Canada Working on Legalizing Single-Game Bets
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While the U.S. added three new states to the legal sports betting list, Canada has been working on its own sports betting regulations. Our friends up north are working on a bill that would legalize single-game wagers in Canada. As of writing, the country only allows for parlay bets.
Sponsored by MP Kevin WaughBill, C-218 – The Safe and Regulated Sports Betting Act was heard by the House of Commons this week for a chance to become law. Estimates suggest that Canada sees CAD500 million ($380.8 million) through parlay bets. However, single-game betting could generate upwards of CAD14 billion ($10.66 billion).
Canadian parliament sees a lot of backing for the bill as it is a way to regulate the sports betting market and keep people from betting single-game bets through offshore accounts.
What Does this Mean for Canada?
Parliament still needs to pass the bill. Although there is strong support, it is still not universal. MP Adam Vaughan believes that legalizing single-game wagering will bankrupt small businesses with casinos coming in and taking the profit.
“The trouble is that casinos take four dollars out of the local economy for every dollar that goes into it,” he said. “Why would you want to bankrupt small business right now with a new casino offering?”
However, expanding sports betting in the country would bring the betting industry from underground. Canadian Gaming Association President and CEO Paul Burns said, “More than $4bn is wagered through offshore online sports wagering sites. Currently, only $500m is wagered through legal provincial sports lottery products offered to Canadians, which means many people are betting through illegal and often dangerous means.”
Burns also added that legalizing single-game wagering would help the Canadian economy and countries budget rebound from the COVID-19 deficit. Sports betting would bring in another source of revenue for the country when they desperately need it.
In June, the Canadian Football League, MLB, NBA, and NHL all signed on to the idea of single-game wagering. The MLB, NBA, and NHL all have sports betting partnerships in the U.S., so it only makes sense for the sports to support sports betting expansion in Canada.
Horse Racing Doesn’t Like the Changes?
Canadian lawmakers and gaming companies are on board with the idea, but the Canadian horse racing industry has a word before the bill goes through.
Horse racing could be undermined as sportsbooks would be allowed to offer odds on the races.
“We recognize there is an opportunity for the Canadian economy to benefit from the legalization of sports wagering,” said Jim Lawson, CEO, Woodbine Entertainment. “However, we want to ensure it does not come at the cost of the horse racing industry, which has been an important part of the economy for decades. We would be supportive of the legalization of sports betting in Canada if our concerns were addressed through a legislative process.”
Woodbine and others affiliated with horse racing want Parliament to allow horse racing to go on at the racetracks. The horse racing industry is cool with legalized single-game betting but wants to make sure that they are compensated correctly if this happens.
