HomeNews ❯ Online Gambling Industry to Hit $73 Billion by 2024

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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.

Online gambling is one of the key parts of the Canadian gambling industry, and this is something that seems to have filled a void that sports betting has been unable to fill for the foreseeable future. In fact, there are so many great benefits to online gambling, and the variety and convenience are two of the things that make this really popular and important for the country.

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It seems pretty clear that technological advancements across the globe have led to a rise in the popularity of online gambling. And, what’s more, the introduction of new regulations could force more people to turn to online gambling in order to get the options they desire. This is something that is certainly a positive for customers, but not such great news for land-based casinos, who are having to battle against new regulations every 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.

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