Online gambling in Canada is way up in popularity among Gen-Zs and millennials. Originally thought of to be popular with those aged 45 and over, gambling online is something our 14- and 15-year olds do. And, now that online sports betting is legal in Canada, we see endorsements from big sports stars such as the great Wayne Gretzky.
In 2023 the online gambling industry was worth $3.96 billion in Canada alone, and the sector is projected to be worth $5.46 billion by 2028. The highest-grossing provinces for gambling revenue include Ontario, British Columbia, and Quebec. Gambling is only sanctioned under provincial authority, however, there are more and more powerhouse websites offering casino and sports betting in Canada that exist offshore, beyond provincial jurisdictions.
This is the great “grey area” of gambling. These popular sportsbooks (e.g., betway.com), held their licenses in the U.K., Ireland, Belgium, Denmark, Italy, Mexico, Spain or Sweden, and Canada has been losing $14 billion annually to offshore and unregulated betting websites. Everything is all fine with these off-shore sites — until you have a problem settling a dispute or getting your winnings, and the CGA (Canadian Gambling Association) is helpless to act. In June 2023, the Canadian Senate introduced two sports betting bills: Bill S-268 (which allows Indigenous First Nations to offer retail and online sports betting on reserves) and Bill S-269, which provides a national framework for sports and betting ads across Canada.
Dreamstime
Compulsive gambling will destroy your future, guaranteed.
Most people who bet on sports don’t consider themselves gamblers. These are gamers who never go to casinos but choose to bet on sports they religiously follow and know. But— whether sitting at home on your phone or sitting at a casino — gambling is gambling. It stimulates the brain’s reward system, much like drugs or alcohol and can lead to addictive behaviour if it becomes compulsive. ou don’t need me to tell you that excess gambling could ruin your life, so instead I have included some of the signs to watch out for.
Remember gambling is a “game.” So, treat it as such. This is not the way to build your retirement future or a way for you to improve your situation. You are the only one who can make that happen, slowly over time, by doing the right things, striving to better yourself and consistently saving for your future.
Here are some gambling traits that indicate you may have a problem.
- · Are you preoccupied with gambling; wanting to play more and get more money to do so?
- · Are your gambling bets increasing.? Do you need to increase the amount of the bet to get the same thrill?
- · Do you feel restless or irritable if you miss a gambling opportunity?
- · Do you chase past losses by gambling more?
- · Do you lie to family and friends to hide your gambling.
- · Do you need to ask others for money to bail you out when you lose money gambling?
These questions are just the start. If you or someone you care about has a gambling problem, please seek help from a professional. There are ways to treat this problem and it is especially important if you are young. Gambling during your teenage years increases the risk of developing compulsive habits as you age.
If you feel that you are craving a gambling high, try to go “cold turkey” for three months or more and remove yourself from all places where gambling occurs. Remember, this is an addiction to some, and it will be hard to break this compulsive behaviour once your brain has established it as a “feel-good” drug. Compulsive gambling will destroy your future, guaranteed.
Christine Ibbotson
Ask the Money Lady
Christine Ibbotson is an author, finance writer and national radio host, now appearing on CTV Morning Live, and CTV News@6. Send your money questions through her website at askthemoneylady.ca