Many locations around the world are revising their rules and regulations regarding online casinos. By creating a well-regulated market, the industry can provide a number of different benefits, including economic boosts.
So, what are the economic contributions of the online casino market in Canada? Canadian laws have recently allowed for the launch of new casinos in certain locations such as Ontario, Quebec, British Columbia, Alberta, Saskatchewan, Manitoba and the Atlantic provinces.
In this guide, we break down the economic contribution of the online casino industry and how things are changing as online gambling becomes more mainstream.
A growing industry
According to Statista, revenue in the industry is expected to grow at over 8% annually, leading to a market value in excess of US$3 billion yearly by 2027.
For the consumer, it is easy to see that the industry is growing rapidly, providing a lot more choice in casinos as well as casino games. Players can enjoy a huge number of games at sites like Jackpot Village, an example of one of the fastest-growing casinos in the region.
The value of growing industries can help strengthen the backbone of a whole country’s economy. Some countries are known for the industries that they support. Think about some of the Asian countries that have built a reputation for manufacturing, or countries such as Italy that are known to have thriving food and drink industries as well as tourism and fashion.
On a more regional basis, we know that certain areas benefit particular industries. For example, Canada has certain areas that are known to be tourist destinations. When we think of the United States, and the way gambling works there, we think of places like Las Vegas, which has built its reputation and many of its industries around the gambling scene.
How online casinos can contribute economically
So, what are the steps that allow online casinos to contribute to the economy? People who are keen to ensure gambling is legal often use its economic impact as one of the plus points and key arguments for gambling regulation.
Creation of jobs
The creation of jobs is arguably the biggest benefit of online casinos in any area. Though the jobs may be different from those in a traditional, in-person casino, there is still a lot of staff needed.
Jobs may include compliance roles, helping to keep casinos in line with regulations. Online casinos also need sufficient support staff who can answer emails and calls, technical staff to keep the site running, and various finance and admin staff. There may also be roles for developers making specific games.
Tax revenue
Locations such as Ontario that have allowed new gambling sites have a taxation system in place. This means that they can raise a considerable amount of money from the operators in the area. This money can then be used for a variety of public services, and even to sponsor aspects like responsible gambling programs to ensure that the risks of gambling are explained.
Taxation can alter from one location to the next, and each province is responsible for its own laws. Most places don’t tax gambling wins but they can tax the profits that the gambling companies are making. Of course, the employees will also be taxed.
Thriving businesses
Every country aspires to have many different thriving businesses and industries, and a successful casino industry can also help to grow other industries. For instance, there may be other companies offering services such as web hosting or even freelance game development for the casino brands.
Where there are thriving businesses, some other industries can benefit from providing services, and this is definitely the case when it comes to the online casino industry.
Flourishing businesses are always a positive thing for a country to have, and in the case of the casino industry, there are a lot of different ways in which the wealth can be spread around to make a more prosperous country. This is something that Canadian provinces are already starting to see.
Conclusion
Online gambling is a huge industry that is worth billions of dollars annually, and there are plenty of countries that are taking advantage by introducing a regulated gambling industry. Canada has some forward-thinking rules and regulations, helping to generate revenue for the country.
Through jobs, taxation and wealth generation, the benefits of having a busy and robust online casino industry can be felt across the whole of Canada, and the contribution that casinos make to the economy is predicted to grow significantly in the coming years.
