The North American online gambling market is poised to achieve a CAGR of 11.78% within the next 5 years. The growing demand can be attributed to the recent global adoption of technological advancements such as virtual reality, artificial intelligence, blockchain, and, of course, mobile platforms, which have allowed gambling to become more accessible to the masses.
Canada Boasts of Market Dominance
Despite being predominantly unregulated in many provinces, Canada still holds the largest market share within the online gambling scene. While all regulated provinces are supervised by the Canadian Gaming Commission, laws outlining casinos offering Canada’s best no deposit bonuses, sports betting and similar pastimes are authorised and reinforced by each respective province.
Improvements in phone lines, internet connections, and electricity have also contributed to the growth of the market, allowing gamblers in North America to access their favourite gaming websites wherever and whenever they wish. The growing popularity of smartphones has also helped to solidify gambling as a pastime, with more and more players placing wagers through apps. In fact, the number of Canadians who own a smartphone increased by 4.1% from 2018 to 2020, according to Statistics Canada. This number is expected to grow as smartphones become increasingly cheaper to produce and sell, making them more accessible to lower-income households.
According to recent data, most individuals in Canada engage in some form of gambling, with Nova Scotia and Saskatchewan recording the highest number of participants. The Canadian market is expected to continue expanding its already vast market share through mergers and acquisitions, with the government-owned Ontario Lottery and Gaming Corporation (OLG) gearing up to work alongside new emerging betting companies that will operate in Ontario in the near future.
These mergers and acquisitions will also help cater to Canadian players’ growing appetites for fully operational, licenced online casinos where they are able to bet on their favourite United States-based sporting events such as the MLB and NBA. DraftKings, Dunder, and Jackpot City are among the most popular North American online casinos.
In recent years, the United States has moved towards legalising gambling and betting, with even horse race betting becoming legal in most states for several years. The market has also seen additional forms of online betting gain prominence since their legislation, such as lotteries, fantasy sports, and poker. The legislative framework that is in place currently in the U.S. for online betting permits only the following four states to operate legally: Delaware, New Jersey, Nevada, and Pennsylvania.
A new trend that has been gaining traction within the market is custom slot games catering to players’ growing demands and needs. These types of games allow players to tailor the settings to suit their individual playing styles, providing them limitless opportunities to win big. Live casinos have also been enjoying new waves of interest thanks to their immersive technology, which allows players to experience all the excitement of the casino floor without having to leave the comfort of their own homes. Moreover, the live dealers even provide real-time feedback, adding to the overall gaming experience.
New Emerging Technologies
However, new technologies like artificial intelligence and machine learning are set to transform the industry as we know it. Not only can AI help detect fraudulent activity or harmful gambling patterns, but AI will eventually introduce new betting genres. Previously, bettors only wagered on the total score, point spread, and, of course, who would win the event; now we are even seeing people wager on reality TV shows and political elections. As such, it is not hard to imagine that with the help of AI, more genres can crop up, perhaps even betting on which celebrity marriages will end, as the software is able to comb through news and instantly produce accurate data.
VR casinos may still be in their infancy, but a few operators are already jumping on the bandwagon and providing players with a new, enhanced gaming experience. We are seeing VR used to create virtual online casinos, following the metaverse trend by enabling players to take part in tournaments or specific games using VR headsets like the HTC Vive or the Oculus Q2. This will transport players to a virtual world and let them live out their ultimate gambling fantasy.