Investing In A Canadian Online Casino: What You Should Know
The online gambling industry is one of the fastest-growing sectors in Canada and other countries in the world. The North American country ranked eighth in the list of countries that spend the most currency on online gambling, with over 19.3 million active online gamblers recorded at the time of the creation of the list.
We’ve seen many provinces in Canada take advantage of the fast-growing industry, like Ontario, Saskatchewan, Alberta, and British Columbia. Ontario launched its open market for offshore gambling operators recently to further bank on the revenue that will be generated in the industry.
Analysis showed that Canadians spend over $4 billion on offshore online gambling sites annually. And according to the Canadian Gaming Industry Report, Canadian players spend $16 billion on local casinos.
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With almost 20 million Canadians indulging in online casino games, it is no surprise that investors are also interested in getting a piece of the pie being shared by the online gambling industry in Canada.
However, some twists and turns come with operating an online casino and investing in them. An online casino investor should understand the gambling business models, including tax rules and legal requirements. In this article, we will be looking at how profitable investing in the Canadian online casino space is.
Feasibility of Investing in Online Casinos
Studies performed over the last few years revealed the steady and fast-paced growth of online casinos. For investors looking to jump into the online casino space, it will be much easier to conduct a feasibility study considering the amount of data and information readily available in the area. Before you start thinking about profits, you should know the economic, technical, and legal aspects of the online casino space.
A Billion Dollar Industry
Over the years in Canada, the residents have witnessed several changes to the gambling laws regulating online casinos within their borders. These changes have brought about a new change in the industry, as the number of online casinos operating in the country continued to rise. Last year, the online gambling industry in Canada raked in $2.64 billion in revenue, with $1.2 billion made from online gambling.
However, it is important to note that these numbers were made before the Ontario government launched their new open market for the gambling industry. This figure is expected to see a rise as other provinces might follow in the footsteps of the Ontario province. Furthermore, the global eGaming industry is expected to grow by a yearly growth rate of 11.5% till 2027. These statistics are what would inspire any investor to bank on the online gambling business. Online casino businesses rely on internet infrastructure, so it is nearly immune to natural disasters. By investing in an online casino, you won’t have to create a budget for contingencies such as burglary, floods and fire outbreaks.
Cost-Effective
While you can probably start an online casino business with a modest capital, the cost of operating a platform is little when compared to luxurious brick-and-mortar establishments. When you delve into the growth of the industry in the last decade, you’ll realize that profits can be scored in a short duration. Ever since the covid-19 pandemic, online casinos have been able to amass huge profits while the economy was degrading.
Vast Profit Potential
The internet is boundless, and it is filled with endless opportunities and possibilities. This is the same with the online gambling industry, as the internet is the foundation it is built on. The important aspect of this to investors is that when a casino embarks on a digital journey, it transforms into a limitless investment. Unlike land-based casinos, their digital counterparts are not limited by time and boundaries. There are many ways to accomplish streams of income. They can also generate profit at any time of the day and night, with a prerequisite of gamblers actively wagering on the platforms.
Conclusion
The internet’s potential has not been fully exploited, and this only makes online casinos more futuristic than before. Unlike land-based casinos, online platforms can enjoy huge exposure to millions of people across the globe. No physical boundaries can limit the market of online casinos.
With new revolutionary technologies like Virtual Reality and Artificial Intelligence entering the market, the future is bright for online casinos which makes it even more profitable for various investors looking to enter the space.
