Not too many businesses have been able to grow as quickly as online casinos in Canada. The gambling industry in this country is so huge that it already makes a profound effect on the economy. Needless to say, it’s a very important contributor to the Canadian economy.
The country is now able to generate massive profit from no wagering casinos and other gambling outlets. It’s fair to say that gambling – offline and online – revolutionized certain aspects of business and changed the way the hospitality industry approaches its customers.
But what are the most important economic effects of gambling in Canada? We decided to take a closer look and see how this activity affects different parts of the economy. Buckle up as we have a long way ahead of us!
4 Ways Gambling Influences the Canadian Economy
There are many effects and side effects of gambling in Canada, but four things already proved to be the most important. Here are the top ways casino companies influence the Canadian economy.
1. Casinos are gigantic revenue generators
The first and most important thing to note is that gambling provides a lot of revenue for the government. This is especially true for online casinos, which have become extremely popular in recent years. The taxes that these businesses pay are a significant source of income for the Canadian government.
In fact, the gambling industry is so lucrative that it rivals other big businesses in Canada. According to the report, casino businesses in this country are already worth more than $12.5 billion. That’s mainly because casinos make a popular pastime in Canada, with over 60% of adults participating in some form of gambling each year.
The best thing is that the majority of Canadians gamble cautiously because the industry works hard to promote responsible gaming. They also support programs to help those who may be at risk of developing gambling problems. All this contributes to the constant growth of the gambling market.
2. Gambling boosts tourism
Casinos also attract tourists who are looking to have some fun and maybe win some money. Niagara Falls, Ontario is a great example of this. The city has many casinos and is one of the most popular tourist destinations in Canada. The same goes for other destinations that are popular among casino lovers.
But it’s not only about land-based casinos. Tourists also love the fact that Canada has lots of fully legal online casinos. These sites offer a great selection of games and some amazing bonuses, which makes them very attractive to visitors from all over the world.
The coordination between gambling and tourism represents a win-win situation for both industries. The tourism sector gets a boost from casino visitors, while casinos get more customers and generate more revenue. Everybody’s happy!
3. Gambling provides job opportunities
Another great thing about the gambling industry is that it provides job opportunities for Canadians. Both land-based and online casinos need employees to keep things running smoothly. That covers everything from casino dealers and croupiers to marketing managers and software developers.
There are many jobs available in the field of gambling, and they all offer good working conditions and competitive salaries. The whole industry is a huge generator of job openings because dozens of new companies have to employ thousands of people to keep up with the ever-growing demand.
Besides that, remember that gambling improves the hospitality industry. This is especially true for restaurants and hotels near casinos. They tend to do very well because people who visit casinos like to eat and drink at nearby establishments.
In such circumstances, it’s fair to say that casinos also create more job opportunities for non-gambling businesses as well. This is another great way that gambling positively affects the Canadian economy.
4. Canadian tax income grows due to the gambling business
As we’ve already mentioned, the Canadian government benefits a lot from the gambling industry through taxes. Bearing in mind the sheer size of the industry, such a significant amount of money helps the Canadian government fund different programs and services.
Therefore, we can conclude that Canada benefits from casino operators both economically and socially. That’s because the government uses the money it gets from taxes to improve the quality of life for all Canadians. With the money coming from offline and online casinos, local authorities can finance projects in the fields of education, health care, and social assistance.
What is the size of the global gambling market?
You’ve seen that the gambling market in Canada is growing big time, but how does it relate to the global industry? What is the size of the same industry on the largest of scales?
According to the study, the global gambling market is worth around $700 billion. The same study shows that the industry is going to keep growing steadily in the following decade. If we compare all these numbers, we can see that the Canadian gambling industry makes up almost 2% of the global market.
It’s a big portion, especially if you know that there are around 200 countries in the world. However, Canada is the world’s ninth-largest economy and it really is the leader in many fields of work and business. The same goes for gambling, which is why this industry is generating so much money in Canada.
How did the Canadian gambling industry become so big?
