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What Does Gambling Bring to the Canadian Economy?
Canada may not quite be the world power of its neighbour to the south but its economy is by no means insubstantial.
With a GDP of almost $2.1 trillion a year it stands as the ninth largest in the world, positioned between Russia, another close neighbour, and Italy.
Key sectors include mining, manufacturing and service industries. In recent years technology has also started to play a more significant part, boosted by government aid for start-ups.
There’s another booming area of business that crosses over several sectors and, in doing so, gambling competes with several other entertainment sectors.
The size of the industry
In 2021 the size of the Canadian gambling industry was $12.54 billion and it is currently showing an annual growth rate of around 12%. This puts it on a par with the film and television industry in the country, however this is not currently showing anything like the same rate of growth.
So we can expect to see an increasing gulf grow between these two very different kinds of entertainment going forward.
The growth of the industry can be put down to the fact that individual provinces are gradually starting to permit more and more gaming options under their control. In addition, the growth of online casinos and other forms of betting are also having a significant effect.
So who’s playing?
Looking into the figures, it throws up some very interesting insights. For example, it’s estimated that around 19 million adults in Canada participate in some form of gambling each year.
Looking at the gender split, men are marginally more likely to gamble than women with the respective percentages being 68.8% and 60.4%.
In terms of the minimum permitted age for gambling, the general rule across the country is that all players must be at least 19. However, as provinces are allowed to set their own limits over the activity in their particular region, this is 18 in Manitoba, Quebec and Alberta.
Digging a little deeper into the demographics, it’s households with higher levels of disposable income who tend to participate the most. However, there may be a few warning signs that the increasing interest rates and the rising cost of living may soon put more of a squeeze on this group.
The games people play
In common with most countries where betting is legal, it’s lotteries that are the big money-spinners in Canada. These are run by two organisations that cover the country, the Interprovincial Lottery Corporation and the Western Canada Lottery Corporation. Not only do the lotteries offer players the chance to win life-changing sums, they also raise around $1.25 billion a year in revenue for the government.
As already mentioned, online casinos and other forms of activity including poker games are also becoming more and more popular. As a result, an increasing number of major global operators are now offering their services to the Canadian market.
But perhaps the biggest change of all in recent years has been the 2021 ruling allowing betting on single sporting events. Canadians are very keen on sports whether it’s hockey, horse racing or football so now that many provinces are starting to permit sports gambling, rapid growth is anticipated.
Employment
Gambling also contributes greatly to the Canadian economy in a number of less direct ways beyond raising taxes and contributing to the GDP. One of these is in providing direct employment to an estimated 182,500 Canadians. What’s more, these are relatively well-paid jobs in the main with an average income of around $65,000 a year.
In total this amounts to a very considerable $11.9 billion in labour income.
This figure rises even further when you also start to take into account the many ancillary industries that also serve the gambling sector.
These are exceptionally wide ranging and include businesses across numerous specialisms. Examples include printing companies such as Nanoptix Inc. of New Brunswick who produce lottery tickets and the work apparel company Unisync Corp. which supplies uniforms for many of the 8000+ employees working in brick and mortar casinos.
Casinos themselves, and there are over 100 across the country, also provide business opportunities for everyone from food and produce suppliers to the energy companies that power them.
So, as you can see, gambling in its many forms has a very important role to play across the whole Canadian company.
As we move forward, this role is set to become even more significant offering revenue-raising opportunities for the government and employment opportunities for working Canadians.
Much will be fuelled by advances in technology and we can expect to see the online casino and sportsbook sector continue to grow and make ever-greater contributions to the economy.
And it’s also the fans of gambling who will also enjoy all of the benefits that this ever-widening choice will bring them.
If you look back at what the gaming industry looked like two decades ago, today’s industry is almost unrecognizable. The changes have been significant, with gaming going from being a hobby to being recognized as a legitimate form of mass entertainment. In fact, gaming has become so popular in the last few years that it has surpassed movies and music in global revenue. There are many reasons behind these changes, including powerful smartphones and the rise of casual gaming. Gaming has shaped pop culture and has influenced everything from digital content creation to hardware manufacturing. In this article, we look at how emerging technologies are set to shape the future of gaming.
