With more than 200,000 Canadian residents employed by the gaming-centered industry, the benefits of the gaming industry cannot be underestimated. The gaming industry has grown to be one of the largest industries in Canada. It is a massive industry with positive economic impacts that are enjoyed locally and internationally through the export of Canadian gaming products and services.
The economic benefits of gaming are enjoyed in Canada due to the greater freedoms and few regulatory policies for the gaming sector. The gambling culture in Canada is more relaxed in comparison to the US and other nations
Without further ado, here are the economic effects of the gambling industry:
I. Massive Revenue
The revenue for the gaming industry keeps growing annually. In 2017, the industry generated $17.1 billion in revenue. The revenue from gaming was $16.1 billion and $1 billion from other services, such as food and drinks at the casinos. The government gets a share of revenue through taxation. The revenue for the gaming industry has increased in recent years. As reported by Casinomatcher, the advent of online gaming sites has increased the number of players in the gaming industry as well as the revenue.
The revenue from the gaming industry is shared among many individuals, including the owners, employees, government, other businesses through spill-over effects, and the community. Casino owners in Canada often engage in charity work to help the community.
The sector employs many Canadians directly and indirectly. 185,000 Canadians are employed directly by the gaming industry. When we consider the indirect effects on the economy and job creation, the number of people employed/ supported by the gaming sector increases to over 270,000.
The industry spends over $12 billion in labor in the form of wages, salaries, and allowances with an average annual salary of approximately $65,000. As gaming continues to grow in Canada, more Canadians will gain opportunities to make money and provide for their families.
40% of the gambling income goes back to Canadians in terms of paychecks. Ontario leads the pack in terms of gambling jobs created because of the relaxed rules towards gambling in Ontario. There are over 23,000 gaming machines in Ontario.
III. Gaming Industry supports Growth in other sectors
The massive nature of the gambling industry has created a positive environment for other businesses to thrive. The gaming industry requires other goods and services to sustain its operations. Most casinos have restaurants, bars, and other forms of entertainment to support their gaming activities.
The industry is responsible for the growth in other sectors, particularly the hospitality sector. The industry contributed to significant growth in full-service restaurants, limited-service restaurants, accommodation, and air travel.
The gaming industry also generates income in the food, beverage, and other entertainment sectors. Casinos support other forms of entertainment through live shows and concerts to attract more customers. Popular musicians such as Celine Dion and Jenifer Lopez are known for their sold-out shows in Vegas.
The Canadian gaming industry also contributes to other unorthodox sectors. The industry spends millions in research on gambling addiction and treatment. The industry is dedicated to responsible gambling.
Future for the Canadian Gaming Industry
The industry is on a growth trajectory as per all the trends. Ontario is leading the pack when it comes to gambling revenue, followed by British Columbia. Quebec and Albert come in third and fourth respectively.
Online casinos will continue to play a crucial role in the increased revenue for the gaming industry. Online casinos have revolutionized gambling as they can be easily accessed through smartphones. Online gamers can create their own accounts to manage their online gaming activities; this is another appeal for online gambling.
Despite the massive growth of online gambling, research shows that casinos and lotteries are the most popular forms of gambling. Casinos and lotteries are the most popular with steady growth for the past few years. However, traditional casinos will have to come up with innovative strategies to attract younger clients by adopting some aspects of online gambling as part of their operations.
In conclusion, the gambling sector in Canada will continue to grow because the sector has no problem attracting new customers. The industry will continue to have a tremendous impact on Canada’s GDP. The economic benefits of gambling also go beyond revenue; many Canadians are employed in the sector. This enables them to provide for themselves and their families. Gambling also sparks the growth of other related businesses in the hospitality sector. All these benefits to the economy make gambling worthwhile.