What Will Happen To The Online Poker Industry In Canada In 2021?
It may be several months before Canada is able to get back to some form of normalcy. The Covid-19 virus had a dramatic impact on Canadians as movement was limited, businesses were forced to shut down, and sports leagues went dark.
Even with signs of improvement, it will likely be quite some time before the world as a whole is able to restore equilibrium. The travel ban between the United States and Canada is still in place, which is going to have a dramatic impact on the upcoming sport seasons as both the NBA and NHL will have to make some adjustments to accommodate franchises on both sides of the border.
An Enjoyable Activity At Home
Major sports leagues did get underway late in the summer, albeit with greatly modified rules and teams playing before empty stadiums. This gave fans something to enjoy, but many found a new activity in Canada to keep them occupied during the shutdown. That was online poker.
Many quickly discovered that you can find some of the best Canadian online poker sites on bestcasinosites.net, and soon found themselves enjoying hours of play. It was a great escape from the concerns related to the pandemic, but also offered players the opportunity to win some money.
The availability of online poker was especially important considering that the Canadian government seemed to have dropped the ball when Prime Minister Justin Trudeau declared an “emergency recess” of Parliament in late August, sending lawmakers home without passing a new sports betting bill. With the NBA back on the court, the NHL on ice, and MLB at the diamond, this was the chance to give fans the opportunity to bet on their favorite sports, but the Prime Minister dropped the ball.
This move helped to ensure that online poker would continue to thrive. This is an industry that is reaping the benefits of the government’s restrictions, but many industry analysts are wondering what 2021 holds for online poker in Canada. This not only includes online poker itself, but industries surrounding who could also impact this industry.
The Digital Currency Craze
While most people have heard of bitcoin, the familiarity with the digital currency likely ends there. They do not fully understand how this currency is used or where they even acquire it, so it is almost a myth or a nice story with no personal impact.
Online casinos are recognizing their value, however. Many of these sites are enabling players to fund their account using the cryptocurrency, but it does not end there. The use of bitcoin is just one of several that Canadian online poker sites are enabling customers to use.
Ethereum is becoming a very popular choice as well, primarily because it is far easier for customers to acquire this digital currency than it is for them to get bitcoin. The number of bitcoin is capped, but that is not true with Ethereum. This helps to keep its value low, ensuring that the average person has the opportunity to purchase the coin. With more investors purchasing this digital currency, Canadian gambling sites are accepting this tender as a means to fund player accounts.
Adding to the appeal of Ethereum is that this is far more than just a digital coin. Ethereum is a programming language as well, and many casino sites are being developed using their platform, dApps. For Canadians owning Ethereum coins, having the currency will make it far easier to do business with online poker sites that are using the programming language.
The Math Makes Sense
There is another major advantage for players using Ethereum. In 2017, bitcoin proved to be the most volatile investment on the market. The value shot up nearly 2000%, reaching $20,000 per coin, then plummeted, losing 80% of its value in the span of about three months.
This year, many analysts expected bitcoin to go through another rapid increase in value, which has not occurred to date. These kinds of swings make it so that investors are less likely to use bitcoin to fund an account. If a coin is worth $5000 today and one uses that to fund their online account, they are going to feel pretty silly if all of a sudden that coin is worth $8000 a week from now.
In addition, how does one fund their online account with $100 with a coin worth $5000? The math does not seem to add up.
This is not an issue when using Ethereum. Currently, one coin is worth about $390. There is no projection that this will raise in value even 30% in the next six months. Thus, you can be pretty sure that the value of this coin will remain stable, something that online gambling vendors recognize as well.
Monkey Wrench Anyone
Adding to the equation is that there are several countries and major corporations that are creating their own cryptocurrencies. This includes Facebook, who has been actively working to create their coin, Libra, and Walmart. IBM is said to be working on a digital currency, and several governments across the globe are doing this as well, including major powerhouses like Russia and China.
With more currencies flooding the market, it is likely that bitcoin is going to see a rapid decline in value. Even if there are a limited number of these coins, people will have additional options to use for purchasing.
The same could be said for Ethereum, but the fact that this is far more than just a coin is what will help to keep them on top. The programming language and application development makes it so that companies are going to use this digital currency to do business. Ethereum uses blockchain technology, which makes it a secure system to use, and the platform is open source, meaning that programmers can access the language to create applications that are easy to integrate.
Already nearly two dozen online casino websites have been designed and developed using Ethereum as the platform language. Interestingly enough, several of them are even written catering toward users of bitcoin who want to use this coin to fund their account. This includes the Bitcoin Penguin Casino and Bitcasino.io. This ability to integrate so that they can accept any kind of currency makes it inevitable that Ethereum will be an industry leader for years to come.
Changes In Canada Beyond Cryptocurrencies
Cryptocurrencies are going to be used in greater numbers by online players in 2021. There is no doubt that users are going to see the benefit of investing in cryptocurrencies, such as bitcoin and Ethereum, and are going to use them as payment options on casino sites.
As more applications are developed using Ethereum, customers are going to lean toward this digital currency. That makes it advantageous for both the site and the player to have a ready supply of the coin.
This is not the only news in the online poker industry, however. The year 2021 should be a banner year for those living in Alberta, as it is expected that the Canadian state will offer online gambling in the upcoming year. Because of the pandemic, there is expected to be a substantial decline in revenue to the province, and it is hoped that the tax revenue generated through online gambling will help to make up for the loss.
In addition, iGaming is expected to become accessible across most of the country. Alberta added this to their bill, meaning that only Saskatchewan will not offer some form of iGaming.
One additional change that Canadian should expect is that several websites have already or plan to redesign their online casinos to make the poker experience more enjoyable. There has been a recognition that the industry was on overload because of the rapid increase in the number of players due to lockdowns.
This necessitated a change so that sites would operate more efficiently. While working on this issue, developers also created a more user-friendly environment, which should add to the enjoyment for players.
More To Come?
This is likely just the beginning. It will be several months before in-location casinos are able to operate to full capacity, something that may not even occur until 2022. If that is the case, more people are going to be driven toward online poker as their option, which should help this industry to thrive even more.
