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Online Gambling Industry to Hit $73 Billion by 2024
We all know that gambling in Canada means big business, this is irrefutable. But, it is also important to keep in mind that the online gambling industry is massive as well. Land-based casinos are popular, and generate a lot of money for their respective cities and provinces, but it’s pretty clear that online gambling takes things to another level, and is really helping to keep the industry in Canada ticking over.
So, it should come as no surprise that news broke this month detailing that the online gambling industry is projected to reach heights of $73 billion by the year 2024! Gambling is set to be one of the major growth industries in Canada (and across the world) over the next five years, and this is certainly something that’s going to be exciting for the future. Indeed, it has been revealed by the EGBA, that online gambling brings in over $1 million in transactions every single day.
One of the biggest factors that has contributed to this has been the revelations regarding money laundering across many Canadian provinces. This has led to tighter regulations, which has seen many people drift away from traditional casinos, and towards the world of online gambling. However, there have been questions raised about the impact online gambling can have on younger people, as well as the fact it can lead to a spike in teen gambling addictions. Indeed, Dr. Elton-Marshall, who conducted experiments into this, has claimed that “Social gaming can build excitement and encourage the transition into monetary gambling.” And, with the growth of online gambling over the next few years, we could well be faced with a spike in this.
It’s clear that this is an exciting change for the industry, and there are a lot of things that can impact this. The online gambling industry is one that continues to grow, and it has a hugely positive impact on the industry as a whole. It is entirely possible that the reality could actually exceed the figure of $73 billion, and that the gambling industry could bring in more money than that in the long run.