The North American online gambling industry was somewhat late to the party compared to other nations, especially in Europe and Asia. But that hasn’t stopped the continent from fast becoming one of the most exciting gambling landscapes in current times. Not only is casino gambling thriving, but sports betting legislation changes in Canada and the USA are setting the industry up for an exciting immediate future. Business Wire even reports that the North American industry could hit a CAGR of almost 15% between 2020 and 2025.
Canada’s changing gambling market
Gambling laws in Canada are nothing short of a rollercoaster. Back in the 1800s, all gambling activities were entirely legal, with a large proportion of the population engaging in some type of gambling. But towards the end of the 1800s, the Canadian Government passed new laws that made any form of gambling a criminal activity. But this latest move wasn’t well-received, and so the Government became a little more lenient and legalized some gambling services within the following decade.
Despite Canada not being the most open gambling industry to date, they were one of the first countries to legalize online gambling games. Many territories allow locals to enjoy online casinos and play the majority of casino slot games that are available in other gambling-friendly nations. Nova Scotia is one of the most active territories when it comes to online gambling in Canada. And these online sites are only getting more attractive, with new casino games and live dealer games being added to the mix. Technology is tipped to play an essential role in its development, which is also a thriving industry in Canada.
Even more North American gambling legalization
In 2018, the US Supreme Court ruled to strike down a previous Federal law that prevented sports betting in the country. This monumental decision caused a U-turn on the legalization of sports betting. It handed jurisdiction over sports betting laws to individual states, which many are choosing to legalize to scoop up more tax money and even solve social issues like the homeless crisis in California.
Similar events unfolded north of the border in 2021. The Canadian Government also decided to legalize single-event sports betting but gave individual states the right to have the final say. As is the case in the USA, many Canadian territories see the legalization of sports betting as a progressive step that could generate more tax and create jobs.
Both of these significant events have caused a flurry of activity among gambling companies wanting to seize the opportunity before them. It’s not just online casinos that are turning their heads to North America. Many existing gambling businesses are now trying to team up with the local US or Canadian companies to get an early slice of what promises to be a lucrative market. The perfect example is Entain and MGM Resorts’ joint project in the USA, which is a new sport betting app looking to capitalize on the newly legalized market.