in ,

Sport As A Source Of Revenue In Canada

People in Canada love sport, both as an activity and a form of entertainment. Many Canadians incorporate fitness, and indoor and outdoor recreation into their daily routine, primarily for physical health purposes. According to the data collected in 2016, around 30% of all population in Canada age 15 and older participated in some kind of sport-related activity regularly. While working adults usually choose between various forms of individual recreation, younger generations mostly prefer team sports.

Apart from being an excellent base for healthy life and socialization, sport and its related industries are a substantial financial source for many Canadians. Furthermore, legal sports wagering is among the most popular forms of entertainment in this country. Actually, sports betting are in high demand which inspired the Sports Interaction promo code for new customers in Ontario and other new wagering bonus concepts. The Canadian betting market is not only tightly regulated but also determined to maintain a very high level of safety. Due to encryption technology and updated sports betting legal acts people in Canada can fully enjoy cheering and wagering on their favorite sports and teams. 

Source

Sport-related operating revenue largest contributors

Sports industries in Canada create over 100,000 jobs which is 0.6% of the country’s economy. Most of these jobs are in different sports while non-sport occupations contribute 10%. Organized sport, education, and training have the biggest GDP share with $2 billion and $1.7 billion respectively.  

From 2010 to 2020 spectator sports, event promoters, artists, and other sport-based industries were gradually but constantly growing. In 2019, the operating revenue reached $10.5 billion which is a 6.9% rise. Substantial household disposable income growth, noted in the same year, was among the main reasons for such a good financial result. Bigger leisure activities budget also caused increased sports events attendance and better individual and team performances.

The Canadian spectator sports industry constitutes all sports clubs that are competing on the professional or semi-professional level. For the operating revenue, the sports events that count are those performed in front of an audience with purchased tickets and annual passes. Spectator sports have the largest share of sports industry operating revenue with 36.4%. Sports agents, managers, independent artists, writers, and presenters, all part of the event performing arts community participate with 36.2%.  

Lucrative professional sports

Professional sports are a great source of income, jobs, and entertainment. In total Canadian production, sports industries participate with over $8 billion or more precisely $7 billion in sports products and over $1.2 billion in non-sport products. 

Canada is among those countries that have it all. Among other things, stable economy, good climate, low crime rate, and high living standard. Most Canadians have time and finances for various sports activities and events.

Although a country of many sports, it’s mostly known as a predominantly winter sports nation. Therefore, it’s hardly a surprise that the most popular sport in Canada is ice hockey. Currently, 7 professional teams are competing in the National Hockey League (NHL) along with the US ice hockey teams. Also, there are many major, junior, college, and semi-pro teams and leagues as well. 

According to the 2015 study the worth of ice hockey in Canada is around $11 billion annually. Also, it has a substantial economic impact on other industries, such as tourism, and entertainment. Unexpectedly, although ice hockey is a huge deal for Canadians, it’s only an unofficial national winter sport. Lacrosse is a sport that holds the official title and is second on the list of most popular sports in Canada.

Photo by Richard T on Unsplash

5 Massive Ways AI Is Improving The Cannabis Industry

Rashid Bux: Biomark’s Early Detection of Hard to Detect and Treat Cancers Through a Liquid Biopsy Platform