Five Things You Should Know About Gambling Online in Canada
Five Things You Should Know About Gambling Online in Canada
Canada is one of the biggest players in the worldwide gambling industry. Residents take part in all kinds of betting-related activities, ranging from sports betting and online poker to hitting the slots and classic table games.
But while everyone probably is familiar with the basics, there are a few interesting things you should definitely know. Canada has a rich history in gambling, so it should not come as a surprise to learn a new thing or two.
Has gambling in Canada always been legal? Which provinces gamble the most? Read on to learn and discover more interesting facts.
Here are five things you should know about gambling online in Canada.
1. Gambling in Canada Has Grown Exponentially
The best way to view this is to go back to the beginning.
Canada established itself as an independent country in 1867. Around thirty years later, every single form of gambling was outlawed to the average citizen. However, it didn’t take too long for things to return to normal, with bingo and raffles the first to come back for charitable purposes. Horse racing returned a decade later.
The gambling laws in Canada changed again in 1970, to now provide the provinces with the ability to oversee gambling activities within their jurisdictions.
Fast forward to today and you will see the drastic expansion of gambling in the country. For example, Online Casino Zed curates the all best online casinos in Canada. You’ll be spoilt for choice so you can easily find the one that best suits your play style.
2. Gambling is the Biggest Entertainment Industry in Canada
Canadians prefer to gamble over going to the movies, attending a concert or even watching their favorite sports teams. In fact, even if you combined them all together, it still wouldn’t be enough to match.
According to Business Wire, the online gambling industry was worth more than $31 billion in 2018. If you were to collate the entire gambling industry, it employs over 250,000 personnel, showing that it stimulates the economy and promotes growth.
3. The Demographics
This study was conducted to find out the actual demographic make-up of online gamblers in Canada. While the information is always changing, it does give a good picture of who is actually playing online.
Firstly, the study shows that anyone gambling online in Canada earns around $74,600 a year. This is $20,000 more than those that don’t gamble online. Interestingly, it’s also much higher compared to international gamblers, showing that the Canadian economy is strong.
Next, the average age of online gamblers in Canada is 35.5 years. This is very similar to the average age of gamblers attending traditional land-based casinos in the country. Comparing it to international ages, it’s actually quite young though, showing how online gambling in Canada is more appealing to those in the younger generation.
Those who gamble online in Canada are more likely to be male. The study showed that 82.4% of online players were men, which is a stark difference compared to international figures where women tend to be more active.
The study also looked at the specific territories of Canada.
It showed that the people of Prince Edward Island gambled the least out of all the provinces. At the other end of the scale, the study found that those in British Columbia and New Brunswick gambled the most online. Those in Ontario, Alberta, Saskatchewan, Quebec, and Manitoba have also been shown to not gamble as much online.
Finally, the study showed that those gambling online were more educated compared to Canadians who didn’t.
4. Taxation on Gambling Winnings in Canada
This is a very important fact about gambling in Canada. If you are wondering if you must pay tax on any winnings you make from an online casino, or even in a land-based casino, you’re in luck - you do not!
Gambling winnings are exempt from tax in Canada in most cases. As long as you are gambling for fun, the Canada Revenue Agency (CRA) will not tax your winnings on slots, poker and more. However, if you are a professional and make a living from gambling, winnings are treated as income and therefore are taxable.
5. Online Gambling in Canada is Safe
This is the most important thing you should know about gambling online in Canada. The online casinos use encryption on their sites to protect your personal and financial information from hackers and anyone else that shouldn’t have access.
When it comes to depositing and withdrawing your funds, a wide range of payment methods tend to be accepted, giving you peace of mind that you aren’t being scammed. Most online casinos allow you to use your debit and credit cards, but you will also find services like PayPal and other digital wallets on offer, such as Neteller.
Canadian online casinos accept US and Canadian dollars as currency, but most Canadians are comfortable with converting CAD to USD anyway. Therefore, you won’t be charged for the conversion at an online casino, further showing that you are safe and not paying for a service you don’t need.
The final thing to note on this point is in terms of the bonuses and promotions. You will find all sorts of welcome bonuses to entice you to play, but most online casinos will honor their end of the bargain if you manage to get lucky and win big. It’s even been suggested that Canadian players actually get the best online casino bonuses across the entire industry.
Whether that’s true or not, you be the judge.
The Great White North is an amazing place to gamble online.
Since players have so many places to choose from, the online casinos have no choice but to provide an amazing but safe experience or risk being left behind.
Online gambling in Canada continues to grow and will remain a key player in the country’s economy, especially as it remains as the nation’s top source of entertainment. Knowing these important facts will help you to understand why Canadians love to gamble and how it benefits the country as a whole.
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