Finding the Biggest Winners from Expanded Canada Sports Betting

Sports gambling was always a vexing area of discussion in the country but things appear to be changing for the better much to the delight of sports bettors in the country. The expanded Canada sports betting law will finally allow punters in the country to wager on their favorite sports teams.

Canada has been trying to expand the sports betting law unsuccessfully for years. As other sports betting industries in the world revolutionized their industries, particularly as it regards mobile and online betting, Canada just stood still and watched the progress from the sidelines since 2008.

The country’s longstanding criminal code, which outlaws single sports betting, has prevented the industry from progressing. However, this hasn’t stopped Canadians from taking part in sports betting. Often, punters in the country are forced to rely on wagering from offshore sites, many of which are still unregulated and dangerous. Those that can travel to American states that enjoy legal sports betting such as New Jersey and Pennsylvania usually make the trip down even though not many punters can afford to.

But things are finally taking a turn. Last year in November, the Liberal government introduced the bill that would get the expansion process rolling. Bill C-13 will amend the legislation and open the door for changes to occur in the industry. Changes that people have been anticipating for much too long.

Canadians have been waiting for Legal sports betting for years

During this pandemic crisis, where all sorts of businesses have been severely affected and are suffering, legalized sports betting will go a long way in helping to provide much-needed relief. This is especially true for the retail service and gaming industry, which continues to suffer under the weight of social distancing guidelines and pandemic protocols.

When legalized, single-game sports wagering has the potential to generate as much as S$3 to US$5.4 billion in gross gaming revenue every year. Not only will successful online betting companies such as FanDuel and DraftKings finally be able to offer their products to Canadian punters, but Canadian provinces will also soon be able to earn a new tax revenue source that will aid recovery efforts.

Currently, Canadians are only allowed to take part in parlay wagering, which requires bettors to place wagers on multiple sporting events simultaneously. The expansion of the sports wagering bill will make it possible for both the federal and provincial governments to get a cut of the profits, which they currently don’t collect. 

The expanded law is currently being reviewed and if everything goes according to plan, single sports betting could be a reality by spring. But first, the amendment must be reviewed by a committee before it can be passed along for a 3rd reading.

Once the 3rd reading is finalized, the bill will then be passed into law by the House of Commons, as well as the Senate of Canada. Throughout the expansion process, the Canadian government will want to look towards the growth that the United States betting market has experienced so far. 

Like Canada, the United States went through a similar amendment process when the PASPA or Professional and Amateur Sports Protection Act of 1992 in the country was repealed. Once New Jersey spearheaded the amendment process, the Supreme Court gave all states the go-ahead to develop their own betting frameworks. Today, individual states are the ones that decide taxation, license restrictions, marketing, as well as technology 

So who stands to gain the most from this newly minted sports betting industry in the country?

Canadian betting companies

Canadian betting companies are doing everything that they can to prepare for the changes in the gambling industry in the country. For instance, telecom media titans Rogers and Bell will want to exploit every opportunity so that it can stand out in the industry. These media companies will also want to form partnerships with the operators and sports leagues, which will better position them for success.

The sports leagues themselves, through partnerships and sponsorship deals, will be able to attract new supporters. That’s because sports wagering will provide sports lovers and bettors a great way to engage with the teams and sports they have loved all these years.

Offshore betting companies

Long perceived as an industry to be kept at bay and preferably in the shadows, wagering and daily fantasy companies such as FanDuel and DraftKings will want to get their feet in the door as soon as possible.

Canadian bettors

Bettors in the country stand to gain the most with the expanded sports betting law. Not only will a regulated environment give bettors access to a wider range of sports betting products to choose from, but it will also make the market much safer for everyone. Previously, bettors in the country would only have offshore betting firms such as bet365 and Bwin to choose from.

Worse, many would turn to unregulated bookies that are often backed by organized crime syndicates that cannot guarantee the bettors’ safety. These changes are welcome as they will expose punters to more robust, diverse offerings. Apart from single-game wagering, Canadian punters will also be able to take part in specific outcome bets, as well as live in-game wagering which will most probably be available from the beginning.

Final Thoughts

Implementing legal sports betting will be a wonderful boost to the tourist, sports, and gaming sectors in the country, which have been struggling to stay afloat amid a pandemic. It’s no coincidence that the country is now considering legalizing the industry.

The pandemic, which has pillaged and decimated provincial and federal budgets, had helped to push the process along. And because casinos have been some of the hardest-hit industries by the shutdowns, a legalized industry will considerably help to aid recovery efforts in the country.