In today’s digitally-driven society, it would be challenging to encounter an individual who hasn’t either tried their hand at online gambling or at least heard about it. The industry’s unparalleled convenience and accessibility make it easy to understand its widespread popularity. Canada’s rapidly growing economy has undoubtedly played a significant role in the flourishing of this industry, which reportedly generates a staggering $9 billion in annual revenue. Moreover, in the past year alone, approximately 18.9 million individuals engaged in gambling, with an impressive 95% of them classified as non-problem gamblers, a number expected to continue its upward trajectory.
The online gambling industry in North America has been experiencing exponential growth for the past few years now. Slots, poker, roulette, blackjack, and baccarat are amongst the most popular and sought-after games. Many players sign up using NoDepositTracker, to take advantage of the freshest and most reliable no deposit bonus codes around.
Captivating both gamblers and entrepreneurs alike, Canada’s online gambling industry has become a formidable presence, presenting a myriad of opportunities and challenges in equal measure. As traditional dice rolls give way to effortless clicks, let’s delve into some surprising facts about this dynamic and rapidly evolving sector.
Labor Market Stimulator
The online casino industry has had a positive impact on nearly every Canadian resident, whether or not they actively participate in online gambling. Beyond its evident entertainment value, what may surprise many individuals is that this industry has significantly contributed to Canada’s employment sector, generating more than 135,000 jobs and contributing C$15 billion in capital. Most of these positions are high-paying and require high levels of skill, leading to increased investments in training and development programs.
Despite becoming officially regulated only last year, the online gambling market in Ontario has already achieved remarkable success, resulting in the creation of over 12,000 jobs. According to a recent report conducted by Deloitte, within its first year of regulation, the Ontario market witnessed the emergence of 76 gaming sites and 45 operators, with many more expected to launch soon. This led to an astonishing total gaming revenue of just over $1.48 billion, of which $906 million contributed to labor income. Moreover, the study estimated that for every dollar spent by the online casino industry, approximately $1.14 of the province’s GDP was supported in the Ontario economy.
While traditional gambling may have been historically associated with a predominantly male audience, online gambling has ushered in a new era of inclusivity, appealing to a wider and more diverse range of players. In Canada, recent statistics reveal that the demographics are quite balanced, with approximately 53% of native men engaging in this activity compared to the 43% recorded for women. However, an interesting twist emerges as around 55% of women prefer the convenience of wagering online, bringing the excitement of the casino directly to their homes. In contrast, men tend to favor the social aspects of in-person gambling, relishing the opportunity to share a drink with fellow bettors before trying their luck at one of the many enticing games.
Despite the substantial economic contributions of the online casino industry, Canada still lacks a national regulatory body in this field. Consequently, players will not find any online casinos holding a Canadian operating license and must instead resort to using offshore gambling platforms. Furthermore, the industry is subject to regulation by individual provinces rather than the federal government, with each province establishing its own set of rules and regulations.
It’s important to note that in Canada, there is no criminal liability for the distribution of gambling services, including their creation and advertising. Remarkably, to date, there hasn’t been a single case where an individual was charged for participating in online gambling activities.
Perhaps the most noteworthy fact is that Canadian gamblers are not subjected to taxes on their winnings. That’s right, while in some other countries, winners of substantial jackpots may see a significant portion of their earnings deducted by the tax authorities, Canada takes a different stance. Gamblers do not need to pay any additional taxes on their winnings, regardless of the amount, underscoring the country’s positive approach to the industry and its commitment to fostering growth in this sector.