How the Canadian Gaming Summit 2023 Will Shape the Future of Gambling in Canada

The Canadian Gaming Summit wrapped up successfully last week as the future of gambling took centre stage. While Ontario celebrated its first year of legalised gaming, the impactful event attracted over 2,000 participants from across the length and breadth of Canada. This marked its 26th edition at the Metro Toronto Convention Centre (MTC) from 13 to 15 June 2023.

The Event

• The event marked the 26th edition of the renowned industry event that was, for the first time, proudly produced by SBC in partnership with the Canadian Gaming Association (CGA).
  
• The Summit attracted over 2,000 delegates from across Canada and beyond who represented various sectors of the gaming industry.
  
• Discussions centred around regulation, innovation, marketing and social responsibility, along with several other key matters of interest.
  
• Delegates held in-depth discussions on cashless systems, gaming finance, and data-driven customer engagement.
• Other developments and announcements included the launch of iGaming Ontario, the legalization of single-event wagering, and the release of the gaming-related Deloitte report.
• Attendees heard about challenges and achievements in Canada and the beneficial opportunities that lay ahead.
  Overall, the Summit was deemed impactful, innovative and much needed as it helped with collaboration and knowledge-sharing among industry-experts, A sense of enthusiasm and optimism was felt as industry captains looked to the future of iGaming and online casinos in Canada. Esports and Gaming: A New Frontier for the Gaming Industry

Another emerging frontier in the industry and a crucial topic of discussion was esports and gaming. This refers to competitive and recreational aspects of gaming, which have become a global phenomenon with millions of players and fans. Esports and gaming offers a new way of entertainment, engagement, and socialization unlike ever before.
The Summit explored and discussed current challenges and opportunities in this realm and it shed light on the emerging practices and trends, compliance, risk management, and customer experience. Esports and gaming could create unique benefits in future but it requires a different mindset for embracing innovation and change.
Among the top points highlighted at the Summit were:

• Market potential: According to Newzoo, the market potential of gaming and esports was expected to reach 1.8 billion USD by 2024. Event speakers shared their insights on the most effective approaches operators can utilize to enter this lucrative market and attract new customers and revenue streams. The speakers extensively discussed the factors driving the popularity and growth of esports and gaming, such as technology, culture, and demographics.
• Innovation and collaboration: Attendees discussed the innovation and collaboration that esports and gaming can foster within the industry. The speakers shared their expertise and experiences on how operators could leverage esports and gaming to create innovative services, products, and experiences for their customers. Speakers discussed best practices and examples of collaboration between developers, teams, operators, publishers, and leagues.
• Regulation and integrity: The integrity and regulation of esports and gaming was discussed and most attendees agreed that it was critical for ensuring a safe and fair gaming environment. Speakers shared their perspectives on how regulators can establish and enforce rules and standards such as testing, auditing, and licensing. Speakers considered fraud, cheating, and match-fixing as critical challenges and risks esports and gaming face.

The First Nations Awards 2023

During the first round of winner announcements, the Saskatchewan Indian Gaming Authority (SIGA), represented by its President Zane Hansen, scooped Among the awards presented, the First Nations Award for Innovation.
The final SBC awards 2023 winners are due to be announced on Thursday 21 September 2023 in Barcelona.

Esports and Gaming: A New Frontier for the Gaming Industry

Another essential topic critical to the Event was esports and gaming, a new and emerging frontier for the gaming industry. Esports and gaming refer to video games’ competitive and recreational aspects, which have become a global phenomenon with millions of players and fans. Esports and gaming offer a new way of entertainment, engagement, and socialization for gamers and spectators alike.
The Event explored the challenges and opportunities gaming and esports present for the gaming industry.

Market potential:

According to Newzoo, the Event revealed that the market potential of gaming and esports is expected to reach 1.8 billion USD by 2024. Speakers shared their insights on the most effective approaches operators can utilize to enter this lucrative market and attract new customers and revenue streams. The speakers extensively discussed the factors driving the popularity and growth of esports and gaming, such as technology, culture, and demographics.

Innovation and collaboration:

Attendees of the Event discussed the innovation and collaboration which esports and gaming foster in the gaming industry. The speakers shared their expertise and experiences on how operators could leverage esports and gaming to create innovative services, products, and experiences for their customers. Speakers discussed best practices and examples of collaboration between developers, teams, operators, publishers, and leagues.

Regulation and integrity:

The Event discussed the integrity and regulation of esports and gaming. Most attendees agreed they are critical for ensuring a safe and fair gaming environment. The speakers shared their perspectives on how regulators can establish and enforce rules and standards for gaming and esports, such as testing, auditing, and licensing. Speakers considered fraud, cheating, and match-fixing critical challenges and risks esports and gaming face.

