4 Takeaways From The Canadian Gaming Summit 2024
By: Julia Battistone, Product Marketing Manager
The 2024 Canadian Gaming Summit (CGS) solidified that regulated iGaming and sports betting is growing rapidly in the country. The three-day event was packed with learning and networking opportunities with over 3,000 delegates focusing on emerging trends in Canadian iGaming and sports betting.
Here are some of the highlights from CGS 2024 that will make waves for the industry in years to come.
Ontario’s success leads the way for Alberta
Alberta was a major point of interest in this year’s conference. Multiple education sessions and panels were organised around the impact of introducing a regulated market in Alberta, which included how Ontario’s iGaming model will influence the next steps. Martha Otton, Executive Director at iGaming Ontario shared insights from Deloitte’s report on the economic contribution of a regulated iGaming industry. With close to 50 operators and 80 gaming sites, Ontario has seen substantial revenue growth of $2.4 billion in the market’s second year and close to 15,000 new jobs. The overall consensus was that following Ontario’s iaming model in Alberta would positively impact the province.
Although no timeline for Alberta’s regulated market was provided, Paramount Commerce is ready to support operators preparing to enter Canada’s second regulated gaming market with simplified payment solutions.
Consumers crave a personalised experience
Consumer experience remains the number one differentiator for operators. The problem facing merchants today is clear: the average player has 3.8 accounts with multiple operators across Canada. The data behind consumer trends sparked new insight, uncovering a decrease in brand loyalty and an increase in expectations for a fast, frictionless end-to-end experience for consumers. Knowing how Canadians want to play (and pay) is crucial in a competitive market. Behaviour around microtransactions has gained momentum with 70% of most bets in North America being made ‘in play’. While frictionless payment options such as pay by bank and Interac continue to play an important role in the player experience.
Personalised marketing has big potential, and delivering an omnichannel experience is critical to competing and innovating. Andrew Darley, Vice President of iGaming & iLottery at OLG shared how the experience for Canadian gamblers is changing, especially within the under 35 category. During the ‘Engaging Millennials and Gen Z’ panel session a statement from the speakers stood out for the audience,“[Under 35s] are not playing quietly and brands need to support their experience.”
Introducing Interac Verified™
As we wrapped up the last day of CGS, our team attended a live demo of Interac’s latest solution in customer verification for gaming operators. Interac’s Product Manager, Boris Pavlovic, and Senior Business Development Manager, Vanessa Hartwick, gave us an inside look at the seamless and secure registration experience. Through simple, user-friendly steps, players can quickly verify their identity without the need to manually enter personal information. It’s no doubt that Interac is paving the way for a new verification experience. While Interac Verified is only available to crown corporations today, our team can’t wait to see more operators implement this new Interac Verified™ technology in the future.
Innovation and the future of payments
Paramount Commerce’s Chief Revenue Officer, Sereena Boparai, participated in a panel session on ‘The Role of Payments in Customer Acquisition, Growth and Commercial Success’. Sereena was joined by Nuvei, ESPN BET & theScore Bet, and Great Canadian Entertainment to discuss how payments contributed to the growth and success of Canada’s iGaming industry.
Some key takeaways from the panel included:
To continuously improve the player experience and stand out amongst the competition, operators will have to maintain and offer a suite of diverse payment solutions to their consumers.
Payment technology companies such as Paramount Commerce stay ahead by adopting the latest technologies, such as machine learning and instant payments.
Local payment solutions and innovative features will help meet user expectations and provide an easy, safe, and frictionless experience.
"9 out of 10 Canadians have used Interac and 55% of people will potentially abandon a check-out if they don't see a payment method that they want to use. Localized payment methods, the right blend of payment methods, both of those things are incredibly important for the player experience."
Sereena Boparai, CRO at Paramount Commerce
We are thrilled to have been a part of such an influential industry event. Our booth facilitated exciting conversations with merchants, partners, and industry leaders about what’s next in simplifying payments. If you missed us at the show, contact us to learn more about how payments can increase acquisition and lower costs.
