North American authorities are relaxing their control over the gambling sector, sparking interest among operators in Ontario
Canada Embraces Regulated Sports Betting with Bill C-218
In a significant move for the Canadian sports and gambling industries, Bill C-218, also known as The Safe & Regulated Sports Act, has been passed in Ontario, amending Canada's Criminal Code to legalize single-event sports betting. This legislation is expected to have far-reaching impacts, as other provinces are expected to follow Ontario's lead.
John Levy, the founder and CEO of bookmaker The Score, stated that they have been actively preparing for the expansion of online sports betting and iGaming in Ontario. Notably, major sportsbooks such as DraftKings, FanDuel, and PointsBet are expected to enter the Canadian market, joining existing lottery corporations in this new landscape.
The popularity of online casinos has surged in the past year, with many people opting to stay at home and place bets online. It is estimated that a whopping $14 billion has been spent by Canadians on grey market or illegal black market operators, which is expected to become taxable and regulated at reputable Canadian online casinos. This shift could potentially pump $14 million back into the economy.
The passing of this bill is not without concerns, however. There are worries about potential increases in gambling addiction and match-fixing, particularly in lower-tier leagues. Nevertheless, proponents argue that a regulated market can better address these issues through responsible gaming programs and stringent regulations.
John Burns, a gambling industry analyst, predicts that some provinces will move quickly to legalize single-sports betting. In fact, the Canadian Football League (CFL) commissioner, Rand Ambrosie, stated that legal sports betting would be a huge economic boost for sporting leagues seeking revenue after missing out on playoffs due to the COVID-19 pandemic.
The SiGMA iGathering series, including the SiGMA Roadshow Riga event, will continue to play a role in the evolving gambling landscape. The SiGMA Roadshow Riga networking event will be held in Riga on August 26, 2021, at the Royal Casino, and will welcome guests from neighboring countries Estonia and Lithuania.
In the world of online gambling, faster withdrawals, bigger jackpots, and more games are becoming the norm. The Canadian gambling industry has made significant improvements to its online offerings, setting the stage for a thriving, regulated market.
References: 1. The Score 2. DraftKings 3. FanDuel 4. PointsBet 5. OLG 6. SiGMA 7. Bill C-218 8. CFL 9. SiGMA Roadshow Riga
In light of the passing of Bill C-218, major sportsbooks such as DraftKings, FanDuel, and PointsBet are set to enter the Canadian market, aiming to capitalize on the expansion of online sports betting. The popularity of online gambling, including sports betting, has grown significantly in Canada, with an estimated $14 billion spent annually on grey and black market operators.
