The new online gambling market in Ontario launched in April of 2022 and, ever since then, it has gone through an impressive growth that shows no signs of slowing down. Gambling is an activity that’s becoming more popular than ever. With 75 online casinos in Ontario’s market, it’s no wonder that people use every chance they get to play the most popular casino games, such as slots and poker. And with the inflation slowing down, now’s the right time to experiment with casino games, as long as you do it safely and cautiously. Once you take a look at how massive the economic benefits of Ontario’s gambling industry are, you are likely to come to the conclusion that many people play these games in their free time.
The economic benefits of Ontario’s gambling industry – crunching the numbers
The new gambling market in Ontario has been launched a year ago. Therefore, enough time has passed for us to be able to look at all the benefits that it has had on the province. And let us tell you that these numbers are probably better than anyone could have anticipated. So far, Ontario’s new gambling market has managed to:
- Provide $1.6 billion to Ontario’s GDP in its first year.
- Average more than 12 000 full-time equivalent jobs.
- Bring more than $900 million in labour income alone.
That being said, with all the new Ontario casinos that are being launched on a monthly basis, we can predict some even more impressive numbers than these. Take a look at what experts expect will happen in the years to come:
- The industry will average an equivalent of more than 22 000 full-time jobs.
- It could contribute as much as $4.7 billion to Ontario’s GDP.
- The market could deliver over $2.1 billion in revenue to the provincial government – per year.
When will this take place, you ask? The experts predict that it could happen by 2031-2032, and the numbers were received by looking at the industry’s growth and performance during its first year. This is what’s to be expected should the market continue to follow down the same remarkable path.
Jobs in the province’s gambling sector are usually high-paying
Another way in which Ontario’s gambling industry has contributed to the economic growth of the province is through all those jobs that have opened up. And we are not talking about those 12 000 full-time equivalent jobs that we have mentioned so far, although they certainly are to be considered. We are referring to all the other high-paying jobs that have opened up since April 2022.
The thing that stood out the most to us is the income of an average employee in the iGaming industry. As of right now, their compensation sits at $103 000 per year, which is 41% higher than what’s considered average for the other industries in the province.
While the figure might be surprising to some, others will see no problem with it, as the industry does focus on hiring highly-skilled and productive people. To give you an example of what we mean by this, you should know that those employed in the industry need science, technology, engineering, and mathematics (STEM) skill sets. However, the job also requires you to unleash your creativity since it’s everything but bland, as the industry is filled with innovation and cutting-edge technology.
Ontario’s gambling industry benefits everyone
Let there be no confusion – whether a person is playing casino games or not, they can significantly benefit from the new gaming market in Ontario. At the moment, Ontario’s market is one of the largest and most successful markets of its kind in the world. That’s why it features 46 operators who are running more than 75 online casinos, and these numbers are likely to increase in the years to come.
The new regulations have provided an even playing field for every casino operator that wants to do business in Ontario. As long as they are certain that their offer of games and payment methods can outrun the offer that the other casinos provide, they are going to flock to Ontario’s gambling market. And with 35% of Canadians having tried out casino games at least once in their lifetime, it’s safe to say that they won’t be strapped for players. Plus, with Provably Fair Games and responsible gambling policies in place, everyone gets to enjoy a safe and secure gaming environment.
You don’t need us to tell you how many jobs are opened up with every casino operator that enters the scene, and we’ve already discussed all the figures related to their salaries. Of course, there are always those who claim that 46 operators in a relatively small market make too big of a crowd, but we are inclined to disagree. Besides, the fact that there is a constant influx of new casino operators on the market speaks volumes about the situation. There are more than enough players who keep all those casino operators in business, while they keep adding more money to Ontario’s GDP and annual revenue.
Requirements for casino operators who want to enter the scene
Entering Ontario’s gambling market might not be as easy as it seems. All casino operators who want to become fully registered and licensed need two things – obtaining registration from the AGCO and signing an operating agreement with iGO. To do that, these operators need to show that they meet strict criteria, such as complete game fairness and transparency, player protection, and social responsibility. The two above-mentioned official institutions want to ensure that all Ontarians are safe when playing casino games, which is why an operator must be up to standards.
One thing is a certainty – we can expect to see new casino operators entering Ontario’s market pretty soon. They will make their contribution and add to the economic benefits of Ontario’s gambling industry to the local community, all the while providing players with something fun to do during their spare time. The government’s decision to pass the law that would regulate and legalize gambling was one for the books, as it has had an incredibly positive impact on the local GDP.
