Let’s say you have some extra cash and are interested in using it on something that might ensure you double (or even triple) the original amount. Of course, there are a number of ways to go about this; you could opt to buy a lottery ticket, head to the local casino, or invest in cryptocurrencies or the stock market. Regardless, these all require some level of risk before you can see a reward, which might cause you to hesitate. Canadians are always seen as cautious when it comes to finances, but a closer look would reveal our complex view on “risk and reward” concepts with a focus on sectors like investing stocks and gambling.
The Thrill of the Game: Casinos and Online Gaming
Despite physical casinos still having a unique appeal that cannot be recreated, the modern tech-driven world we live in has ushered in a new age of gambling. With this new shift to online gambling, more Canadians have opted for iGaming, which is much more convenient, cost-effective, and accessible than physical casinos. Even more, some of the best 2025 options offer players top slots, table games, big bonuses, and fast CAD withdrawals (source: https://www.gameshub.com/online-casino/canada/).
Add to this the appeal of huge welcome offers, minimum deposits that outshine physical casinos, and free spins or personalized bonuses; you can see why iGaming is so popular. In comparison, Calgarians know that finding a physical casino is as easy as taking a walk around town and picking a random spot. There is an array of highly rated options, from Grey Eagle Resort and Casino to Cowboy’s Casino (amongst many others), with unique settings.
The latter option, for example, offers a ranch-themed architecture and atmosphere with a bar and excellent, high-energy staff. Deerfoot Inn & Casino is another praised Calgarian location where guests can enjoy high-quality food, accommodation, and access to a waterslide and casino (what more could you ask for?). Naturally, these act as more than just a financial pursuit, bringing with them an enjoyable and unforgettable communal experience.
A deeper analysis of why we participate in these activities can offer some insight into our relationship with risk. For one, entertainment and leisure play a considerable role in how we interact with casino and gambling culture. Statistically speaking, although 60% of Canadians actively partake in gambling. This is telling of just how this type of activity is viewed by locals, with many not really joining in for the ‘risk’ aspect, but rather the enjoyment of it.
Of course, this places us in a unique position when it comes to how we view risk with gambling specifically, showcasing that it is mainly entertainment-based. This also contributes toward how gambling and iGaming have become one of the largest entertainment sectors in Canada.
The Prudent Investor: Stock Markets and Long-Term Goals
Although gambling falls into the risk and reward category alongside stock market investments, the two are viewed in vastly different lights. TFSAs (Tax-Free Savings Accounts) or RRSPs (Registered Retirement Savings Plans) are pretty standard amongst Canadians when it comes to investing funds. However, TFSAs and RRSPs vastly differ from stock market participation in that the former is passive investing, while the latter is active trading. A 2021 study showed that an estimated 1 in 3 Canadians have invested in the stock market, with Gen Z making up a high percentage of this by 2023.
By August 2025, an estimated C$124 billion ($89.7 billion) has been injected into the US stocks, as recorded by the National Bank of Canada Financial Markets. When it comes to how Canadians view this versus gambling, stock markets offer a calculated, long-term goal of wealth creation. Gambling is a good way to go if you are looking to make a quick buck while having fun, but it is not sustainable in the long run (nor will it fund your retirement plans). As such, stock market investments stand as a “sensible” risk; one that can almost guarantee financial security, and is not just a leisure activity.
Even more, a new phenomenon (or rather, era) of stock trading has emerged amongst younger investors, introducing a new brand of Canadian risk-takers. This new demographic has boosted the popularity of platforms like Wealthsimple, an app that automatically manages your investments for you. Generally, younger investors prefer these methods as they offer a convenient and efficient means of stock trading (or managing savings) and, in turn, this time can be invested elsewhere. Additionally, going this route also stems from being raised in a digital age, making it that much easier for younger investors to trust technology as opposed to older individuals.
A Matter of Perception: Bridging the Divide
It is natural to wonder why Canadians have such different attitudes toward gambling and stock market trading. At their core, the two are quite similar in nature, but even for non-Canadians, there is an inherent difference in how they are viewed. When looking at the risk involved as a whole, it becomes a spectrum wherein the lines between gambling and stock trading quickly become blurred.
Cryptocurrency and speculative stocks, for one, have more of a casino-like feel to them, with a higher risk that (if you trade strategically) can have a very high reward. Similarly, casino slots and lottery tickets can also offer the potential for huge jackpot wins or other big, enticing prizes. Stock trading, in turn, has more stability and a market that is not as volatile as crypto-based spaces (for example).
The process is pretty simple: investors buy stocks (usually company shares) and sell them at a higher price point than they bought them for to make a profit. Looking at the way these two sectors are regulated can also offer insight into why they are viewed in a different light from one another. For one, the RGCC (Responsible Gambling Council of Canada) governs all gambling activity in Canada to ensure consumer safety.
CIRO (Canadian Investment Regulatory Organization) oversees investment dealers, mutual fund dealers, and trading activity in Canadian marketplaces. It makes sense that if the two fell into the same “risk” category, there would not be a difference in governing or regulatory bodies.
Ultimately, we are not opposed to taking risks, but rather have a calculated approach wherein differentiating between vice and virtue is easier. Simply put, we embrace recreational gambling while strategically investing in stock trading, recognizing which offers the best long-term benefits. While this is undoubtedly a complex explanation for our relationship with risk, it captures the essence of Canadian culture.