Canada recently took another giant step closer to making government-regulated online sports betting legal across the country. Bill C-218, designed to amend the Criminal Code in order to provide Canada’s 10 provinces and three territories permission to regulate online and in-person wagering on single sports betting, was passed through the House of Commons following a third debate and a vote of approval. The process will now go forward to the Senate along the next step toward becoming a law.
However, Canadians who desire to wager online via single sports betting needn’t wait that long. There are several online sports betting sites that Canadian bettors can easily access and sign up for through mytopsportsbooks.com.
Currently, horse racing is the only sport that Canadians are able to wager on in single-sports form. The government, through provincial lottery corporations, operates a parlay-themed sports wagering option, generally referred to as Pro-Line or Sports Select, depending upon the province of location. However, this format is heavily stacked in favor of the house, with players required to correctly pick the victors of a minimum of two games in order to cash a winning ticket.
“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,” Score Media and Gaming CEO John Levy said in a statement. One of the major players on the Canadian sports media landscape Levy’s Canadian-based company already operates regulated sportsbooks in the USA.
Bill C-218 will completely change how sports betting works inside the borders of Canada. It will permit the placing of wagers on single sports outcomes both in person at brick and mortar retail sports betting shops, as well as online through both computers and mobile devices.
“It’s a strong step forward for the Canadian legal gambling market and a win for the Canadian economy,” Adam Arviv, CEO of Bragg Gaming Group Inc., a Canadian-based B2B online gaming solution provider.
The desire for passage of this bill into law is evident in how quickly it has advanced through the stages of government approval with minimal changes being introduced to impact its content.
“Canadians have demonstrated overwhelming support for this update to the federal legislation and this was reflected in the strong cross-party backing for the bill,” Arviv said.
The legalization of single sports betting across Canada will prove a boon to Canadians in the gaming industry. Estimates are that the legalization of Bill C-218 will generate as much as $28 billion in annual revenue.
However, the gains won’t be limited to the gambling industry. The advancement of online wagering figures to create major gains in the tech sector as well. Significant opportunities will be created in areas spanning the secure payment, telecom, IT and media industries.
“We could see quite a lot of capital markets activity in the next 12 to 18 months,” Jeff Harris, national leader of Deloitte Canada’s sport business advisory, said in an interview with Yahoo Finance. “We have seen some institutional capital go into the space from Canadian organizations already.”
Both of Canada’s telecom giants, Bell and Rogers, have already spoken publicly about their company’s plans to integrate some form of single sports betting proprietary technology into their current media packages. Both are well-connected players in the Canadian pro sports empire. Bell and Rogers co-own the NHL’s Toronto Maple Leafs, NBA’s Toronto Raptors, Toronto FC of MLS, the AHL’s Toronto Marlies, the CFL’s Toronto Argonauts, Leafs TV, NBA TV Canada, and Gol TV Canada, as well as the Scotiabank Centre. Rogers also owns the MLB’s Toronto Blue Jays.
Montreal-based payment processor Nuvei has already entered the sports betting industry south of the border. Nuvei has been granted approvals that will enable the company to provide its services to sports betting companies in Colorado and Indiana.
Nuvei recently announced it has entered into a definitive agreement to acquire SimplexCC Ltd. (“Simplex”), a fintech startup providing the fiat infrastructure to the cryptocurrency industry, for approximately $250 million to be paid in cash. The transaction is subject to customary closing conditions, including regulator approval, and is expected to close in the second half of 2021.
Cryptocurrency has become a popular method for players to top up their online sports betting accounts.
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