With the Senate of Canada‘s passage from C-218 Tuesday, Operators are ready for sports betting in Canada.
After three days of debate and proposed changes, the Senate passed the draft law amending the Criminal Code to allow sports betting on single games in Canada. The bill was from the House of Commons in the April and started his journey early 2020.
After passing C-218, some provincial regulators expect their markets to be active within months.
Canadian regulators expect sports betting to go to market quickly
The first single game bets available will likely come from provincial lotteries that can already offer parlay bets. British Columbia Lottery Commission Director of eGaming Stewart Groumoutis told a Senate committee it could be expanded Play now approx “almost immediately.”
Sports betting providers are also excited about the potential of open and competitive markets, in particular Ontario. Its population of more than 14 million People would make it the fifth largest US Status.
Ontario Alcohol and Gambling Commission COO David Phillips told the committee its province would be a “competitive and regulated market” that would launch “by the end of 2021”. Ontario Attorney General Doug Downey repeated these statements and related TSN Ontario plans to “land the framework by the fall”.
What sports betting providers say
Many of the most popular sports betting providers in the US are likely to gamble for Canadian market share. These operators were closely monitoring legislative movements north of the border.
They finished with comments on Tuesday:
âDraftKings has been part of Canadian sports culture for many years, and legalized sports betting gives the company another opportunity to further transform the way fans in the country interact with their favorite teams, players and leagues.
âWhile we know there are many steps to come, we look forward to working closely with officials in each province to further develop their approach to legalized sports betting. As a customer-centric company, we are excited about the potential opportunity to bring the DraftKings sports betting experience to Canadian sports fans. “
âThe PointsBet team is very pleased with today’s news from Bill C-218 – prepared to legalize single game sports betting in Canada – and his continued progress, which is now being forwarded to the governor general’s office for approval.
âAs a leading global online gaming company with a clear intention to be a prominent player in the future Canadian sports betting market, we continue to enjoy the exciting news of Bill C-218 and welcome the opportunity to meet native Canadian talent to hire a first-class local team to build up, who can realize this great opportunity in a unique way. “
âToday the Canadian Senate passed Act C218, which lifts a federal ban on the conduct and operation of sports betting at individual events. BetMGM welcomes today’s parliamentary vote, which enables provinces to protect consumers, promote responsible gaming and generate income by regulating and taxing sports betting for individual events.
âWith this amendment to federal law, we welcome the opportunity to work with provincial governments, policymakers and regulators to develop policies that benefit taxpayers and the provinces while protecting the integrity of the Games.
“BetMGM also welcomes the ongoing efforts in the Province of Ontario to create a robust, competitive and regulated online gambling market and looks forward to participating in the Ontario licensing process.”
Homegrown theScore ready to use
The Senate Sponsor for C-218, Senator David Wells, became a minor social media celebrity among stock watchers. He kept updates going Twitter for active retail investors who hope that the passage will take the stock of Toronto-based The score.
The stock, SCR, jumped 9% Tuesday but dropped 11% Wednesday. Company executives are optimistic about the chances of securing a significant portion of the market.
“The upcoming legalization of single-event sports betting represents a significant growth opportunity for our integrated media and betting business,” said theScore CEO John Levy said in a statement. âTheScore is Canada’s premier digital sports media brand, and we are committed to bringing our award-winning mobile sportsbook, theScore Bet, to fans on our home pitch.
‘We have been actively preparing for the expansion of online sports betting and iGaming in our home province of Ontario expected to begin later this year and, given our mobile betting experience and large active user base, we are very well positioned to succeed .
“We are also excited to develop our relationship with the millions of loyal fans who already know, trust and engage with theScore app across Canada.”
On Wednesday theScore launched a marketing campaign in Ontario to promote its sports betting app. The launch includes three billboards and an ad placement at Yonge Dundas Square in Toronto: âOntario, it happens. See you soon.”
Leagues enjoy Canada sports betting
In summer 2020 the commissioners of the NHL, NBA, MLS, NBA and the Canadian Football League sent a letter to Canadian politicians. In the letter, they publicly declared their support for the expansion of sports betting in Canada.
On Tuesday, the CFL released a statement in support of the passage. The league will play this season after last year because of COVID-19 Pandemic.
The league expects sports betting to become one of its biggest sources of income immediately TSN, possibly amounting to up to $ 2 million yearly.
“Such a change to the penal code will move sports betting out of the shadows and into the light of day, where it belongs,” said the league’s statement. “We now look forward to working with the provinces to create rigorous regulatory standards and enforcement to ensure that sports betting is offered to consumers with the right level of control and oversight.”
The Legislative Consequences in Canada
Wells and House of Commons sponsor Kevin Waugh issued a joint statement following the passage of the Senate.
âThis law, once it becomes law, will allow the regulation of sports betting with single events – and it will increase consumer protection and security. The proceeds going to illegal actors will dry up and be diverted to the Canadian communities in a legal and taxable manner. Funding will be available to support problems related to gambling problems, mental health and other important public priorities.
“This is a critical moment for Canada as single event sports betting finally emerges.”
The statement says Canadians are betting 14 billion Canadian dollars illegally every year and the potential annual tax revenue could increase 500 million CAD C.
Not all lawmakers happy
The one-line bill amending the Criminal Code, which will allow provinces to offer sports betting for individual games, has faced adversaries.
Senator Vernon White proposed an unsuccessful change to address potential match-fixing issues. He still believes the simple bill leaves too much room for interpretation.
“This legislative text has many tentacles that could and should have been examined more closely,” said White.
Several senators are upset about a vote against explicitly including First nation Groups in the bill.