In 2022, the global online gaming market has clocked a valuation of USD 63.53 billion. The market is expected to grow at 11.7% CAGR from 2023 to 2030. The easy availability of network connections and increasing usage of mobile phones have sped up the market demand for online gambling games. The constant expansion of 5G networks worldwide and the accessibility of 5G phones among the common masses have boosted so. Modern techs like Augmented reality, artificial intelligence, and machine learning are improving impressive user experience from the comfort of the house.
The online betting market is predicted to grow at 9.20℅ CAGR, whereas in Canada it’s 5.38%. Though there are so many legalities obligatory in Europe, Canadian restrictions are more complicated and other than the central state, provinces have autonomous regulatory bodies to conduct gambling.
The Legality of Online Gambling
There’s no specific regulatory body to govern online gaming services in the EU. Countries hold total autonomy and freedom in regulating these services on their own land, as long as they comply with the treaty of the EU. Most European countries have favorable regulations to encourage private market players to enter the industry. Some of them still maintain the monopoly of state-run online gambling services. In the United Kingdom, Greece, and France laws are pretty liberal whereas Germany has some rigid laws to comply with. Whereas, Casino Online In Canada still runs online gambling in a shady area. Any kind of gambling, whether online or offline is booked under strict criminal laws.
According to Canadian online gambling laws, online gambling operations within the country are illegal but there are no regulations regarding offshore gaming sites. In Mohawk, online gambling is regulated under the laws of a local body which does not abide by Canadian laws. Ontario became the first province to legalize online gaming on Canadian soil on the 4th of April, 2022.
Online Gambling Market in Europe and Canada
The European online gaming market was estimated to be USD 37.4 Billion in 2022. Experts predict the market to grow at a rate of 9.2% CAGR from 2023 to 2028. In Canada, it is expected to grow at 5.38% in the next few years.
Perception about Gambling
Gambling has different social acceptance in both regions. In some places, it is some kind of obscenity, whereas others take it sportingly. In North America, it has an unfavorable connotation. In Europe, gambling is rather a means of enjoyment like playing a sports game. This mindset reflects in the historical developments of laws regarding it.
As mentioned before, the Canadian market runs through strict scrutiny and still has a long way to go to liberate betting as a profession. Though, with the boom in blockchain and AI technology; online gambling is taking over households as it eases the social stigma considerably. Canadian people are among the top ten betting wagerers in the world now. And provinces are opening opportunities for a new gen of bettors. Provinces have started realizing the value this industry can add to the domestic market.
What Lies Ahead in the Future of Online Gambling?
The exponential development in the online gaming industry and the availability of choices have enticed audiences on both sides. The private players will now play a pivotal role in shaping two of these biggest markets in the future. In both regions, the target audience is mainly new commerce with no experience in gambling whatsoever. The immersive user interface and alluring bonuses are serving as win-win situations for the companies as well as players.
Slots and card games are leaping when combined with the newest forms of technology. Sports betting is also generating huge revenue online. Canada has a niche for tennis, soccer, golf, and rugby sports betting. Whereas Europeans are most likely engaged in cricket, football, and horse race betting.
The online gambling industry has radicalized the mass market astonishingly and the state revenue is staggeringly high out of this. In the near future, the online industry will be a new normal for bettors.
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