Gambling is popular all over the world, even in countries where it isn’t legal. In Canada, there are strict rules against sites operating within the country. Despite this, Canadians are free to sign up to offshore sites. Here, they can enjoy online sports betting and casino games, including Blackjack, Roulette and Poker. Therefore, online gambling is a popular pastime in Canada, and the number of Canadians signing up to play at these sites is increasing each year.
Although online gambling seems to be growing in Canada, there are some concerns that the market may already be saturated. Market saturation occurs when consumers no longer show demand for new services or products. This is usually because their demands are already met by competition. It’s an important factor for businesses looking to expand into a new market. This is because oversaturation will mean that attaining new consumers will be difficult.
There are lots of online gambling sites accepting Canadian players which you can find on Onlinecasinolist.com. But does supply outstrip demand and how saturated is the market? We take a closer look to find out.
iGaming in Canada
Canada may have laws against gambling operators setting up shop in the country, but the Great North still manages to have a massive iGaming market. It’s currently ranked the 8th largest market in the world based on gross gambling revenue. Recently, the country legalised single-game sports wagering. This is opening the doors to sports betting sites launching in Canada.
Some firms have estimated that the Canadian sports betting market alone will be worth around $2 billion by 2030. It has also been predicted that regulations towards iGaming in Canada could soon be relaxed. According to estimates, this would lead to another $2 billion in additional value from online casinos and poker sites. Already, the provinces of Prince Edward Isles and Ontario have made a change to regulations, potentially allowing Canadian gambling operators to take hold in place of offshore sites.
These changes to regulations are definitely good news for operators looking to launch their services in the country. However, for existing operators, it means greater competition and lower demand. Current operators will have to increase the bonuses they offer to entice Canadian players away from Canadian sites.
How Saturated is the Canadian Market?
Right now, the market for Canadian iGaming is already large. Some might say it’s already saturated, but it’s more likely that it still has a lot of room to grow. As an example, the UK approved online casinos in 2006, and ever since, the market has been expanding. In fact, new sites still launch even today.
The saturation of the Canadian market will probably take decades to reach. This is especially clear when you consider the fact that the country is home to nearly 38 million people. The above predictions on the growth of the Canadian iGaming market are from the Macquarie Group. The investment banking firm made the estimates assuming that every Canadian adult will spend an average of $60 a year on sports betting and $75 a year on casino gambling. Considering that UK adults spend an average of $190 a year on gambling, the estimate is likely conservative. This means there is even more room for growth.
When the market first opens up to regulated gambling sites, the popularity of gaming will probably increase. This will in turn cause explosive growth in the number of betting sites. This process will last several years if other countries can be used as an example. Although saturation will arrive eventually, it will most likely take around a decade.
Compared to other countries that have an established iGaming market, Canada is still a long way behind. The current signs point in a positive direction for gambling fans in the country, however. Whether Canadian online casinos will follow is still uncertain. One thing is clear, that players are increasingly joining up at popular offshore sites.
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