Tue. Jun 25th, 2024

Much like any other nation, Canadians enjoy watching sports, and big events fill up the pubs with sports fans. It’s a very popular form of entertainment and it has always been closely tied to betting. However, if you are a sports betting enthusiast who lives in Canada, you know that wagering options are subpar and somewhat dull. Although sports betting is legal in Canada, the only wagers they are allowed to make are parleys. The activity is regulated by the government, but it is a far cry from what hard-core fans expect. Luckily all of this changed recently and there was a bill that is likely to revolutionize this activity for the better.

Bill C-218

Bill C-218 is obviously a step in the right direction as it allows betting operators to stop limiting options solely to parlay bets. Now single-events bet can finally be available to Canadians and the change was welcomed with positive feedback. Parlay bets meant that wagers can only be placed on multiple matches which significantly affects the odds and winning chance. With single-event bets that will drastically change and players will have more control over the desired outcome.

However, it will take some time before this becomes available everywhere in Canada. Right now, Ontario is taking the lead as they established iGaming Ontario, which is a new regulatory body that will help the implementation of these new betting options. Other provinces are sure to follow the example, as there is a very good reason to do so.

More Money Stays in Canada

Given how options were very limited up until this point, Canadians rarely relied on local operators to place wagers. They mostly played in online casinos that also offer sports betting options. There is an expert list of casinos with the best online casino bonuses that payout winnings reliably, and both Canadians and UK players use these sites for slots, poker, and sports betting. Basically, any foreign gaming platform that was licensed and can payout winnings on an international scale is a safe choice. In Canada, online casinos are illegal, but playing on foreign platforms is allowed and all of the money that could be going to sports operators was actually going to foreign providers.    

Bill C-218 is about to turn things around to an extent as there is no longer a reason for Ontario citizens to place bets with non-local providers. Moreover, they can support the local teams and government by wagering at home, which is a great incentive.

TheScore already Making its Move

All of the mentioned events definitely set things in motion. Toronto-based company theScore, which was among the first to bring online and mobile betting to the US, is now aiming to become the biggest sportsbook in Canada. Given how the regulatory framework has taken root in Ontario they are looking to bring these new options there first. This can also mean that almost 40-45% of betting revenue will come from Ontario.

Still, this does not necessarily mean that single-event bets will become available first in Ontario. British Columbia is also working on the regulatory framework, and they already have a PlayNow provider. As they are licensed and already have sports betting available, adding a new option will be a lot faster than establishing everything from scratch.   

What about Online Gambling

Even though a lot of players are still spending their money on casino games on foreign platforms there are no changes that address this situation. Of course, this is also likely to change as we are seeing similar changes in other parts of the world. The pandemic and the economic situation caused a lot of governments to reevaluate their view on online gambling. Given how land-based casinos are legal, regulated, and owned by the provincial government, it’s possible that online gambling will become legal as well at some point. 

Conclusion

Even though this is the right decision, a lot of sports fans wonder if it is enough. There are many wagering trends and Canada is clearly lagging behind. Nowadays live odds betting is one of the most popular forms of entertainment. It makes the whole game more engaging and you can make decisions on the spot depending on how the situation develops. Meaning, there is a lot of revenue that will still escape the provincial governments, mainly because the best options are still to be added.    

By admin