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A study on the online gambling industry has shown that the market is expected to reach the $1 trillion mark in 2022/2023. The popularity of online gambling in Canada has been increasing at a good rate for several years now and shows no signs of slowing down yet.
The technology for online casino gaming and betting is always improving with areas such as smoother user interfaces, increasing payment options, and tighter security drawing more players to online gambling.
Of course, various restrictions around the world due to the global pandemic have also given a boost to almost all forms of online and mobile-based entertainment.
So, with the demand for online gambling still increasing and online casino rankings in Canada skyrocketing, what trends can the players expect to see in 2022/2023? This article will explore the key ones so keep reading to discover what could be on the horizon for online gambling this year.
Canadian Online Gambling Regulations
Before we get on to the trends you could be seeing, it is worth going over the regulations for online gambling in Canada since it is somewhat of a grey area.
The Criminal Code of Canada is the bill that outlines the definitions for illegal gambling activity in the country and it states that the laws for gambling are to be governed individually by the various provinces of Canada. This means the provinces are given the power to grant licenses for physical and online casinos to operate within their boundaries.
These licenses are not granted freely, however, so the majority of online casinos choose to operate their business from countries overseas where they can obtain the appropriate licenses. This is what causes the grey area in the Canadian law because, although the websites can be accessed from Canada, the companies are based in another country so will argue they do not fall under Canadian jurisdiction.
When it comes to Canadian citizens taking part in online gambling, there is nothing in the Criminal Code that prohibits it whether you are playing on a Canadian or an off-shore website.
Online Gambling Trends
Here is our list of the top online gambling trends we expect to come to the fore throughout 2022/2023.
Mobile Gambling Continues to Surge
Of course, mobile casinos and sports betting is nothing new and has been around for many years. However, we can expect the rise in people using mobile gambling apps to continue right where it left off in 2022/2023.
During 2022/2023, a large number of people found themselves unable to get to physical casinos due to the pandemic. Many people also found themselves with extra time on their hands as a result of workplaces being closed.
This lead to a spike in the number of people gambling online and via smartphones. Unfortunately, the early days of 2022/2023 suggest social and working restrictions will continue this year to some extent, which means mobile gambling’s rise should carry on.
There is research that predicts gambling will take hold of almost 60% of the mobile gaming industry in 2022/2023, which is huge.
More Providers Accept Cryptocurrency
The demand for cryptocurrency payments has been there for a few years and has increased as each year goes by. Now that crypto has been around for over a decade, more and more people are becoming familiar with how it works and are using it.
Also, while still in its infancy, the technology surrounding crypto is always improving and is becoming more accessible to both the public and the companies who wish to integrate it with their websites and apps.
The use of crypto is also sure to increase this year if Bitcoin’s price continues to rise as it has in the first month of the year, which saw it hit new all-time highs (at the time of writing) of over US$40,000. This brings publicity to cryptocurrency, which will lead to more people using it and more companies accepting it as a means of payment for their services.
Betting on eSports Becomes More Common
eSports gambling is one of the most rapidly-growing areas of the entire gambling industry. The popularity and exposure of professional gaming are climbing with major TV networks showing live esports events.
Throughout 2022/2023, a lot of live sporting events were postponed and TV networks turned to eSports to fill the gaps in their schedules and keep audiences entertained.
As a result of the increased exposure, betting providers have also begun opening up markets for eSports events. Some states in the US where sports betting is illegal have even adjusted their laws to allow betting on esports, which is a testament to how much demand there is for it now.
Visit the Casino In Virtual Reality
For a while now, VR has been seen as the next big thing when it comes to gaming and the tech behind it has been steadily improving year upon year.
VR technology has become much more accessible to the general public thanks to devices such as Oculus’ new Quest 2.
The online gambling industry has never been an industry to stand still and let new tech pass it by. There have been a small number of virtual reality casinos emerge to give players a more immersive casino experience from the comfort of their homes.
With the technology reaching new heights and the pandemic forcing more people to find household entertainment options, it seems like the timing is perfect this year for virtual reality casinos to really take off.