The government finally passed a law to legitimize the billion-dollar industry and keep it off the black market.
A new law was passed on August 27th, 2021 that now legalizes single-game sports betting in Canada, meaning for the first time, Canadians can bet on their favorite sports in a legitimate way. For more information, check out its website and look for the Sports Interaction promo codes that offer several bonuses and competitions that tie in with big sporting events from around the world.
Parlay betting, or accumulator betting, has been legal in six of Canada’s provinces for years. This form of betting is where bettors wager money on the outcome of at least three games with one bet slip. All the outcomes need to be correct for the punter to win their money.
However, betting on single matches such as the Super Bowl or the Ice Hockey World Cup has so far been impossible to do legally anywhere in the country.
A New Market
With the new law in place, many online platforms are scrambling to take advantage of the new audience of Canadians. However, under the new law, for platforms to start accepting bets, they must hold a Canadian gaming license.
There are already a few sites that have previously acquired these licenses, and they look set to be the market leaders over the coming years. Experts predict The Score, DraftKings, and FanDuel-who already has big online followings-will dominate the marketplace within 5 years.
However, there are plenty of other platforms vying for the top spots, and what they do now could cement their position in the future. Sites such as Sports Interaction, for example, are offering some lucrative bonuses to try and entice users to join while the fire’s hot.
Sports betting are already a billion-dollar industry in Canada, and experts suggest Canadians bet around $14 million a year on sports. However, because it has been illegal in the country, this money has all gone either to the black market or "grey market" bookmakers-offshore businesses that allow sports betting.
Justin Trudeau hopes that legalizing the industry inside the country will stop the serious cash flow from leaving Canada in the hands of multinational companies and black market criminals.
Some sports betting sites have already been active in Canada for over a decade and pay no taxes, so the provinces themselves see none of the money.
What Does This Mean For Canada?
Aside from taking money away from criminals and offshore companies, the new law hopes to bring some imperative customer protection to the industry. Betting with offshore companies from a country where betting is illegal has meant many Canadians have been prone to scams in the past.
Justin Trudeau also hopes the new industry will reignite the economy after the pandemic, bringing some much-needed revenue and creating many new jobs.
All in all, it looks like a great move by the government, and Canadians who enjoy the thrill of betting can look forward to a bright future for their country.
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