With the recent legalization of single-event sports betting, the industry is poised for significant growth and transformation. But first things first: how has sports betting evolved in Canada? Let's consider the history and the evolving landscape of sports betting.
History of Sports Betting in Canada
Sports betting in Canada dates back to the early 1900s, which is when horse racing was the most popular sport. However, sports betting was largely illegal and unregulated until the 1970s, so all the wagers were placed in secret shops or among acquaintances. But then, the Canadian government allowed provinces to operate sports lotteries.
The first government-run sports gambling organization came about in 1975 in Quebec, and it allowed people to bet on football games. Other provinces followed suit and began to offer their own sports lotteries.
In the 1990s, the Canadian government began to take a more active role in regulating sports betting, and in 2018, the Canadian government warmed up to the idea of legalizing single-event sports wagering.
Current State of Sports Betting in Canada
The current state of Canadian betting sites is in flux because the country is adjusting to new legislation. Prior to that, sports betting was largely limited to government-run lotteries and offshore online sportsbooks. Currently, each province has its own regulations for sports betting, and some provinces have more extensive options than others.
Legalization of Single-Game Sports Betting in Canada
In June 2021, Parliament passed a law legalizing single-game sports betting. It's called Bill C-218, or the Safe and Regulated Sports Betting Act.
The new law allows for single-game bets on a variety of sports and events, including professional and college sports leagues, as well as individual games. The most notable examples of the latter are the Olympics and the World Cup.
Impact of Legalization on the Canadian Sports Betting Market
We are certain that this is not only one of the most progressive gambling laws in Canada but also one of the most important. We expect that it will have a significant impact on the sports betting industry and generate substantial revenue for the government.
Our analysis suggests that the implementation of this new law will create numerous new job opportunities in the industry (take OLG, for example) while also redirecting revenue from offshore sportsbooks and illegal gambling operations back into the Canadian economy. The potential for increased revenue and job creation has already led to an influx of investment. The funds are coming in from licensed operators and technology companies that are eager to capitalize on this new opportunity.
Our team at Casino Canada believes that the amended law will also benefit Canadian consumers. They are enjoying a safer and more secure betting experience, free from the risks associated with unregulated and illegal betting activities.