These discussions were critical in shedding light on the emerging practices and trends in gaming and esports., they were important in the sense that they highlighted the importance of compliance, risk management, and customer experience. Esports and gaming offer a new frontier for the gaming industry, which could create unique benefits for all parties involved. Gaming and e-sports require a different mindset for the gaming industry capable of embracing innovation and change.

Important Announcement

Numerous announcements were featured during the Summit. These related to and addressed key issues within the igaming industry.
One of the major announcements at the Summit was the launch of iGaming Ontario—a new subsidiary of AGCO. iGaming Ontario’s role would oversee online casinos in Ontario regulate and operate online gaming, and work in collaboration with private operators. iGaming Ontario aims to create a competitive, safe, and secure online gaming market that will benefit customers, the province, and the industry.
IGaming Ontario’s CEO Colin Moore expressed his enthusiasm and vision for the new entity. “We are thrilled to launch iGaming Ontario, a new entity that will regulate and operate online gaming in Ontario. The company is committed to creating a secure, competitive, and safe online gaming market, which will benefit the province, the industry, and the customers,” said Moore.
He added that the company is looking forward to working with its stakeholders to offer a world-class online gaming experience that meets the expectations and needs of Ontarians.
The announcement revealed the readiness and progress of Ontario’s online gaming and sports betting market, and outlined the benefits for the province.

Deloitte Report on Regulated iGaming Market in Ontario

The release of the much-awaited Deloitte report was also featured at the event. The report, which was commissioned by iGaming Ontario, related to the economic impact and growth potential of the regulated iGaming market in Ontario. The information was based on a comprehensive analysis of the current and future state of sports betting and the online gaming market in Ontario as best practices from other jurisdictions. The report focused on providing an evidence-based and realistic assessment of the benefits the regulated iGaming market would bring to the province and the industry

Findings of the report estimated that within the first year, the regulated iGaming market would generate more than 12,000 full-time equivalent jobs. This indicates that the provincial government revenue would grow from 470 million USD last year to 1.4 billion USD by 2031. The positive social impact of the regulated iGaming market was also highlighted. Some of its positive impacts include enhancing consumer protection, reducing problem gambling, and supporting local community initiatives. The report identified challenges and critical success factors that the regulated iGaming market would face such as competition, regulation, technology, and customer adoption.

The announcement questioned whether a regulated iGaming market would create a win-win situation for all stakeholders, including customers, operators, regulators, and communities. It set the foundation for Ontario becoming an innovator and leader in the worldwide sports betting and online gaming realm.

Critical issues touched on:

• Single-event wagering: The Summit facilitated an extensive discussion of the impact and implications of the regulation and legalization of single-event wagering in Canada. This came into effect on August 27, 2021. The speakers shared their viewpoints on how single-event wagering offers the opportunity to create a responsible gaming market that will tackle the black market and benefit all stakeholders. They discussed lessons learned from other jurisdictions and the best practices where single-event wagering is regulated.
• Data-driven customer engagement: The Summit further discussed how data analytics could drive customer engagement through every touchpoint. The speakers shared insights on how operators can leverage data to optimize product design, pricing, marketing, and risk management. Challenges such as data privacy, ethics, and security were outlined.
• Cashless systems: Cashless systems were detailed and participants discussed as it could be integrated with products, convenience, customer choice offering, as well as compliance and security. The speakers shared their experiences on how cashless systems could enhance sports betting and gaming experiences. It was revealed that regulation, customer adoption, and technology were some of the main barriers.
• Gaming finance: The world of gaming finance in Canada was analysed and topics included AML regulations, tech innovations, cybersecurity, and payment systems. Speakers shared their knowledge on how operators could navigate the sector’s dynamic and complex financial landscape. They touched on a few some disruptions and trends that could shape the future of gaming finance, such as customer experience, digital transformation and blockchain.

The Future of Gaming in Canada

The event offered a unique collective platform for industry professionals and sessions focused on tech innovation, AML regulations and finance. The Summit found that there was a need for continuous evolution and adaptation. Among the key takeaways was that providing a secure and safe gaming environment was crucial to the sustainability of the industry in future.
Progress in responsible gaming, technological advancements, and customer experience left attendees with a sense of renewed optimism for the future.
The Canadian Gaming Summit was a success, bringing together gaming leaders from all corners of the county and beyond. It offered a comprehensive agenda covering all aspects of the industry, from regulation and innovation to social responsibility and marketing. The Summit highlighted both challenges and achievements, as well as opportunities that lie ahead.
The vital conversations and discussions held are a testament to the collective sustainability efforts being made across the industry, and the forward-thinking approaches being considered to transform the world of gaming in the future.