Expectations for Canadian casinos in 2023
The gambling industry have taken some big steps during 2022, both from a technological standpoint with cutting edge products together with a new license for Ontario, but also in regards to revenue which is at an all time high. The team at Casivo has compiled all the data to present a year in review for online casinos in Canada during 2022.
A year in review for Casinos in Canada 2022
A regulation for Ontario residents came into place 4th of April. The province opened up to a legal igaming market with iGO (iGaming Ontario) where Alcohol and Gaming Commision of Ontario (AGCO) will oversee the market. In short, it means that casinos has to hold a license approved by AGCO to continue their ventures in the province. In many aspects this is a positive note for both players and companies residing in Ontario, having a license in place means all necessary steps for player protection is in place. It also encourages operators to try harder in all aspects, from bonuses offered to support for all players.
Revenue soared during the year
With over 20 million users having some sort of online gambling activity as of April 2022, Canada ranked #8 on countries that spent the most money on gambling. That means the number of gamblers in the country is above 50% as the population is roughly 38 million in total.
Taking a look at the market size of Canada, the industry comes in around $12.5 billion in 2021, creating more than 135,000 jobs and is one of the most fast growing markets. If we fast forward today, the projected revenue for online gambling will surpass 2021 as Ontario alone has seen a gambling revenue to date of $7.28 billion
What can we expect from new casinos entering Canada in 2023?
As Canada is getting a more serious grip around playing activity, we can expect that the products will follow. For new casinos in 2023 to be able to market themselves they would need a license in Ontario which to date is around 40% of the total market in Canada, without the license the casinos would still be able to market themselves in rest of Canada. Our predictions for the market is that more brands will follow, as research show the market peak for Ontario alone will have around 30 more operators. We believe the whole country will double in size when it comes to new casinos in 2023
From a technological standpoint we believe that withdrawals and deposits will be faster to keep up with todays standard, where fast payout casinos will be increasingly popular. We’re seeing more online casinos adding different banking options to adhere to every user.
Lastly, more operators are to be expected to release their products to Canadians. To date, there 29 operators live in Ontario, which sits at a second place below New Jersey which has more operators live in the state. The expected number will be around 70 for the province at the peak of market.