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White paper from PlayCanada.com projects Canada could mature into $2 billion-a-year sports betting market

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SlotsOnlineCanada.com Offers a Slots Games Finder Tool That Helps You Find The Best Slots Games in Canada

 

The Canadian legal sports betting market could eventually generate $25 billion in retail and online wagering annually in a best-case scenario that would include legalization of single-game wagering in every province and territory, according to a white paper authored by PlayCanada, a leading source for news and analysis of the fledgling Canadian gaming market.

Co-authored by Eric Ramsey, Dustin Gouker, and Robyn McNeil for the Play Network of sites, which includes PlayCanada, “Legal Sports Betting in Canada: A preliminary analysis of the prospects of single-game wagering” explores the nuances of a market that could begin to launch before the end of 2021. Once mature, the Canadian market “could generate billions of dollars of gross proceeds and hundreds of millions in taxes and fees annually,” Ramsey wrote.

“Like the U.S., the Canadian market will be decentralized, leaving each province and territory to adopt legal sports betting and then create their own regulatory frameworks,” said Gouker, lead analyst for the Play Network and PlayCanada.com. “Because of that decentralization, many questions remain about what the Canadian market will look like once it has been built out. It is safe to say that at the moment sportsbooks view Canada as one of the largest single remaining opportunities in North America.”

Earlier this year, parliament voted to lift the federal ban on single-game wagering, which dated back to the 1960s. Like in the U.S., where a Supreme Court ruling in 2018 paved the way for states to legalize sports betting individually, the Canadian Parliament opened the door for territories and provinces to regulate single-event sports betting on their own.

But because the majority of U.S. states have since legalized and regulated sports betting, and Canada had already long been home to a thriving “gray market” of offshore sportsbooks, it is possible to project where the Canadian market is headed, Ramsey argues.

Some of what can be expected by the third full year:

  • The entire Canadian market could generate as much as $25 billion in wagering annually, more than 80% of which would come through online sportsbook operators.
  • Those bets would mean more than $2 billion operator revenue, and depending on regulatory structures, between $200 million and $400 million in annual tax revenue.
  • Ontario would be the most prized Canadian market, with a potential to generate $11.1 billion in wagering and more than $800 million in operator revenue annually. That would make it one of the largest markets in North America.

Even if every province adopts single-game wagering, the regulators in each will have to answer important questions about how to structure the market. That includes whether to create an open market, where numerous sportsbooks can openly compete with one another, similar to Nevada and New Jersey. Or regulators could adopt a closed model, where the province limits the number of operators in return for a revenue sharing agreement that more directly benefits the government.

As the U.S. has shown, the decision can have far-reaching effects on how an individual market performs.

“Canada will be home to both open and closed markets, but in the U.S., open markets offer broader benefits for the state and its consumers,” said Robyn McNeil, expert on the Canadian market for PlayCanada.com. “The tradeoff is that closed markets tend to return a larger percentage of revenue to the government. That makes closed markets appealing for policymakers, even if it slows the development of the industry.”

For more on the Canadian sports betting market or to download the executive summary and full white paper, visit PlayCanada.com.

Canada

Soft2Bet granted Ontario Certification of Registration and readies for imminent launch

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Ontario Certificate is hugely promising as Soft2Bet continues its regulatory expansion

Soft2Bet, a leading provider of online betting and gaming solutions to regulated operators worldwide, is delighted to announce that it has been granted a Certificate of Registration in Ontario, Canada’s largest province, moving it one step closer to being able to launch its Tooniebet.com iGaming brand.

Obtaining its Certificate of Registration (Nbr: OPIG1280338) from the Alcohol and Gaming Commission of Ontario (AGCO) will enable Soft2Bet to continue its expansion into the world’s largest regulated jurisdictions.

Ontario has been a major success story for regulated online sports betting and casino in North America in the past two years. The province launched its regulations in April 2022 and latest figures for the fourth quarter of 2023 showed that operators recorded a 21% rise in wagers to CA$17.2bn and a 22% increase in gross gaming revenues to CA$658m, the highest ever revenue total in Ontario’s wagering history. Online casino was the main driver of this growth and generated CA$13.7bn of the total stakes and CA$471m in GGR.

Elisabeth Isaksson, Head of Regulatory Compliance at Soft2Bet, commented: “Being registered with the AGCO in Ontario is testament to the work our compliance and regulatory teams are doing daily to enable our continued expansion in the world’s largest regulated markets. We’re immensely excited about taking our first steps in North America and look forward to licensing and launching in more jurisdictions in the region.”

Chief Business Development Officer Martin Collins added: “This Ontario certification is another significant and important step in our corporate expansion plans. It fits perfectly with our stated aim of growing our regulatory footprint and we very much look forward to continuing forward on this path.”

