Canada Sports Betting Legalization is Finally Here
Canada sports betting is now an official thing. After years of discussion, failed legislative action, and only having crappy odds through parlays, Canadians can have something to celebrate in the sports betting world.
The Senate of Canada just barely passed through a bill for single game sports wagering. The vote was 57-20 and had five abstentions.
The tight deadline was approaching a summer recess, so this was nearly a miss for Canada. The Safe and Regulated Sports Betting Act allows for a section of the Criminal Code of Canada to allow lawful managing of a lottery scheme for single-game sporting events.
Canada Sports Betting – Still Some Time Before it Passes
The newly adopted bill is expected to be a law once it receives Royal Assent, supposedly in a few days. When it does become law, it could take a little bit longer to implement single game betting and where to do it at.
It is estimated that Canadians roughly wager $14 billion in US dollars for single event sports each year. So the sooner the better for Canada if they can get the ball rolling.
Once it is officially signed into law, the activity will be up the nation’s five lottery operations and to help increase safety among sports bettors. Each one already operates some form of sports betting with some parlay style events, but now opens the door to higher revenues and more opportunities.
The Bill Almost Did Not Make it
After a few months of passing around bill C-218, there was a time where many thought it would not pass in time. Even though the bill had great support from both sides of Parliament, the political scene has had issues since COVID-19.
Party leaders were able to get together for a third reading of the bill and move along with voting on the final day. If the bill did not make it through on the last day, then it would have to be voted again and presented once the summer recess was over.
Stock Market Happy with Results
Stock and global companies such as DraftKings and BetMGM got some attention the day of the announcement. However, more close to home companies like Score Media and Gaming Inc. from Toronto had a better response from investors on the same day.
The magnitude of such a move allows for many opportunities for Canada and their growing revenue. Furthermore, companies can offer customers a more unique sports betting experience rather than just parlays or limited betting options.
Canada Sports Betting – Potential Reveal of Sportsbooks Offering New Bets
Before the passing of the latest bill, many regulators have discussed the possibility of when they could unveil their offering of sports betting to the public. Some have even hinted at going live in just a few months.
Once the bill has been officially made into law, bettors will have a better idea of when they can experience the effects. There are some predictions as to early September or around Labor Day, but no official word has been posted yet.
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