The statistics are in for 2024 and they show that the Canadian iGaming industry has posted record revenue for the curreny year. Across the country, Canadians have staked $2.4 billion at online casinos and the various other platforms that make up the industry.
The sector is showing significant growth and the figures represent a major increase year-on-year. More players are getting on board with operators and playing across casinos and other iGaming options. One of the reasons for the increase is that the number of online casinos Canada has to offer has grown. More options are available across the country, while the inclusion of a key province has also had an effect.
Online gambling is simply more accessible, and this is a major reason for that record revenue.
Opening Up
In 2022, Ontario became the latest province to legalise online gambling. Residents had already been exposed to the practice as they could previously access offshore operators. Across Toronto and in other major cities, Ontario also provided a host of bricks and mortar gaming halls.
There was already a willing audience for online casinos and the new legislation has helped to boost iGaming income. There is scope for more Ontario residents to come on board, while other Canadian provinces will consider their stance moving forward. These factors have the capacity to provide future growth, but this isn’t the only reason why the Canadian iGaming industry is employing a winning strategy and enjoying a boom period.
Flexible Friends
Canadian customers are very fussy and they know what they want. They also tend to like familiarity and each operator that sets up business here must cater to those demands.
This is why many Canadian casino operators have local eWallets on their list of funding methods. Operators such as Interac and Instadebit are among the most popular providers. A study in 2024 showed that 69% of Gen Z Canadian adults are now using mobile wallets, and preferring to leave their physical cards and cash at home.
Canadian operators should also aim to provide a local telephone service as part of their help facilities. Every small benefit such as this helps to boost that record revenue.
Innovation at Heart
Casino and other iGaming operators in Canada also like to be innovative and they will be quick to welcome new technology. Most, if not all of the top providers will now have a live casino area where players can enjoy games run by human dealers in real time.
Artificial intelligence is also having an impact on the industry. Not only does AI help players to choose new games, but it also assists software developers as they look to create new titles. Virtual reality and augmented reality are also starting to influence areas of the iGaming industry.
The introduction of Ontario into online gambling will continue to boost revenue figures in the short to mid term. There could, however, be a time when the province reaches saturation point and there are no more customers to come on board.
For that reason, the Canadian iGaming industry looks to stay ahead of the game, while welcoming those new innovations. As long as it continues to do so, a bright future seems certain.