Soft2Bet is also actively working to obtain a licence in New Jersey and continue its expansion in the Americas. This activity comes after the group obtained B2C licences in Italy, Greece and Romania in 2023.

 

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Canada

Hacksaw Gaming and DraftKings Score Again in Ontario

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2023 saw Hacksaw Gaming go live in West Virginia and New Jersey and now we have made our long-awaited entry in Ontario, Canada. Securing this trio has hit new heights and hopes for further successes throughout the rest of this year.

DraftKings Casino entered the iGaming market in Ontario in May of 2022 and partnered with Hacksaw Gaming in the back end of the same year. As Ontario’s regulated iGaming market only went live in April of 2022, the pair have given an outstanding performance with effective launch strategies and expansive footing in North America.

Apart from gaining an unprecedented reach across regulated markets, the mobile-friendly format of Hacksaw Gaming games can be visited on phone or tablet via the DraftKings Casino app. Boasting an impressive online casino’s selection of over 300 games, DraftKings now welcomes Hacksaw Gaming favourites such as Chaos Crew, Mines, Omnom and Boxes.

“The benchmarks we have set as a partnership are remarkable and we are ready to take on more challenges continuing into 2024,” the Chief Executive Officer for Hacksaw Gaming, Marcus Cordes, said.

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Exploring Canada’s video Game Market: Survey Insights

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Technology has become a great source of entertainment to many. Video games particularly have garnered interest from all demographics. In Canada, the gaming industry has experienced significant growth, fuelled by increased accessibility to gaming platforms and the growth of online gaming communities.

Statistics indicate that a large percentage of Canadians are engaged in gaming activities, whether it be playing console or PC games, mobile games, or online multiplayer games. The popularity of video games extends beyond leisure pastimes, with many Canadians participating in gaming competitions, attending gaming conventions, and consuming gaming-related content on platforms like Twitch and YouTube.

The number of video game users in Canada reflects how broad the sector is, from mobile games to digital video games, download games and live streaming. In 2024, the gaming sector will see millions of users in each of these categories. Statista projects 13.38 million users for digital video games and 7.35 million users for online games respectively. It estimates that revenue in the Canadian video game market is expected to reach US$3,925.00m in 2024, so it is no surprise to observe the increasing popularity of the sector.

Well-known online casino provider BetVictor has compiled some key points from major surveys detailing the video game market to give further insight into its makeup and potential. The gaming culture in Canada is growing, which means the type of games and genres will grow along with the sector. Statista recently conducted a survey of 1 576 respondents aged 18 – 64 who are avid video game players, with telling results. ​​In December 2023, a survey about preferred video game genres in Canada revealed the top four genres as being Action, Action – adventure, Adventure and casual games accounting for 31% of respondents’ preferences.

David Winter, Marketing Manager at BetVictor notes that “We’ve seen a steady increase in the popularity of action-themed and adventure-themed slots and many providers are exploring how to expand further into this market.”

The popularity of Action games such as platform and fighting games can be attributed to various factors, such as: social interaction, accessibility and inclusivity, social appeal, and cultural influence. With such a diverse audience, all these factors are crucial to understand the appeal of Action games.

In the digital age, gaming has transcended mere entertainment to become a cornerstone of culture, and nowhere is this more evident than in Canada. From coast to coast, a diverse community of gamers is thriving, reflecting the country’s inclusive spirit and passion for technology. Whether it’s the casual gamer enjoying a quick session on their smartphone or the dedicated enthusiast meticulously building a custom gaming PC, Canada offers a welcome haven for all kinds of gamers.

Diving deeper into the Statista results, Strategy games accounted for 29%. This shows us that players have a strong interest in tactical and decision-making games. While role-playing (RPG) and sports games garnered 22% each, simulation and shooters trailed slightly behind at 21% and 20% respectively.

MMO (massively multiplayer online games), as well as MMORPGs (massively multiplayer online role-playing games) and MOBA (multi online battle arenas) came in at 13% and 8% respectively, representing a significant but niche following. With such a diverse array of preferences, the survey underscores the multifaceted nature of interests among Canadian gamers. It highlights the need for game developers to cater for a wide range of genres and gameplaying styles in the Canadian market.

From action shooter games to role-playing adventures, the industry has something for every gaming enthusiast in the Canadian market. Overall, the popularity of video games in Canada reflects a growing cultural phenomenon, where gaming has become a mainstream form of entertainment and a significant aspect of modern-day leisure activities.

Statistics anticipate a compound annual growth rate (CAGR) of 7.10% for 2022-2027, resulting in a projected market volume of US$24.52bn by 2027. Canada’s online gaming market is experiencing a surge in popularity, with a surging number of Canadian players engaging in immersive virtual reality experiences.

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