November 25th saw the Canadian government introduce the bill allowing legal sports betting on single events
Kevin Waugh describes this new bill as a historic moment as it is the third time this bill has been proposed to the House. The Canadian MP states that single event betting already exists in Canada, with that specific industry worth over $14 billion. However, the industry is dominated by the black market.
Kevin Waugh (pictured) illustrates that: "95% of it exists underground on the black market or through offshore websites. These are unregulated sport-wagering sites. None of that activity is subject to government regulations or taxes; none of it is creating jobs in this country or economic opportunities; and none of it is contributing to consumer protection, education, harm reduction initiatives or support services, which are badly needed in this country."
Currently, punters in Canada are only able to place bets on more than one game while also having to choose a winning team. These are known as "parlay" bets. These type of bets amount to roughly $500 million per year, due to the fact that they are extremely difficult to win - a huge difference from the $14 billion registered by the single event betting industry.
The Canadian Gaming Association is also happy to see the bill gain the backing of the government.
“The CGA is pleased that the federal government has recognized the urgent need to amend the Criminal Code to offer safeguards to Canadians as well as an economic recovery tool for the provinces. By introducing a government bill, the industry can be assured that it will be dealt with in a timely manner and will benefit from all-party support to see it through."
This will certainly help the country recover economically amid the impact the virus has left on many communities within Canada.
Lastly, major North American sports leagues have also expressed their support for the legalisation of single event sports betting with National Basketball Association (NBA); National Hockey League (NHL); Major League Soccer (MLS); Major League Baseball (MLB) and the Canadian Football League (CFL) all supporting the cause.
About SiGMA Europe:
SiGMA Europe will take place on February 16-18, 2021. Europe remains a leading market for gaming, making this the perfect opening gaming show for 2021. Join us for the 7th edition of SiGMA at the MFCC - Malta Fairs & Conventions Centre, and explore how you can benefit from being a delegate, a sponsor, an exhibitor or a keynote speaker.