Canadian casino growth forecast for the year 2022
As we saw the in the past the Canadian casino industry has been trailed behind the European market for a couple of years, however due to recent changes in legislation it went through a huge growth. Canadians throughout the country started to embrace the latest online casino websites, that in a way can be more convenient than their land-based equivalent.
The market is expected to grow even further in 2022, as the previous year’s statistics show a 13% of growth.
Online casino VS land-based casino growth in 2022
In 2021 the casino industry experienced an anomaly by having a lot of startups entering the market especially in the e-sports industry. Due to the pandemic many sport events were cancelled or postponed, leaving gamblers with less options to make bets. Nonetheless, many of the land-based casinos were forced to close their doors, and starting their online casino website to accommodate players.
Each statistics and estimates made by experts in the industry show an even further growth of the online gambling sites. We can expect even more innovative ideas, new games and bonuses while these website will also improve their technology to stay ahead of their competition.
Online gambling license changes
In 2021 the Malta gaming licenses were gray listed by the FATF (Financial Action Task Force), this resulted in several online casinos requested to move jurisdictions to another licensing area, and particularly to Kahnawake. The Kahnawake gambling license is a respected jurisdiction, and comes with a cost-efficient, flexible and very straightforward set up process. This makes it very attractive for start-ups globally. Currently there are approximately 250 gambling sites licensed under the Kahnawake jurisdiction, which is expected to grow even more in 2022, as more and more startups are being launched.
Casino trends in 2022
Crypto Casinos – this type of casinos have become quite popular for online gaming providers lately, meaning many casinos become sole cryptocurrency casinos. They are not just more efficient, but also offer a safer, more anonymous way of payment. Due to the fact that cryptocurrencies operate through blockchain technology, the transactions don’t go through a central banking authority, thus they don’t need to be approved. Payments made with cryptocurrencies are also harder to track, which brings players an increased level of privacy and quicker gameplay, while not having to wait for withdrawal requests and deposit approvals.
Virtual Reality – this technology has been around for a while, however the video gaming industry has just started to explore more this area, as VR headsets became more accessible on the market. Many online casino games are now based on VR technology, especially the live poker games, and the trends show even further growth in 2022. VR helped to bridge a gap between land-based casinos and their online equivalent, by offering all the know-how and professionalism in a virtual gaming experience to its players.
Promoting responsible gaming
In the past year we have seen an increase in promoting responsible gaming, which will continue to grow in the year of 2022. With the changes in legislation, there has been a huge focus on gambling addiction, and in order to help players with such problems many online casinos have developed their own responsible gaming department with professionals that are ready to provide help. Also throughout these gambling sites there can be found links and additional documentation on getting help with gambling addiction.
Live dealer games become more popular
To keep ahead of competition, online casinos are continuously improving their gaming experience and try to make it more interactive for their players. As we have seen virtual reality is being introduced in the live dealer games (e.g. online poker), to provide a more experienced, professional and consistent gaming experience.
As a conclusion with all the changes positive in the jurisdictions, and the continuously increasing number of online gambling sites, it’s safe to say that the Canadian online casino industry is extremely promising for 2022. Many new technological advances help to provide nowadays a pleasant user experience for casino players. By introducing virtual technology, cryptocurrency payments and e-sports betting, the online casino industry have shown a huge growth that seems to continue in the upcoming year.