The gambling industry has become one of the biggest, and most lucrative, on a global scale. Countries, and states within them, all over the world are slowly warming up to a hobby that was once thought to be immoral or taboo. The suspicions of old now hold no bearing on the future, which is great news for the gaming population of the world. Canada’s operators have achieved great success, contributing millions to the country annually. Below are some facts about the thriving industry in Canada.
If you’ve heard that the gambling industry runs circles around other entertainment in Canada, this is one hundred percent true. The gambling industry generates so much revenue annually that it is estimated to make five times more than any other entertainment industry in the country. A combination of movies, music, television production, and sport gets closer to the revenue accrued by one industry but still does not surpass it. The industry is controlled at a state or provincial level and employs 267,000 Canadians. Of this number, 135,000 people hold full-time jobs complete with benefits.
The Canadian government has done an extensive study of the gambling population and demographic that has yielded very specific and interesting results. 80% of the gambling population in Canada is male, with the majority of men preferring to place wagers on sporting events. This does not mean that women do not gamble but the number of men who are likely to engage in this pastime is far greater. Women prefer to play the lottery or bingo. Individuals that engage in gambling activities are most commonly between the ages of 25-50, with the older age groups favoring slot machines.
The question of tax laws and whether they apply to gambling winnings is always a prevalent one. The short answer to this question is likely to be no unless you win money through a bookmaker that gets taxed as earnings or you are a professional gambler. In most cases, other winnings are exempt from taxes in Canada which includes bingo, the lottery, and winnings earned through a casino.
Many people think that dealers make an exorbitant amount of money but this is, in fact, not true. The base pay for a Canadian dealer is around C$14,700 annually. Generous tips from satisfied players make up the rest of a dealer’s salary. This is a good thing to keep in mind the next time you go to the casino and have a few dollars to spare.