December 10, 2024 (Investorideas.com Newswire) The Canadian iGaming market has experienced significant growth, presenting opportunities and challenges for operators aiming to establish a foothold. To delve deeper into this dynamic environment, we spoke with Joonas Karhu, CEO of Bojoko.ca, a leading online casino comparison platform that exclusively lists Canadian operators.
In this interview, Karhu shares his perspectives on market opportunities, the competitive landscape, and strategies for operators to differentiate themselves.
Mr. Karhu, thank you for joining us. Could you provide an overview of the current opportunities for iGaming operators in the Canadian market?
Thank you for having me. The Canadian iGaming market is indeed burgeoning, offering substantial opportunities for operators. With a population exceeding 38 million and a growing acceptance of online gambling, the market is ripe for expansion.
It is an exciting market, as it is split into two parts: offline and online. The regulatory environment in Ontario requires operators to get their local license and comply with fairly strict criteria; meanwhile, the rest of Canada is what we call a grey market. That is to say, there is no local license, but online casinos are legally allowed to operate there.
This causes some confusion and issues, especially for casinos wishing to cater to all of Canada, though the rewards far outnumber the issues.
How would you describe the current competitive landscape in Canada?
The competition is intensifying as more operators recognize the market's potential. At Bojoko, we add around 10 new operators monthly to our platform. However, each must pass our stringent criteria. We are committed to presenting Canadians with safe, relevant brands that align with their interests and uphold high standards of integrity and service. That means there are even more new Canadian brands that do not get listed, at least not immediately.
In total, we have well over 200 Canadian online casinos listed, and we will certainly pass 300 next year. That is pretty steep competition, but luckily, there are many ways to stand out, even with a fairly low budget.
It's interesting that you would say that. How can operators distinguish themselves to attract and retain Canadian players?
Operators should implement several key strategies to attract and retain Canadian players.
Firstly, offering a variety of niche payment methods is an incredibly powerful strategy for small operators. Canadians are actively looking for casinos that allow Boku, for instance. Adding them will make them look for you, making reaching them much easier.
Secondly, competitive bonus structures play a significant role. Higher bonus percentages, including generous welcome offers and ongoing promotions, can incentivize new registrations and encourage player loyalty.
Additionally, collaborating with reputable affiliates like Bojoko can enhance brand visibility and credibility. These partnerships provide access to a broader audience and drive targeted traffic to the operator's platform. We already have a built-in audience and rank well in search engines, and you can capitalize on every interesting niche you build by being present on ranked lists.
How does Bojoko assist operators in navigating the Canadian market and enhancing their visibility?
Bojoko serves as a bridge between operators and players. By listing operators that meet our rigorous standards, we offer them exposure to a targeted audience seeking trustworthy platforms. Our user-driven approach allows players to leave reviews and ratings, giving operators valuable feedback to refine their offerings. Furthermore, our platform's filtering options and guides help operators highlight their unique features, making it easier for players to find brands that align with their preferences.
In your view, what does the future hold for the Canadian iGaming market?
The future appears promising. There are no signs that any other provinces will regulate, which means high consistency and predictability. Should another province regulate, it will likely follow Ontario's example and become a calculated investment for brands capitalizing on higher regulation and less competition.
While the competitive nature of the market will continue to intensify, there will still be a lot of room for small operators to stand out through underexplored niches, especially through affiliates like ourselves.
Here at Bojoko, we constantly collect data on which bonuses and features convert best, and we are happy to share these insights with our partners. If operators are open to following the data and changing their bonus offers and features, you will be able to build up your player base with relative ease. However, retention is also crucial here.
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