As the bid for legalizing single-event sports betting in Canada intensifies, so does support from potential stakeholders who have asked the government to step up its efforts.
With the NFL’s Super Bowl now a missed opportunity, theScore founder and CEO John Levy is convinced authorizing single-event sport betting in Canada would be a huge boon for the country’s burgeoning industry.
Today’s development in the House of Commons, focusing on the legalization of single-event sports betting in Canada, is a significant step forward in the process to amend an outdated law.theScore founder and CEO John Levy
TheScore is looking forward to working with stakeholders during the legalization process in order to ensure the reform works seamlessly for everyone and their communities. Levy expects that making single-event sports betting possible will have a positive impact on provincial and territorial governments.
In addition, the introduction of a much-needed modern betting framework can facilitate the implementation of customer protections as well as create new revenue flows. Deduced market potential for online gaming in Canada is between US$3.8 billion and US$5.4 billion yearly revenue based on past data from markets in the US and globally.
Bringing the gaming sector up to speed has been a long-awaited change in Canadian law as previous attempts to update the charter were not welcomed by policymakers.
The Present Regulatory Framework
At the moment, single game sports betting in Canada is banned according to Section 207(4)(b) of the Criminal Code. Canadians are only allowed to gamble by placing bets on the outcome of a combination of multiple sporting events, which is generally known as a parlay.
The current parlay system in Canada has created a fruitful black market for unlicensed wagering. Canadians would bet approximately $10 billion annually through illegal sportsbooks as per the Canadian Gaming Association.
Moreover, a further $4 billion flows through offshore online betting sites making the legalization supported by a strong financial incentive as well as the reduction of criminal activity. Meanwhile, Alberta has already vowed it support for single-event sports betting in the country, laying out plans to legalize the activity.
Apart from sports betting, there has been a strong push for legalizing iGaming as well. Several provinces, including Nova Scotia and Prince Edward Island, have confirmed that they are seeking to introduce an online casino website in the imminent future.