The iGaming industry has exploded phenomenally globally in recent years, with the United Kingdom leading the way in terms of revenues and innovation.
Here in Canada, too, a relaxation in regulation combined with evolving technology has seen the industry grow exponentially, and at the time of writing, it shows no signs of slowing down. In this article, we take a look at some of the key trends and issues that look likely to define Canadian iGaming in 2023.
The Three R’s: Regulation, Regulation & Regulation
The biggest barrier to the spread of iGaming both here in Canada and south of the border in the USA has always been regulation and legalization. Until recently, the regulatory landscape in Canada for iGaming was bleak, to the extent that many Canadians were illegally wagering online with foreign gambling companies.
Thankfully in recent years, more provinces have taken the decision to legalize and regulate the online gambling industry, resulting in more new Canadian online casinos appearing on the market than ever before.
In fact, Ontario, Canada’s most populated province, recently passed legislation to legalize online gambling. The laws are expected to come into effect around midway through 2023, and more provinces are expected to follow suit as the year progresses.
(Further iGaming legalization is expected in the remainder of the year.)
The Digital Revolution
The very reason that the iGaming industry exists is the digital revolution that began in the 1990s and continues to this day. The first and most important aspect of that revolution was the widespread adoption of the internet.
This gave savvy entrepreneurs the idea to move casino gambling and poker online, opening it up to a much wider audience. Then came the release of the mobile phone and, with it, the changing way in which we all interact with the digital world.
This not only made people more likely to view wagering online on their mobile phones favourably, but it also encouraged more providers to invest in mobile gambling, which in turn created a thriving, competitive market that has benefitted customers.
In an increasingly saturated market, the emphasis is now on iGaming companies to come up with the next big digital innovation to differentiate themselves from their competitors. Whether that be something as simple as new, interactive betting features or a concept as advanced as Augmented and Virtual Reality casinos.
Whilst AR & VR casinos may sound like a thing of science fiction, they are, in fact, a very real possibility for the iGaming industry in 2023.
(Virtual reality could well be the future of the iGaming industry.)
The Rise & Incorporation of eSports
In 2005 when YouTube was first launched, it took on the role of an online version of Canada’s/America’s Funniest Home Videos. Whereas today YouTube is populated with entertainment, educational and instructional videos, the earliest form of the platform seemed to be almost exclusively home to funny animal videos.
Three years later, when a man called Anthony, under the alias Blame Truth, posted a video of himself commentating on his Call of Duty gameplay, it was a revolutionary idea. Fifteen years on, becoming a YouTube streamer is a feasible career option.
All of this has led to the rise of eSports leagues and competitive gaming, with millions of viewers tuning in to YouTube to watch their favourite streamers battle it out on Call of Duty, Fortnite and World of Warcraft.
This level of interest has pricked the ears of the gambling industry, which in recent years has made serious inroads in incorporating eSports into their betting coverage. Thus far in 2023, we have seen a number of Canadian iGaming companies partnering up with eSports teams and offering odds on tournaments and individual clashes.
(This was one of the first commentary videos posted on YouTube, now, there are tens of millions of similar videos on the website.)
In Summary
There is plenty of change in store for the Canadian iGaming industry in the remainder of 2023 and in the next couple of years in general. Slow as it may feel for gambling fans in provinces where online wagering is illegal, change is coming.
Whilst widespread legalization is unlikely to be achieved by the end of 2023, we will see more legalization by the time the year is through. In addition to that, we can expect to see a host of new features and innovations from iGaming companies looking to stand out in an increasingly crowded marketplace.
Finally, on that point, we can expect to see more and more iGaming companies venturing into the world of eSports in order to stand out and provide a niche for their customers.
