Online Gambling In Canada To Reach $4.6 Billion
Posted on July 09, 2021 at 1:07am
Just recently, single-game sports betting was finally legalised in Canada through the passing of the Safe and Regulated Sports Betting Act. This will open up a huge market for sports betting operators, which will further add to an already rapidly growing online gambling Canada market. The most recent figures have placed the country on track to have a gambling market of a whopping $4.6 billion by the time 2030 comes along.
Excellent Projections For The Market
The projections for the online gambling Canada market have all been positive so far. Chad Benyon, one of the Macquarie Group’s Senior Analysts, believes that the sports betting market alone could be valued at a whopping $2.2 billion by 2030. In addition to this, he estimates that the iGaming market could be worth $2.4 billion within the same timeframe. This is assuming that the market will have achieved full legalisation in every regard by then. He added that both of these estimates are conservative ones.
Benyon believes that there are four sports betting operators based in the UK - namely Caesars Entertainment, BetMGM, DraftKings and Penn National Gaming, as well as Score Media and Gaming from Toronto - that are all in the perfect position to profit from the great potential that opening up the market will bring. He said that in the view of his firm, the combination of Canada’s average household income, population and sports culture make the country one of the most attractive markets for US operators.
Share Prizes Set To Rise
Ever since Bill C-218 was signed into law, share prices for online gambling Canada market-related apps like theScore have skyrocketed. This bill will legalize single-event sports betting throughout Canada. Ontario, the country’s biggest province, is expected to take action on this later in the year.
The operator of theScore app has already seen a significant increase in its share price ever since the passage of Bill C-218. Benyon believes that this could result in an estimated 255% rise in share prices.
Of course, other market analysts have also weighed in on this ever-growing market. Benjamin Chaiken, an analyst at Credit Suisse, expects that the full legalisation in Canada will result in long-term implications for the US. He said that the home market, which is now something of an engine for cash flow, will likely more than double the share price for betting apps such as Score Bet and other similar platforms.
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