Canada’s online gaming industry is set to expand in various provinces such as Ontario by the end of 2021. With sports wagering being legalized this year, Canadian provinces are working to welcome online gaming operators and sportsbooks in a regulated environment. As merchants move into the regulated gaming industry, payments technology will play a major role in helping gaming operators establish their brand in Canada.
With an active gaming player base that ranges in the millions and an industry that is worth approximately $15 billion, Canada could be one of the most important gaming markets in the Americas. While foreign gaming operators looking to register in the newly-regulated Canadian gaming space will have an active player base, the real challenge will be attracting new players. One of the key components which attracts new players to a gaming platform is quick payments. According to a TrueLayer report, “8 in 10 players said fast payouts are important when choosing an online gambling or betting provider.”
Payment partners such as Nuvei provide diverse payment options to Canadians. Operators can benefit from products such as iDebit, INSTADEBIT, and INTERACⓇ through the Nuvei platform. Not only do these payment options help with player acquisition, but they also benefit operators with higher conversions, reduced costs, and a secure system. As many operators will be rapidly moving into the Canadian gaming space, implementing products offered through one integration will help in creating buzz around their gaming platform.
Another important aspect of payments technology playing an important role in the growing Canadian gaming space is cryptocurrency. Cryptocurrency has increasingly become a popular currency form to not only invest in, but also to use for buying goods and funding a player’s gaming wallet. There are many foreign gaming operators which allow players to use cryptocurrency for online gaming. Operators moving into Canada will need to keep the popularity of cryptocurrency in mind when offering a variety of payment options on their platform. Nuvei has started adding pay-in and payout support for cryptocurrencies. Operators who implement Nuvei’s cryptocurrency payment solution will be successful in not only creating awareness around their brand but also providing an alternative to fiat currency which is backed up by “enhanced security, privacy, and integrity of transactions inherent with cryptocurrencies.”
The Canadian gaming market is easily one of the most active and profitable markets worldwide. As gaming operators move into the regulated Canadian gaming space, a diverse payments system will not only help in attracting new players but also establishing the platform’s brand.
Interac is a trade-mark of Interac Corp.