Is Canada the Online Casino Model to Follow?
As the global gambling markets go from strength to strength, it seems a little strange to suggest that online providers are searching for models to boost their standings. The statistics suggest they are doing just fine since Globe Newswire believes the sector is set to hit a valuation of £92 billion within the next six years. That makes it one of the fastest-growing industries in the world.
Regardless, the powers that be can’t afford to sit on their heels for wait for problems to manifest themselves. The sector should search for ways to push the envelope, and it appears as if Canada has the model to follow.
Casino Games Are Fighting Off the Competition
If the entire industry wins, then everybody wins. Right? Not necessarily. For online casinos, the key is to ensure other popular forms of iGaming entertainment don’t encroach on their territory. There are several ways to do it, yet not all of them are foolproof. However, the Great White North has found a solution. In Canada, studies show that 50% of people who class themselves as gamblers have one to two betting accounts. As a result, the demographic has access to an eclectic mix of markets, from online casino releases to sportsbooks.
Still, 75% of customers say they don’t engage with these verticals, particularly eSports. Since three-quarters of bettors in Canada don’t care for eSports, this leaves a bigger market share for traditional offerings to engage consumers. Therefore, it’s not shocking that online slot machines pull in eye-watering revenues for operators that target Canada as you only have to land on a casino’s homepage to spot the number of titles in a single library, such as SuperSeven. You can easily find your favorite slots games to play at SuperSeven because there are thousands of video slots that appeal to a nation that keeps it classical and ignores some of the latest additions that other countries go mad for. With 1,112 businesses within the Canadian sector, it’s clear to see that this is a highly competitive industry.
Non-Gambling Based Brands Are Entering the Fray
Not everyone will see this as a positive at first. After all, it means more rivals saturating the market. But there is a positive to take from the fact that Canadian brands are expanding into gambling – it highlights the health of the industry. After all, a company that owns newspapers, most of them in Canada, is turning to a new business plan involving the casino industry.
What this shows is the willingness of Canadian brands to find new revenue streams. However, it also highlights the wealth of the gambling sector since it’s the market that companies are turning to in an effort to find lucrative revenue sources. For example, Ontario residents alone spend £218 million on wagering annually, indicating an increase in the number of people spending between $1 and $20 per month, which stood at 43% in 1998. Therefore, it’s not surprising that non-gambling-related brands see an opportunity in the market. There appears to be enough cash to go around thanks to the Canadian model.
Online casinos are stemming the tide of the latest advancements in the industry in Canada, and non-betting companies are entering the market to stay liquid. As such, it’s not farfetched to say the Canadian model is very effective.
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