The Online Gambling market in Canada has been experiencing significant growth in recent years.
Customer preferences: One of the main reasons for the growth of the online gambling market in Canada is the increasing preference for convenience and accessibility. With the advent of technology and the widespread use of smartphones and internet connectivity, Canadians are now able to access online gambling platforms from the comfort of their own homes or on the go. This convenience factor has attracted a large number of customers to the online gambling market.
Trends in the market: Another trend that has contributed to the growth of the online gambling market in Canada is the increasing popularity of sports betting. Canadians have always had a passion for sports, and the ability to bet on their favorite teams and athletes online has added a new level of excitement to the sports viewing experience. This trend has been further fueled by the legalization of single-event sports betting in Canada, which has opened up new opportunities for online gambling operators.
Local special circumstances: In addition to customer preferences and trends, there are also some local special circumstances that have influenced the development of the online gambling market in Canada. One of these is the regulatory environment. While online gambling is legal in Canada, each province has its own regulations and licensing requirements. This has created a fragmented market with different operators catering to different provinces. However, efforts are being made to create a more unified regulatory framework to ensure consumer protection and responsible gambling practices.
Underlying macroeconomic factors: The growth of the online gambling market in Canada is also influenced by underlying macroeconomic factors. The country has a relatively high disposable income, which allows Canadians to spend more on leisure activities such as online gambling. Additionally, the Canadian economy has been relatively stable in recent years, which has contributed to consumer confidence and willingness to spend on non-essential activities. In conclusion, the online gambling market in Canada is experiencing significant growth due to customer preferences for convenience and accessibility, the increasing popularity of sports betting, local special circumstances such as the regulatory environment, and underlying macroeconomic factors. As the market continues to evolve, it will be important for operators to adapt to changing customer preferences and regulatory requirements to ensure sustainable growth.
Data coverage:
The data encompasses B2C enterprises. Figures are based on Gross Gambling Revenue (GGR) and represent what consumers pay for these products and services.Modeling approach:
Market size is determined through a Top-Down approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, number of internet users, and internet consumption.Forecasts:
We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is reweighted for representativeness.
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