Canadian iGaming Revenue Increase To Nearly $16 Billion
ANALYSIS (January 24, 2023) — Online casinos and iGaming sites are legal in Canada if they’re regulated by the province they’re hosted in. This gives players more opportunities to play their favorite games at home. According to Casino Grizzly, there are several regulated sites throughout the country that offer free and real-money games.
More Canadians are interested in online betting platforms than ever before. Casinos have recognized the benefit of giving Canadians access to their games through an internet connection. They are able to reach more customers throughout each province to increase their revenue.
For most regulated sites this is good news. It costs an average of $250,000 to $300,000 to run an online casino. This is a small investment considering most legitimate companies earn that money back within 6 months.
Is Canada At Risk Of Gambling Addiction?
According to Statistics Canada, over 64% of Canadian adults have gambled within the past year. That’s 18.9 million people who reported gambling. While most of the country gambled responsibly, 1.6% of gamblers were at risk of a problem.
The majority of Canadians that reported gambling in the past year were from higher-income households. Unfortunately, players that come from lower-income households are more vulnerable to being at risk for a gambling problem or addiction.
How Much Money Is Spent In The Canadian Gambling Industry Annually
It’s estimated that approximately $14 to $16 billion is gambled in Canada on an annual basis. This includes casinos, online casinos, lottery, sports betting, and more. Since sports betting became legal in 2021, gambling revenue has quickly increased. Within a 3-month period, Ontario gamblers alone wagered over $6 billion.
Sports betting and online betting are now more convenient for Canadians. The gambling revenue in the country is expected to grow now that these options are more accessible. However, these aren’t the country’s favorite choices when it comes to betting. The lottery is where most of Canada’s gambling revenue comes from. Canadians prefer scratch tickets and lottery draws.
The average sales of lottery tickets each year in Canada are between $7 and $10 billion. In 2021, the lottery revenue in Canada was $8.26 billion.
- Ontario has the highest gambling revenue in Canada. Residents spend an average of $3.8 billion annually on gambling.
- British Columbia spends an average of $2.73 billion annually on gambling.
- The average Canadian spends between $450 and $500 on gambling.
- The biggest loss from one Canadian player in a year was reported at $701,000.
- Male Canadians are more likely to spend more on gambling in a year than females.
There’s good news about gambling with online casinos in Canada. The majority of online casinos are licensed, secure, and fair. Less than 3% of online casinos are considered risky and that number decreases each day.
However, Canadians are conscious about where they put their money. While they want to place a bet, they want to be 100% positive that they are dealing with a safe gambling platform.
Which Online Casinos In Canada Have The Highest Revenue?
Access to online gambling has helped many companies increase their annual revenue. It’s estimated that the popular betting site Spin Casino has a $7 million revenue. Jackpot City is another site with high traffic. They earn between $5 and $7 million annually.
Royal Panda is a top-reviewed Canadian online casino. They earn an average of $13 million on an annual basis. However, big names in the industry, like Sports Interaction, have a much higher revenue of $76 million.
Lottery corporations have the highest revenues. OLG (Ontario Lottery and Gaming Corporation) earns the highest annual revenue of $8.3 billion. BCLC (British Columbia Lottery Corporation) brings in a revenue of only $1.3 billion. Atlantic Lottery Corporation (ALC) earns even less at $395.4 million.
With online casinos becoming more advanced, the revenue is expected to grow throughout 2023.
SOURCE: FinSMEs.Tags: Canada, online betting platforms, iGaming