In Canada, sports betting is rapidly expanding.
The fast expansion of sports betting in Canada has been accelerated by recent legislative reforms in the Canadian sports betting sector. Individual states should see greater innovation, jobs, and tax money as a result of this. To properly comprehend why the Canadian sports betting business is expanding, you must first be aware of previous occurrences.
Sport betting is permitted in Canada.
Canada will legalise single-event sports betting in August 2021. This was a watershed moment for the country, which had previously prohibited sports betting. Sports bettors have little choice except to use offshore sportsbooks, popularly known as the grey market. Using a foreign operator was never prohibited as long as it was regulated inside its own country. This diverted a significant amount of potential income and tax money out of the nation, as well as creating clandestine sportsbooks in Canada, which are generally managed by criminal gangs.
To combat this, the Canadian government introduced Bill C-218, which legalised single-event sports wagering. This refers to betting on a single game or market rather than a group of games or markets in one wager. These bets might be provided by reputable sports betting sites in Canada with a current gaming licence.
For similar reasons, the US Federal Government made similar modifications in 2018. Both countries legalised sports betting but delegated authority to local states. On April 4, 2022, Ontario became the first Canadian province to legalise sports betting. The rest of the states, if not all, are anticipated to follow suit.
Why is sports betting becoming more popular in Canada ?
The above-mentioned legal reforms are the most obvious explanation for the increase in sports betting in Canada. With legalisation in effect, additional sportsbooks will be able to get legitimate gaming licences. Many residents will feel more comfortable joining up for a betting service and starting to gamble now that it is legal. If customers had to sign up for sportsbooks that were only authorised and regulated in other countries, they would not have felt as secure.
Furthermore, Canada is a sports-crazed country that is considered as a ready-made market for sports betting operators. This is why suppliers are always rushing to launch in Canada and suck up as much market share as possible. To make this possible, several providers are banding together or partnering with local Canadian businesses.
In Canada, where can I wager on sports ?
In Canadian states where sports betting is or is being made legal, there are already a number of sports betting operators who are either operational or intending to debut. Some of your selections may be state-owned or local businesses, while others may be well-known gaming brands from Europe, the United States, or elsewhere.
Bill C-218 – a bill passed by the Canadian Senate amends the Canadian Criminal Code – allowing single-event betting on sporting events.
This type of wagering was formerly exclusive to horse racing in Canada.
The bill cleared the House of Commons on April 22nd and has now passed the Senate with no additional revisions necessary.
The measure will be presented to the Chief Justice of the Supreme Court for royal approval. The provinces and territories of Canada must next decide how to implement and manage regulated single-event sports betting inside their own gaming markets and boundaries.
Paul Burns, President and CEO of the Canadian Gaming Association, stated:
“THIS IS A SIGNIFICANT MILESTONE AND ACCOMPLISHMENT FOR THE CANADIAN GAMING INDUSTRY.” THE CGA HAS BEEN WORKING FOR MORE THAN TEN YEARS TO LEGALIZE SINGLE-EVENT SPORTS BETTING, AND BILL C-218 BENEFITTED FROM A GROUNDSWELL OF STAKEHOLDER SUPPORT FROM ALL OVER CANADA. EVERYONE INVOLVED IN THE LEGISLATIVE PROCESS RECOGNISED THE NEED FOR RAGULATION, OVERSIGHT, PLAYER PROTECTION, AND THE CREATION OF ECONOMIC BENEFITS FOR CANADA, WHICH IS WHY THE LAW WAS ENACTED.”