Benefits of the Canadian casino industry
Benefits of the Canadian Casino industry
The gaming and casino industry in Canada is a robust one that has steadily grown throughout the years. Some industry reports value the Canadian gaming and casino industry at an estimated CAD$31 billion a year in gross output, with a contribution of over CAD$14 billion in purchased goods and services.
An incredible amount of money that has seen a steady year-on-year increase. This major industry brings along with it a number of benefits and is a notable contributor to the Canadian economy.
Here are a few interesting facts about the Canadian gaming and casino industry:
- Casino gaming, lotteries, horseracing, charitable gaming, video lottery, as well as slots at racetracks and gaming venues all make up part of Canada’s dynamic gaming industry.
- It has established itself as a pillar in the broader hospitality and tourism industry which includes the traditional sectors of restaurants, accommodation such as hotels and travel. It directly supports more than 128 000 full-time jobs, as well as over 283 000 indirect jobs which make it an important employer in the Canadian labour landscape.
- The Canadian gaming industry pays an estimated CAD$ 12.5 billion in labour income annually to its employees.
- It makes up one of the largest segments of the Canadian entertainment industry and is responsible for generating more revenue than the local TV, movie, recorded music, performing arts, books and magazines, and spectator sports sectors combined.
- It contributes to a positive economic environment and due to the size and scope of the industry, many of the goods and services required to sustain the industry’s operational efficiency are produced and offered within Canada’s borders.
- Given the growth of the industry over the last decade, a number of Canadian companies have emerged in the market which export gaming-related services and products abroad.
- One of the biggest benefits of Canada’s gaming and casino industry is that it raises massive non-tax revenues to the tune of CAD$ 8.7 billion annually to fund charitable programmes and community services, as well as key government initiatives.
- The Canadian gaming and casino industry spearheads Canada’s responsible gaming initiatives and programmes. These include a two-prong approach of awareness and education drives, as well as prevention and treatment services.
- Responsible gaming is the core operating philosophy of the industry and provincial gaming corporations which regulate and licence Canada’s gaming and casino landscape spend approximately CAD$ 110 million on treatment services for problem gaming, as well as funding various research, prevention and awareness initiatives and responsible gaming programmes.
- Problem gambling rates have not increased in almost two decades and studies report that more than 98% of Canadians continue to gamble for entertainment without any issue.
- Besides the ability of Canada’s gaming and casino industry to generate a profit that funds government initiatives and charitable programmes, the other biggest benefit that the industry provides Canada is that most gaming activity is implemented to create additional economic benefits in the regions that they are based.