According to Statista, the Canada casino gaming market at land-based casinos is estimated to reach US$6.23 billion in 2015, up from US$5.97 billion in 2014. Since 2006 this market has remained between the US$5.3-6 billion range and 2015 will represent the first time that it will break the US$6 billion mark despite economic ups and downs over the last few years.
Canadian market watchers believed the gambling market would decline from 2014 into 2015 due to weakening economies throughout the country following slowdowns in Canada’s exports, particularly for oil. Increases in interest rates coupled with decreases in commodity prices and an expanding pool of debt due to consumer purchases and home ownership meant that Canucks were expected to tighten their belts and take a break from activities such as online casino gaming.
The statistics from Statista however tell otherwise, and it could reflect several reasons. First, statistics found on age groups of online gamblers have found that many of the earnings and deposits have been from those who rank in higher income brackets. That is not to say others in lower income brackets are at a disadvantage, but rather the amount of money being fueled into the games from these higher brackets outdo the amount in lower brackets. Secondly, other market statistics show that real money games across the board are increasing in popularity both in Canada and across the globe, as people are becoming more Internet based and looking to rake in money from their interests.
Playing video games has been limited to expensive consoles and games with no rewards or the potential for profit in the past. Players have come to realize the futility of pouring in money for something in which they will see no potential of making a return, especially during times of economic turmoil coupled with the rise in new online platforms offering rewards into the tens of thousands of dollars. Gaming is not only viewed as a type of entertainment these days but also as an investment due to the need for people to maximize their time and money invested. With this trend is also coming a rise in e-gaming competitions in which video gamers can compete for real money or viewers can bet on gaming results. This market has grown over the last few years and is expected to become one of the fastest-growing online markets in China.
Another factor we cannot overlook in regards to Canada’s stable gambling revenues is the income generated from tourism. Chinese in particular are known for coming to Canada and stopping off at casinos to partake in the fun. Hotel and casino tours are popular tourist packages that travel agencies in China put together to places like Las Vegas and various spots in Canada, and Chinese are known for having no shortage of big spenders that enjoy high-rolling action abroad when given the chance.
In short, tourism, the rise of real money online games and the spectrum of economic bracket participating in online casino gaming or land-based casinos have driven market stability in the casino sector. Unlike other sectors that may be more reliant on a broader spectrum of audiences this one has its ongoing appeal to populations that can afford and make gambling a priority despite what other statistics say about Canada’s economy. Entertainment has always been on demand and remains a steady market even in terms of economic downturn, as people still look for activities to keep them busy. These aspects are expected to help drive Canada’s casino gaming market in the future and we expect to see revenues increase throughout 2020 following the increase of e-gaming popularity, tourism and a recovery in Canada’s economy.
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