Single-Event Betting Crucial
A recent move by the Canadian Federal Government to introduce amendments to Canada’s Criminal Code that would allow provinces and territories the ability to offer sports betting products based on single events, as well as the discretion to manage single-event sports wagering in their respective jurisdictions, was welcomed by theScore in a press release.
“Canadians deserve a modernized and regulated sports betting market and we commend the federal government for their efforts to legalize single-event wagering.”John Levy, Founder and CEO, Score Media and Gaming
The proposed legislation by Federal Justice Minister David Lametti would allow bettors to wager on the outcome of a single game, which currently is not available in the country due to the limitation of parlay bets only, a limitation that keeps funneling billions of dollars into the black market.
Communities with large casinos including Windsor and Niagara Falls in Ontario have been pushing MPs to pile pressure on the government to remove the single line in the Criminal Code that restricts gambling to parlays and provide a boost to the industry which face headwinds from foreign online operators and casinos in the US.
“There is now clear cross-party support and strong momentum to amend Canada’s outdated federal laws and enable the legal sports betting market to flourish.”John Levy, Founder and CEO, Score Media and Gaming
Canada Sports Betting Potential
Based on extrapolation from historical legal online gaming markets data in the US and worldwide, the leading wagering operator in Canada projects a market potential for online gaming between $3.8 billion and $5.4 billion in annual gross gaming revenue (GGR).
“As the leading mobile sports brand in Canada, we are eager to bring theScore Bet to our fans and offer them our best-in-class sports betting experience.”John Levy, Founder and CEO, Score Media and Gaming
The move was also hailed by the president of Canadian Gaming Association Paul Burns who noted the years of advocacy efforts by MPs and local communities finally stirred the government into action to stem the money outflow to offshore operators.
The proposed legislation would not cost anything to the government, yet would provide another product for the operators to help attract customers back to the businesses which were devastated by the health and safety restrictions to in-person gaming at casinos and racetracks, Paul Burns noted further.