Canadian gaming the focus of upcoming meeting
The United States and Canadian gambling industries will be at the heart of a conference in Budapest at the end of September. On September 24, leaders in the gaming industry will speak at the CEEGC Budapest, as part of an IMGL MasterClass. The title of the talk is “Opportunities in North America.” Speaking on the panel are some industry leaders, including Ilkim Hincer, a partner at McCarthy Tetrault – Canada and Andrew Cochraine, chief commercial officer at SBTech. The discussion is set to be moderator by Jaka Repansek, a media and gaming expert who is an IMGL member. The panel is an exciting opportunity to talk about the development of the gaming industry in both Canada and the U.S, as well as the possibilities for the future.
The U.S. industry is being fueled by recent legalization
Online sports betting is growing at an astounding rate in the United States. When the country’s Supreme Court overturned a law that banned the practice, each state was allowed to make their own rules and regulations when it came to sports betting.
A lot of states legalized the practice right out of the gate, although not all have legalized an online form of sports gambling. States such as New Jersey and Pennsylvania have led the way, joining the country’s powerhouse, Nevada.
According to an American Gaming Association survey, 15% of the adult population in the U.S. said they planned to gamble on games for the National Football League this season. That would end up being a whopping 38 million people.
In total, the survey found that as many as 7 million people in the U.S. are expected to bet at a casino sportsbook legally this year, which would represent 1.2 million more than did so in 2018.
What’s the deal in Canada?
While Canada doesn’t have full-fledged legal sports gambling to help push its gaming industry ahead, it’s still no slouch when it comes to gaming. In total, there are more than 1,000 land-based casinos that operate in North America, generating roughly $29 billion each year in revenue.
The online gambling industry in Canada is even more robust. That’s because Canadian law doesn’t prevent citizens of the country from gambling at online casinos that are based in other countries. So, if an online casino in the UK accepts Canadian players, for example, they can wager there.
This is part of the reason why it’s not completely known what the full potential of the Canadian online gaming market could be if the government legalized it, or at least made it easier for companies to open up shop.
Still, gaming is an enormous industry in Canada, backed by recent data from the country’s gaming association. One of the state-run associations, Loto-Quebec, reported that they had total revenues of $656.1 million for the first quarter of the fiscal year of 2019-2020, which shows just how huge it is in just one province.
Loto-Quebec earned $337.4 million in consolidated net income the first quarter of that fiscal year.
What about online gambling in Canada?
What’s perhaps most telling about the Loto-Quebec earnings results is the huge growth in online gaming. According to Loto-Quebec, revenues from all casino games and lottery online increased by $5.6 million in the first quarter of the 2019-2020 fiscal year.
That large increase is put in better perspective by the fact that it represented a huge 23.8% increase.
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