The Streaming Revolution
Few things have done more to move gaming into the mainstream than streaming. Streaming platforms like Twitch and YouTube Gaming have given gamers a platform to come together, learn from others, and show off their skills. Whether they’re trying to learn how to beat an opponent in Fortnite or deciding their next move at the online poker table, players can turn to streaming platforms to learn from the top gamers in the industry, ask questions, and share tips, all in real time. For example, Omaha is one of the most popular poker variants. Someone who’s interested in learning about Omaha can find many resources online. Twitch is one of the best resources for players who want to deepen their knowledge about a game like Omaha, watch professionals play, and analyze their strategies in real time. It’s not just poker; Twitch has channels for almost any game you could imagine, with titles like League of Legends, Valorant, and Minecraft topping the list. Because of its influence, game developers have become more focused on creating streaming-friendly titles. Many gamers have become professional content creators, using streaming to generate income through donations, subscriptions, and sponsorships.
Growth of E-Sports
Gaming is no longer considered a pastime; many people now consider it a major sport. While the debate continues about whether esports belongs in conversations about the NBA, Premier League, or NFL, there’s no denying the audiences it attracts are on par with and exceed that of many professional sports. A lot of this has to do with the professionalization of
competitive gaming and streaming platforms like Twitch and YouTube, which have given gamers a platform to show off their skills to a global audience.
Esports generates billions in revenue, and its competitions attract millions of viewers who follow the biggest names as closely as traditional sports fans follow stars like Lebron James and Patrick Mahomes. The universal appeal of video games and the accessibility of esports have allowed the sector to become part of mainstream culture, with events like the League of Legends World Championship and The International becoming must-see events for fans around the world.
Impact of Artificial Intelligence
Rarely a day goes by when there’s not a new headline about artificial intelligence (AI) and its impact on the future of society. While video games don’t often come up in the stories that dominate the headlines, AI is increasingly becoming a big part of how games are made, giving developers new ways to create adaptive and personalized gaming experiences. Games now feature AI-powered characters, better known as non-playable characters or NPCs in the gaming community. These new and improved NPCs are able to learn from their interactions with players and change their responses based on the information they gather. Unlike NPCs in older games, these new and improved characters make games more unpredictable and add a layer of realism that didn’t exist before.
Procedural content generation (PCG) also has a big impact on how games are created and will continue to do so in the foreseeable future. Games developed using PCG can change dynamically based on a player’s actions, making each gaming experience unique to the person playing it. If you’ve played games like Minecraft or No Man’s Sky, you’re familiar with the limitless worlds PCG can create. These games have a seemingly unlimited amount of content, and as we move into the future, AI will take on an even more prominent role in game development.
Everyone needs their own space where they can unwind. While the exact space looks different depending on the person, making time for yourself to relax can leave you feeling refreshed and ready to keep going. Even if you can’t get away, you need a space at home where you can experience that same feeling of letting go of stress. Turning your home into a haven allows you to do just that.
Consider Installing a Home Elevator
You are more likely to be comfortable in your home if you know it is somewhere you can stay long-term, so you can really settle in and enjoy it. One way you can do this is by installing a home elevator. Today, they are much more affordable than they were in the past, and you can learn more about home elevator costs before you make your decision.
Pay Attention to Lighting
If you have never considered lighting that much, you might be surprised at the way lighting can transform a space. It’s usually better to avoid harsh fluorescent lighting or overhead bulbs. Softer, warmer lighting can make your space feel much cozier. You can look to dimmable lights, fairy or string lights, candles, and table or floor lamps. In general, having many softer sources of lighting is better than having one extremely bright light. During the daytime, consider how you can incorporate natural light. This may be easy if the windows already face the sunlight. However, if you have a favorite room with very little light, it could be worth looking into installing new windows in these spaces.
Invest in More Comfortable Belongings
Comfortable furniture will give you a cozy space to get off your feet at the end of a long day. If you already have comfortable furniture like sofas but do not like how they look, consider getting throw blankets or even a slipcover to transform its appearance. You can also add throw pillows and fuzzy rugs to accessorize. While this might seem like an overwhelming project, know that you don’t have to make changes overnight. Take it one room at a time. If you spend the most time on a certain couch after work, focus on transforming first the couch and then the immediate area around this couch.
Keep it Tidy
No matter how much stuff you have or how you like to organize it, a tidy space tends to help you relax more than a messy one. Make time to deep clean the space on a regular basis, using cleaning products that you enjoy the smell of. Make sure everything has a place, and if it does not have a place, consider donating or selling it. You might find investing in some more storage solutions or bins helps you have enough places to store everything. When each item has a place it belongs, cleaning will go much faster because you won’t have to spend time thinking about what to do with each item. Setting aside 10 to 15 minutes each day to cleaning can make this task feel less overwhelming.
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