Canada is one of the world’s most important players in the gambling industry. There are all sorts of gambling-related activities residents can enjoy, such as sports betting and casino games.
But as with everywhere else in the world, it’s vital to understand the important aspects of gambling in Canada. This includes knowing if it’s actually legal, either online or offline, how many people gamble online and who’s actually doing it.
This article will explain the five things you should know about gambling online in Canada.
1. Online Gambling In Canada Is A Growing Industry
Gambling has been legal in Canada for a long time. The modern gambling laws were based on those established in 1970. Today’s government takes a more decentralized approach; each individual province has the control to oversee all the gambling activity going on within its own jurisdiction.
Gaming operators don’t face much resistance in Canada. From the government to the regulators, most understand how the landscape has changed from brick-and-mortar casinos to online, similarly to how modern retail has shifted towards eCommerce platforms.
As such, the online gambling industry in Canada continues to generate a lot of money for the country. In fact, according to Business Wire, the online gaming sector, which includes online gambling in Canada, generates around $31 billion every year.
One of the main factors behind the growth is due to the advancements in mobile gambing. High-speed internet is fast-tracking the gambling industry across the industry. The sheer variety of bonuses and promotions offered by the best casinos, has also contributed to the growth.
2. Online Gambling In Canada is Safe
Online casinos in Canada do all they can to protect players. They use encryption technology to keep their players’ personal and financial data safe from potential hackers and even internal staff that shouldn’t have access to that information.
Payment methods are a good indication that a site is safe to play at. The more available payment methods, the more they can be trusted. Online gambling sites in Canada allow you to make deposits and withdrawals using your credit card, but there are often other services available like digital wallets where you don’t have to enter your sensitive data.
To enhance security at Canadian casinos, they don’t charge you for currency conversions, meaning you’re never paying for a service you don’t need. The most common conversion is CAD to USD but they also accept CAD as playing currency.
3. Gambling Is The Biggest Entertainment Industry In Canada
This is perhaps one of the most surprising things you should know about gambling online in Canada. Gambling in Canada plays an important role in society and the country’s overall economy.
Canadians prefer to take part in gambling activities like online sports betting over so-called “normal” experiences like going to the movies or watching sports.
It was mentioned earlier that the gaming industry in Canada was worth around $31 billion.
However, the film and television industry generated $9.32 billion in 2018/19, while the sports industry generated $8.3 billion. This means that, even if you added these two figures together, it only comes to just over half the total value of gambling.
To those who aren’t in the know, this comes as a huge surprise.
4. Who Is Gambling Online In Canada
A study taken by ABC investigated the demographic make-up of people that gambled online in Canada. Note that while this number will always change, it provides an interesting insight into who’s going online and playing.
The first notable finding from this study is that the average person gambling online in Canada earns just shy of $75,000 a year. This figure is around $20,000 more a year compared to the population that don’t gamble.
This number is also a lot higher compared to online gamblers around the world, further indicating that Canada has a strong economy.
Another interesting stat to come from the study is that the average online gambler in Canada is 35 years of age. This is close to the average age of people that play at traditional brick-and-mortar casinos.
Compared to the ages of players around the world, it seems Canadians are younger than the average, indicating it’s appealing to the younger generation.
Those who gamble online in Canada are more likely to be male. The study showed that 82.4% of online players were men, which is a stark difference compared to international figures where women tend to be more active.
The same study also looked at online gambling across the specific territories of Canada.
The results showed that Prince Edward Island has the lowest number of people gambling online, while British Columbia and New Brunswick had the highest number of people gambling online.
For completeness, the people of Ontario, Alberta, Saskatchewan, Quebec, and Manitoba don’t seem to gamble as much online.
The final important result of this study showed that Canadians that gamble online are better educated compared to their compatriots that don’t.
5. Online Gambling Taxes In Canada
The final thing you should know about gambling online in Canada is taxes on winnings – there aren’t any for the most part. This goes for both gambling online and at offline casinos.
There is a small caveat to be aware of though: players must be gambling for fun in order to avoid paying tax on winnings.
This means that professional players will be taxed on their winnings. This is because the Canada Revenue Agency (CRA) sees gambling winnings as income for professional players.
Canada is a great place to gamble online for many reasons. There is a wide range of games to play and each province ensures that players’ information is safe and secure.
The industry is set to continue growing now and into the future. As such, Canada will be a worldwide leading player in the online gambling industry, especially considering that citizens see it as the main source of entertainment.
By knowing these five things about gambling online in Canada, you’re in a much better position to understand the culture and how the country benefits as a whole.