63% of Men and 57% of Women report they Spend some Money on Gambling every Month
There is no doubt that gambling is popular in Canada, and the country has one of the highest levels of people betting and playing casino games in the world. Nearly two-thirds of the population aged 15 or over reported to have spent money gambling in the last year– that is 18.9 million people. In all age groups, men are more likely to gamble than women, and overall, 63% of men and 57% of women say they spend some money on gambling every month. Gambling has been a top entertainment in the country for decades, but there has recently been an explosion in the popularity of online gambling partly due to improved technology and also as a result of the pandemic.
With land-based casinos closed for extended periods and no live sport to bet on, many people tried out online casino sites for the first time during Covid-19 lockdowns and periods of isolation. Players liked what they found and have continued to frequent online casinos, even after the world returned to normal. Between April 2022 and March 2023, Ontario reported gambling revenues of $1.4 billion, and there are estimated to be around 19.3 million active online gamblers in Canada. Whether a first-time tryer or a seasoned player, many gamblers do some research to find the best online casino available. After all, when they are playing for real money in Canada, they want to know that the sites they are playing on are trustworthy, above board, and have the best games and fairest chances of winning.
Gambling is not just a popular pastime; it is also an essential strand of Canada’s economy. The online gambling industry contributed over $3 billion in revenue in 2023, and the market still has plenty of room for growth. Recent statistics reveal that the online gambling market is projected to work $4.19 billion in 2024, with an annual growth rate of 6.39%. The result will be a market worth $5.71 billion by 2029. Online casinos account for more than half of the revenue in the sector. Customers enjoy traditional casino games like blackjack, roulette, and poker, but the most significant share of the take is from the online slots. There are hundreds of online casino operators in Canada offering thousands of online slot games. In addition, live dealer games are increasingly popular and give at-home players an in-casino experience and let them play alongside other players in real time.
While the number of Canadians participating in gambling is high, only 3% of them are anywhere near the big roller class, spending over $100 a month. Around 40% of players spend between $1 and $20 a month, and the average spend is £6.75 a month. The big spenders come from right across the social spectrum, and there do not seem to be any noticeable variations by age, gender, education, income, or employment status.
While Ontario might have been in the news the most in recent years due to it being the first province to establish a legalized, regulated, commercial gambling market across all sectors, including online sports betting, igaming, and all land-based activities, it is residents of Quebec who are the most prolific gamblers. In Quebec, 69% of the population have a propensity to gamble, while those in Saskatchewan and Manitoba are the least likely to gamble, with only 50% of their residents having a regular flutter. However, amongst those who do partake in gambling, the percentage of people spending over $20 a month is consistent with what happens elsewhere in the country.
Unsurprisingly, people with a lower income are the least likely to gamble with households on a sub $25,000 income, saying they do not spend any money on gambling. In the $25,000 – $55,000 bracket, 39% of people say they spend money on gambling, and the figure is only one percentage point higher in those earning over $55,000. This tends to reflect worldwide trends where it is seen that gambling is more prevalent in affluent countries like Singapore, Australia, and Finland. Canada ranks eighth among countries that spend the most money gambling online, with Canadians staking $4 billion at offshore sites and $16 billion in local casinos annually.
The fastest-growing sector is online casino gambling. The sites are easy to access and convenient, and they have generous incentives to get people to play and come back and play some more. Savvy players are always on the lookout for the best bonuses and are mindful of the terms and conditions attached to any offers. There are often wagering requirements that have to be met before any winnings can be withdrawn. Most players are also aware that nearly all online casinos have minimum withdrawal limits, so manage their accounts to ensure they are not left with small residual winnings that they cannot access.
Operators have to make their casino appear the most attractive as there are over 2,100 online options for Canadian iGamers. While most people play with the hope of cashing in the jackpot, everyone knows that in the long run, the house always wins. If they did not, they would not be in business. Therefore, it is always a fine line between paying out enough to keep players wanting to come back for more and for the business to turn a profit. On average, online casinos payout 97% of the money staked as winnings. While players can study the RTP rates across a wide variety of games, there is still an enormous element of luck, and it cannot be guaranteed that someone who stakes $100 will get $97 back. Some lucky people might get double what they bet (or even more), while others will walk away empty-handed.
The big developments in the market at the moment are the rise in the availability of live-dealer games and the increase in casinos that allow players to play with cryptocurrencies. However people choose to play and pay, the most crucial advice is to have fun and remember that gambling is another form of entertainment rather than a get-rich-quick scheme.
