in around US$70 billion in 2017. This includes the iconic gambling hubs of Las Vegas and Atlantic City – the latter currently experiencing a rally following a few years of decline. Canada’s gambling revenues are more modest, at just over C$17 in 2017, and may never touch those of their neighbours to the south, even if accounting for the fact that the population of the USA is almost ten times larger. However, the recent and continuing successes of home-grown Canadian companies paints an encouraging picture for the years to come.
Revenues are still largely from bricks and mortar operations, but developments in legislation in the coming years are sure to boost the income from online and mobile casino providers as well. The recent failure of an attempt by the Quebec provincial authorities to force ISPs to block unauthorised online or mobile casino sites was seen as a positive sign that legislation may start to favour rather than penalise online casinos.
Sports Betting on the Horizon
Another aspect of gambling that Canadians may be seeing soon is sports betting, with many legislators working hard to overturn the federal ban on single-sports wagering. Authorities have been reluctant to change the rules in the past, but the border cities in particular are keen to revisit the issue since the recent legalisation of sports betting in the USA. Canada is already seeing some benefit, however, as The Stars Group have wasted no time in introducing sportsbook in their New Jersey market, via their BetStars brand. This is definitely something that Canadian online casino fans will be looking forward to immensely, especially since the mobile market has revolutionised the way that sports betting is conducted.
