Canada single sports betting bill officially passes
Bill approved with 57 votes in favour, 20 against & 5 abstentions
Canada sports betting is set to launch in the coming months as the Canadian Parliament revised the country’s Criminal Code which now allows single-game betting!
Bill C-218 passed without any amendments, as the previous amendments did not receive majority backing after a vote was cast.
The bill has been an ongoing discussion for quite some time as it has the potential to unravel new growth opportunities, reduce illegal betting & generate huge revenues for many industries and the government.
The end result of the vote ended 57 in favour, 20 against and 5 abstentions. This result will now see the Bill move to the Governor General to officially make sports betting legal via law.
Bill C-218 was always expected to pass especially with the type of support and momentum it gained, including support from Canada PM – Justin Trudeau (pictured below).
Now that single-game sports betting is allowed at Canada sportsbooks, it is up to the provinces to regulate it in their own way as the gaming industry has used that process since 1985, similarly to the US.
Senator David Wells, and sponsor of this bill, previously spoke about a number of benefits which include consumer protections, responsible gaming & economic opportunities:
“[Provinces] have been seeking this change for years and are ready to respond to it quickly and responsibly,
While we can not dictate the regulatory practices of Canada’s provincial governments, what we can do is make this modification to one line of the Criminal Code, thereby empowering them to safely bring single-event sports betting within Canada.”
Single-game betting is set to generate a healthy stream of revenue for Canada, according to PwC. Their estimates suggest that the newly passed Bill C-218 will generate $2.4billion in annual gross gaming revenue just from sports betting.
Canada competition
Sports betting is lucrative in any state or country so it comes as no surprise that many companies are fighting for a piece of the pie.
- TheScore, based in Toronto, is looking to secure the largest market share out of all the potential competitors.
- DraftKings continues to dominate in a number of states in the US and is now aiming to do the same in Canada as DraftKings has expanded its partnership with the NFL to include Canada.
- PointsBet has a high presence in the US and is looking to do the same in Canada, announcing Nic Sulsky to head their Canada expansion. PointsBet has the potential to become market leaders as the NHL has also just took an equity steak in the company.
Meanwhile, BetMGM & Caesars both have a presence in Canada so the competition is set to be fierce for the number one spot
Source: Legalsportsbetting.
SiGMA Americas Virtual:
The SiGMA Americas Virtual show will run from the 13th to the 14th of September, 2021. Features include a fully interactive expo floor, networking chat rooms, and a high-profile lineup of panelists. Beautifully designed booths come equipped with state-o-the-art product displays and chatbox features, while attendees can visit the virtual stage, where a series of panels and keynotes will discuss key topics during the live 2-day conference.
Explore the agenda or check out who’s on the floor plan.
