Canada Opens Door to Multibillion-Dollar Market as Single-Event Sports Betting Takes Shape

Bill C-218 in effect

The time has lastly come. As Bill C-218 entered law last month, Canadian gamblers can now make wagers on single sporting events lawfully. This Friday, significant Canada’s Justice Minister set for the legislation to officially enter into law, legalizing single-event sports betting throughout the nation.

Bill C-218, otherwise described as the Safe and Managed Sports Betting Act, officially reverses paragraph 207( 4 )( b) of Canada’s Lawbreaker Code. This previously made it needed for Canadian wagerers to bet on a minimum of 3 video games or more within one bet. With that guideline now repealed, Canada has unlocked a multibillion-dollar sports wagering market.

Each province will decide whether they legislate sports wagering within their borders, but in all likelihood, all or most will. The British Columbia Lottery Corporation (BCLC) has revealed that it will offer single-event wagering. On the other hand, the provincial operators of Alberta and Ontario also plan to release betting sites.

Numerous widely known sportsbook operators have likewise revealed an interest in joining the marketplace. This consists of new theScore owner Penn National Video gaming, who has described an “engaging chance for development” in the nation.

Who’s ready to go?

In August, the BCLC explained its commitment to introducing single-event wagering as soon as possible by inking a handle data provider Genius Sports. Through the contract, the lottery will use Genius’s LiveData and LiveTrading services for data and prices. Wagerers throughout British Columbia will have access to single-event wagering, facilitating wagering on soccer, boxing, and the NFL, among other sports.

Talking about the launch today, BCLC interim president and CEO Lynda Cavanaugh described it as “a landmark minute” for the operator. “We’re excited to boost our offerings, the only gaming site operating in BC where profits go back to the British Columbians by supporting provincial efforts like healthcare, education, and community programs,” she said.

In Ontario, the Ontario Lotto and Video gaming Corporation has announced its plans to cope with a new digital sports wagering platform named PROLINE+ as soon as possible. The online forum already accepts early registrations and will offer clients banking on mobile phones, tablets, and desktops.

Alberta residents may have to wait a bit longer for access to single-event betting. Alberta Video Gaming, Liquor, and Marijuana have announced it also intends to launch a brand-new betting site. Play Alberta will go live in the fall at the earliest.

A multibillion-dollar industry.

In the accumulation to beginning Bill C-218 in June this year, sportsbook operators explained their ideas on the marketplace’s capacity. theScore CEO John Levy consistently described the ban on single-event betting as an “outdated law.” Without it, theScore anticipated that Canada’s online video gaming market could reach between US$ 4.3 bn and US$ 5.4 bn in yearly gross video gaming income.

Contributed to this, the company anticipated that Ontario’s wagering market would reach around US$ 1.7 bn and US$ 2.1 bn in yearly gross gaming profits. The province is equivalent to the fifth-largest state in the United States by population.

In February, PricewaterhouseCoopers (PwC) finished an economic analysis of Canada’s betting market to acquire insight into its capacity. It found that 39% of Canada’s wagers happened at land-based merchants, with an additional 3% taken by certified online sportsbooks. On the other hand, online black market betting accounted for 57% of all bets.

PwC predicted that, once the nation legalized single-event sports wagering, its GDP would increase by $425m in total, developing an extra 2,500 tasks for Canadians in the process. The firm also approximated that Canada’s betting market might grow ten times its current size within the very first two years of legalization, creating as much as CA$ 2.4 bn (US$ 1.89 bn) yearly.

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