Canadian law highlights sports betting for individual games when different bills go through the House of Commons.
Canadian sports betting has gained some momentum lately when the House of Commons passed Bill C-218. The bill, which is the Safe and Regulated Sports Betting Act, would allow legal single betting in Canada.
Once this is approved by the Senate, this will become a bill to change the act of illegal single game sports betting. Currently, lotteries are the only regulated form of sports betting or gambling in the country that is only offered in parlay format.
What is Bill C-218?
Bill C-218 was originally tabled as a private member bill on November 25th. This was sponsored by the conservative Kevin Waugh, who probably triggered the conversation about the changing climate surrounding legalized sports betting in the United States.
Waugh argued that there was one Opportunity to benefit from growth. He estimated that around $ 15 billion per year is a potential growth bar for online sports betting or other illegal avenues.
The bill was a new one successas it received 303 yes and 15 no in a recent house vote. This resulted in overwhelming support from all parties and proof that others feel the same way.
The next step
The popularity of online gambling has led many legislators to rethink the feasibility of legalized sports betting and digital gambling options.
Invoice C-218 isn't the only ongoing invoice. The House will consider a second reading and debate on Bill C-13, a federal government bill targeting the bill Approval of single game bets.
Once this is agreed, this will be must go through to the Judiciary Committee. This is then brought back to the house for final vote before being sent to the Senate for approval.
Legal sports betting for a game would increase the products offered by provincial lotteries and land-based casinos. This is also a possible way to go open up the industry to independent operators, which would lead to an interesting and competitive betting market that could match the success of that in the US.
For the future of the Canadian sports betting market, this calculation is one great stepping stone what the rest of things will be like. Much remains to be revealed once single game bets are approved and bets can be accepted.
Online operators and other illegal options definitely keep a large serving of the market share in sports betting in Canada. In addition to that, the lottery also makes up a large number of customers and has 100 percent of the winnings that are returned to the provinces.
With the inclusion of legal sports betting, this could be done Level the playing field for each. There is undoubtedly a great need to legalize this and improve the local economy.
This is now a waiting game for the next bill, C-218, and possibly C-13, as those two bills try to find their way through the final steps of approval. Bill C-218 got a lot of support in the House of Commons (303-15), but it did has yet to be finally approved in the Senate.
If you look at the American Gaming Association, it generated $ 1.5 billion in revenue from legal sports betting in the U.S. in 2020. ComparedOverall, only around $ 500 million has been spent on sports in Canada if you look at the Canadian Gaming Association.
With the legalization of single game betting in Canada, these numbers are likely to increase take a positive step whether and when single bets will be officially approved by the Senate in the near future. The betting companies that would accept these potential bets and lotteries will all benefit if they actually pass it.