At the beginning of December, the federal government of Canada introduced single event sports betting legislation to the country. This came following an announcement made by Federal Justice Minister, David Lametti.Read more
Will Online Poker Have a Future in Canada in 2021
Will Online Poker Have a Future in Canada in 2021?
Like everywhere else in the world, Canada has been outrightly affected by the COVID-19 pandemic. It could be multiple months before the country is able to get back to some form of normalcy due to this. Sports leagues went dark, businesses were forced into governmental shutdowns and movement became quite limited in 2020.
And of course, even with signs of improvement, the world as a whole will have a lot of work to do to get back to its former days.
Of course, while sports betting used to be a big draw for many people, the restrictions placed on sporting events had an impact on this sector. And while sports leagues have made a somewhat triumphant return to action, some gamblers have turned their attention to other activities during lockdown. One of those has been online poker.
It did not take people long to figure out that some of the best online Canadian poker sites can be found pretty swiftly. Naturally, poker gameplay was able to provide people with a way of enjoying themselves while under lockdown restrictions. And the possibility of being able to win money through playing poker held the same sort of appeal as accessing online casinos, for example.
It was especially important during the pandemic lockdown that online poker was available. This was highlighted even more so, thanks to the fact that Canadian Prime Minister Justin Trudeau opted for an emergency recess of Parliament in late August. This sent legislators home without any new sports betting bill being passed, leaving single-event betting without any form of legality. Of course, that helped to bolster online poker’s popularity in Canada for 2020. However, will the industry remain as popular this year?
With online casinos having begun to introduce the possibility of players using Bitcoin and other cryptocurrencies, there is the potential for this to spread even further to Canadian online poker sites. However, while many people have heard of this, it remains quite an unfamiliar form of paying and playing online.
That being said, several sites have already included it for players to utilise when it comes to playing poker. Ethereum has also witnessed an increase in its popularity, which could potentially spell out quite the uptake in online poker gaming.
Cryptocurrencies Likely to Have Positive Impact on Online Poker
While Bitcoin remains the best-known cryptocurrency, Ethereum brings another big advantage for online gamers. Bitcoin proved to be the most volatile digital currency on the market in 2017, with its value increasing by 2,000% at one point before massively plummeting and losing 80% of its value within three months.
hat is something that many analysts expect to happen again in the coming months. As such, those kind of value instabilities are likely to make investors less interested in using Bitcoin for funding online gaming accounts.
To add to that, how is someone really going to be interested in funding an online account with CAD $100 for example, when a Bitcoin is worth $5,000? That is not something that is an issue when it comes to Ethereum. It has a much lower value than Bitcoin, and this is not projected to rise dramatically within the next six months. Online gambling vendors also know this, meaning that they could provide more incitement to sign up and deposit through ETH instead of BTC.
The uptake on that could be quite high, meaning that online poker would remain a compelling activity within Canada. And as more and more cryptocurrencies invade the market, Bitcoin could see a rapid decline in its overall value. Ethereum, on the other hand, is much more than just a simple digital coin. Offering programming language and development means that companies will be more likely to utilise it to do business. Therefore, Ethereum could very well be the key to maintain online poker’s presence.
To put it simply, cryptocurrencies are highly likely to be used a lot more by online poker players in Canada in 2021.
There are many benefits to doing so, especially where Ethereum is concerned. For players based in Alberta, things could get even better. The province is expected to offer legal online gambling this year. Due to the pandemic, a substantial decline in revenue within the province has been experienced, and it is hoped that tax revenue from a potential online gambling scene will assist with this.
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