It is estimated that the current value of the online Canadian sports betting industry is just under $850 million dollars. As if this figure is not impressive in its own right, experts predict the total generated revenue is expected to increase to over $1.3 billion dollars between 2023 and 2027. What are some of the reasons why wagering on sports is so popular throughout Canada and how is technology playing a crucial role?
The Advantages of Flexible Legislation
In many ways, the Canadian government has always adopted a rather open approach in terms of wagering on sports. Considering the fact that this pastime has been legal since 1985, Canada has an edge over more restrictive countries such as the United States. This has already attracted many sportsbook enthusiasts and has also given rise to a host of online portals catering to a wide audience base.
The Undeniable Role of the Internet
Betting on professional sports has become extremely popular due in no small part to the Internet. It is now possible for fans to register with their favourite websites and access the latest competitions within a matter of seconds. Of course, these very same opportunities have given rise to many lucrative offers for new members. The ongoing Bet365 sign-up bonus is a perfect example of how this industry continues to resonate with fans who are looking to get in on the action. As the online betting community continues to grow, there is little doubt that even more users will be attracted to what is in store.
Giving Something Back: Sponsorship Deals
Another lesser-known advantage of modern sports betting platforms involves their relationships with professional Canadian sports leagues. This will often come in the form of sponsorships. We are not only referring to the teams and players themselves in this respect. Many sportsbooks contribute to other organisations intended to promote responsible betting practices such as the Canadian Centre for Ethics in Sport (CCES). Simply stated, sponsorships are not solely concerned with raising money.
The Future of Wagering on Professional Canadian Sports
In many ways, Canada is light years ahead of other nations such as the United States in terms of its sports wagering opportunities. As this is also a highly regulated industry, fans can rest assured in the knowledge that fairness and transparency will never be called into question. This is the very same reason why individuals who may be located abroad have been drawn to domestic Canadian sportsbooks. We should also mention that cutting-edge technology such as user-friendly sportsbook applications and the rise of 5G wireless connectivity will provide even more options for those who are keen to follow their favourite times.
Canada has set the bar high in relation to betting on sports and other countries are likely to follow its example. Considering how lucrative this relationship has been over the years, there is little doubt that a bright future is in store.