This figure looks promising. Canada, in particular, is a market where online gambling has had a high degree of penetration with an estimated 90% of Canadian citizens gambling at least once a year.
Many Canadians turn to offshore, which is a clear signal that there is a lot of space that traditional casinos have not yet filled up, with onshore currently accounting for 18.3% of total revenue, based on data from 2019.
Unlike some mainstream operators, crypto operators are generally committed to complying with regulations and many have already targeted Canada as a key market due to its populous, wealthy demographic with an inclination to gamble.
Companies such as FunFair have already been expanding in several markets, including in Japan, where the company localised their product for the first time outside an English-speaking market, while it’s often focused its marketing towards the English-speaking Canadians as a tester for its wider product.
Taking a look at individual provinces in Canada, and the potential is even more visible. Ontario alone generated $2.5 billion from casinos and online gambling sites for the 17/18 fiscal year.
With crypto casinos looking to get a firm foothold into new markets, it is not a stretch to see players shifting towards them as they grow in quality and reputation.