Single-event sports betting bill advances to Canada’s Senate

Following a third debate and vote Thursday in the House of Commons, lawmakers have passed a bill to legalize single-event sports betting, sending the legistlation to the country’s Senate.

The bill (C-218) aims to amend the Criminal Code around gambling to regulate online and in-person bets on single games of football, hockey and other sports, which are currently illegal with the exception of horse racing, reports Yahoo Finance.

A recent report by Deloitte Canada suggests that within five years of legalization, canadian sports betting could grow from $500 million to nearly $28 billion in legal-market wagering. It also predicts that legal single-sports gambling could spur growth beyond betting companies such as the IT, telecom, media and secure payment sectors as well.

The advancement of C-218 has prompted investments in canadian companies looking to capture a large base of sports gamblers. Companies like Score Media and Gaming, Bragg Gaming Group, and FansUnite Entertainment have seen their shares rise on the hopes that Canada’s legal betting market will mirror the rapid growth seen in the United States after legal reforms in 2018.

Score Media and Gaming CEO John Levy, said: “Now that bill C-218 has been passed by the House, we look forward to the senate swiftly carrying the ball over the goal line”.

Based on historical legal online gaming market data in the U.S. and globally, Score Media estimates a market potential for online gaming in Canada of between US$3.8 billion and US$5.4 billion in annual gross gaming revenue.

Saskatchewan Conservative MP Kevin Waugh, who has backed C-218 as a private member’s bill told the members of the House: “This bill has the potential to unlock new growth opportunities, it would give provincial authorities full jurisdiction for single-event betting, reducing illegal betting and generating revenues for both the sporting industry and the government".

Many casinos in Canada are a short drive away from competition across the U.S. border, where it’s legal to bet on single sports events in person, therefore the country’s casino industry also stands to benefit. An industry that due to COVID-19 has also suffered strong losses.