After everything we’ve seen so far, it is natural to pose a simple question: How come Canada managed to develop such a big gambling industry?
Although the question is simple, the answer is not. We can actually identify several factors that contributed to the improbable rise of the gambling market in Canada. Keep reading to check them out!
· People love gambling
The first reason is plain, but it’s true – people in Canada love gambling. They like to gamble because it’s a fun way to spend some free time and hopefully make some money while doing it. It’s as simple as that.
We are not saying that Canadians don’t have other things to do in their spare time, but casino games are definitely one of their favorites.
· The history of gambling in Canada
The second reason is related to the history of gambling in Canada. Unlike most other countries, Canada has a long and rich tradition when it comes to gambling. It all started back in the 18th century when the British colonists brought over the game of chance called “hazard.”
Hazard was an instant hit and people started playing it in the many pubs that were popular at the time. This led to the development of other gambling games, such as poker, blackjack, and roulette. As you can see, Canadians have been gambling for a very long time and they are good at it. Therefore, it’s no wonder that the industry has managed to grow so big.
· The arrival of online casinos
The third reason is more recent and it has to do with the arrival of online casinos in Canada. At first, people were hesitant to try out this new form of gambling, but they got used to it very quickly. The truth is that many people now prefer to gamble online because it’s more convenient.
You can do it from the comfort of your own home. But that’s not everything – you can also gamble on the go and play casino games while traveling, going to work, or waiting in lines. The options are countless because digital casinos are available around the clock.
At the same time, smartphones and tablets have made gambling even more popular. Apart from providing a great user experience, mobile casinos are available almost instantly because we all keep our phones with us at all times. This is something that traditional, land-based casinos cannot compete with.
· Casino bonuses are tempting
Casino bonuses are the fourth reason that stands behind the growth of the gambling business. If you’ve ever played in an online casino, then you know that most of them offer generous bonuses to new players. This is a great way to attract customers because everybody loves free money.
In case you don’t know, casino bonuses are basically promotions that give you extra cash or free spins that you can use to play casino games. For example, a common bonus is the so-called welcome bonus that gives you a 100% match on your first deposit. This means that if you deposit $100 into your casino account, the casino will give you an additional $100 that you can use to play any game you want.
Other promo deals are tempting as well. We are talking about features like no-deposit bonuses, reload bonuses, cashback deals, and VIP programs. All of these are designed to keep players happy and engaged, which is essential for any business.
Another detail that explains the growth of the gambling business in Canada is COVID-19. This global pandemic has had a major impact on almost every industry, but the gambling sector has been surprisingly resilient. We are talking mainly about online casinos because they took advantage of the unexpected health issue.
Millions of people were forced to stay in their homes, so they had a lot of time to do anything they want. And what did many of them do?
They started playing casino games on their phones and laptops. This is how online casinos managed to maintain their level of traffic and even grow during a time when other businesses were struggling.
· Game variety
One more reason why gambling is so popular in Canada is the game variety. Canadian players are lucky because they can choose from a wide range of games, including slots, blackjack, roulette, baccarat, and poker.
And that’s not all – there are also many unique casino games that you can only find at Canadian online casinos. For example, some of the most popular ones are “bucko” and “keno.” If you want to try something new, then you should definitely check out these two games.
Besides that, online casino games often come in different forms and themes. As such, they are excellent for attracting new players who demand games with special features, themes, or characters.
· Legalization of online gambling in Canada
The legalization of online gambling in Canada played a major role in the growth of the gambling business. This was a very important step because it legitimized the industry and removed any suspicion that people might have had.
Canadians can gamble without any fear of getting into trouble with the law. This has led to increased trust in online casinos and has helped them to attract more players.
Gambling has become an enormous business in Canada, so it started making a big impact on the country’s economy. In this post, we explained two things:
- The way casinos influence the Canadian economy
- Several reasons why the gambling industry is thriving in this country
Are you surprised to see that casinos play such a major role in the Canadian economy? Feel free to share your thoughts and questions in the comments section!