Casino gaming is big business and player numbers are increasing around the world. In particular, Canada is seeing its casino gaming sector begin to flourish as its regulations have been adapted in some regions and provided new opportunities for the sector.
From online slots to traditional table poker, casino gaming has long been a popular form of entertainment. We take a look at the emergence of the online casino industry and what the future of casino gaming looks like for Canada.
The emergence of the online casino industry
Over the last couple decades, there has been a significant shift in gaming habits particularly when it comes to casino gaming. While it used to be necessary to visit a land based casino or poker room, casino games can now easily be played online.
The global online gambling sector, consisting of casinos and betting sites, has reached more than $290 billion dollars in revenue. In Canada, the online casino industry may be young but is already reaching revenues of $2.4 billion dollars and is expected to grow to $3.49 billion by 2029.
There are a number of factors that have contributed to this growth. First and foremost it has been driven by the increased usage of the internet and smartphone mobile devices worldwide.
Smartphones have become more affordable and internet penetration rates have increased over the last decade. This has increased accessibility to the online casino world. Meanwhile, technological advancements such as Artificial Intelligence (AI) and blockchain technology are helping to revolutionize the online casino experience.
The market is highly competitive for online casino platforms, pushing them to utilize technological innovations, form strategic partnerships and expand into new markets to gain market share.
Regulatulatory developments and changes in legalization
Various regions around the world have slowly begun to move towards legalizing and regulating online casino gaming and betting. One reason for this is that governments are beginning to recognize the economic benefits of doing so, having witnessed other regions benefiting this way through taxation and employment opportunities.
Clear legal frameworks have proven to be good for both casino providers and consumers as it helps to provide a safe and fair environment for casinos and players.
Canada is one such example. Provinces like Ontario have introduced regulated online gambling markets, thereby setting a precedent for other provinces to follow suit. Each of the provinces have their own online gambling laws and the legal age is either 18 or 19 depending on location. To open a casino, local regulations vary, and the provider must follow the specific provincial laws to be compliant.
Technological innovation is helping to shape the industry’s future
Technological advancements are helping to improve the user experience. The development of mobile first platforms, alongside the development of more sophisticated software and better security measures has helped to enhance online casinos.
Also, integrations with relatively new technologies like Augmented Reality (AR) and Virtual Reality (VR) and beginning to make the experience even more immersive for players and helps to attract an even wider audience.
Some online casinos are looking to adopt blockchain technology and accept cryptocurrency transactions within the casino. This is a huge benefit for players that feel confident in the safety and transparency this type of transaction provides.
Artificial Intelligence (AI) also has lots of applications that online casinos are beginning to explore. AI tools can help to enhance customer service and support, such as chatbots, and help to enforce responsible gambling measures.
In the future, cross platform accessibility will be greatly appreciated and perhaps even expected by players. This compatibility will allow players to seamlessly transfer between mobile, tablet and desktop without interruption to the gaming experience.
More customized experiences will also be expected and AI can help to deliver this. Online casinos are able to leverage data analytics in order to tailor games, promotions, and settings for individual preferences. This level of personalization will help to improve the user experience even further and increase satisfaction and loyalty.
Why is it important for casino providers to stay ahead of industry changes?
Firstly, as provinces amend their legislation and regulations, casinos must be able to respond and quickly align their operations to meet legal standards. The best online casinos will be able to make the most of emerging opportunities.
Monitoring trends also helps them to meet customer expectations. They should be able to provide diverse offerings and release new innovative features on a fast timescale.
It is also important to be able to allocate resources and adapt to market changes in order to ensure sustainable profitability.
As more provinces move to legalize and regulate the casino gaming market, we can expect to see the revenue generated by the country’s iGaming market grow rapidly. Casinos will adapt to market developments and make the most of technological innovations.
