Sports Betting Regulation Set To Serve Canadians
Posted on April 12, 2021 at 12:04pm
Now that the passing of the bill set to legalise singe-event sports betting in Canada appears imminent, local gaming bodies and operators are excited about what this may mean for the country – and in particular, the province of Ontario.
According to Canadian Gaming Association (CGA) President and CEO Paul Burns, since sports betting is already a daily part of the lives of sports loving Canadians, bringing the sector into the regulated sphere of Canadian markets is the final frontier to ensuring revenue for local communities in the form of taxation, and a safe and secure environment for local bettors keen on putting money on all their favourite sports.
Burns says North America is a market with incredible and immense potential, and particularly so because of Ontario’s geographic and population dynamic. The fifth largest Canadian jurisdiction, Ontario is home to more than 14.5 million people, most of whom have a keen interest in following sports. Larger than Pennsylvania as well as Michigan state, and with more people than pioneer sports betting regulator New Jersey, Ontario holds much promise for a booming sports betting industry that is local, managed, and licensed.
Providers Are Ready To Serve
Present and interested in serving the local sports betting and gaming market are several big-name operators and service providers. These include the OLG, DraftKings, FanDuel, and theScore Bet, and PointsBets, among others.
Coming sports bettors’ way is a smorgasbord of premium betting opportunities – including the NFL, MLB, and NBA, the NHL (hockey), golf, cricket, soccer, tennis, curling and more.
Hockey will likely reign supreme among Canadian bettors, said Burns. Big-win opportunities will come knocking for hockey-fans once single-event sports betting has been regulated in the country; this due to local sports fans having a keen and passionate interest in and high knowledge in the sport.
Creating A Safe Playing Field
The main aim behind local regulation is to re-route Canadian bettors away from offshore and often black-market, unlicensed operators.
Canadians currently spend an estimated $14 billion annually with off-shore sports betting providers – money that will be brought “back home” by local licensing and regulation.
Once local sports betting providers are licensed to provide local bettors with betting products, Canadians will be able to enjoy the safety and benefits of home-grown services that are both safe as well as fair and secure because of proper regulation. This will mean prompt payouts and proper cyber-security.
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