The Canadian Senate has passed Bill C-218, a measure that would legalize single-event sports betting. The landmark bill now moves to committee for deliberation.
Last month, the bill was passed by Canada’s House of Commons, and a surge of support is backing the legalization of sports betting in the country.
John Levy, CEO of Ontario-based theScore, praised the legislative action. “With today’s passing of Bill C-218 on second reading in the Senate, we are now one important step closer to legalizing single-event sports betting in Canada. [The body can now] discuss how safe and regulated sports betting will benefit all Canadians …”
A publicly traded digital media company based in Toronto, theScore is an industry leader in sports betting applications and content. Their product “theScore Bet” is a mobile sportsbook that launched in the United States in 2019, and is currently available for wagering in Colorado, Indiana, Iowa, and New Jersey.
Based on figures from the US market, Levy estimates that online sports betting in Canada could generate between $3.8 and $5.4 billion in gross revenue.
What Is Single-Event Sports Betting?
Currently, in most provinces in Canada, bettors can wager on sports, but their bets must include at least two games. In addition, you must pick them all correctly in order to win (a parlay). This type of betting is operated under the auspices of local and regional lotteries, and payouts are lower than what may be expected from traditional bookmakers or sportsbooks.
The new law would allow bettors in Canada to place a wager on a single game through a proposed agency that governs the activity and disseminates tax revenue. There is mounting pressure rising in the country to keep pace with the U.S., which is seeing legalization sprout all over the map. Proponents inside Canada note the immense popularity of the National Hockey League and the tax revenue that could be generated by allowing Canadians to bet on their favorite teams. The NHL has warmed to the idea of gambling as well, entering deals with FanDuel, DraftKings, WynnBet, and other operators to offer online betting on ice hockey in the US.