The Laws on Sports Betting in Canada are Currently Stopping its Market Growth Potential

The Laws on Sports Betting in Canada are Currently Stopping its Market Growth Potential

There’s no doubt that sports betting is one of the most popular and accepted forms of gambling across the planet. Canada is no exception, as huge numbers of Canadians enjoy putting money on some of their favourite sports, like hockey and football. However, according to some experts, the sports betting laws in Canada are massively out of date and require immediate attention. Online betting, along with online gambling industry in general, is in a constant state of growth, with major operators like Betsafe Canada heavily invested in new markets, seeking new opportunities and bringing new products to consumers. With the right set of laws, Canada would gain full benefits of a regulated online gambling market, like new jobs creation as well as new tax revenue sources.

Is It Legal To Bet Online in Canada?

As a resident of Canada, you might be asking yourself if placing online bets is even legal. Bear in mind that the gambling laws in Canada are quite complicated and difficult to understand. The legislation was approved in 1970 that enables individual provinces in the region to control its corresponding laws on betting. Thanks to this legislation, gambling was gaining popularity in racetracks and casinos. To know anything related to history of the stock market visit us now.

When it comes to sports betting, it is absolutely legal, but also restricted. You are permitted to gamble on three or more events in a parlay bet. However, you are not permitted to place a bet on an individual sporting event. You will find some steps that should be done to raise this limitation. However, you will find numerous online gambling sites where individual bets are 100% legal.

The reason behind this is geographical. While it is not legal to visit unauthorized betting websites that operate in Canada, a lot of companies get around this by grounding their servers outside of the country. Technically, players visiting such websites are not gambling in Canada. They just happen to live in Canada.

The Gaming Sector as an Important Contributor to the Economy

Legalized gaming in Canada alone generated 16.1 billion dollars. What’s more, it generated one billion dollars in non-gaming revenue for a combined sum of 17.1 billion dollars. Therefore, the sector produces 9.2 billion dollars yearly and it offers full-time employment to 182,500 people.

With a proper and clearly laid out gambling regulations, it would be easier for companies like Betsafe to operate within Canadian borders, making them more comfortable with long-term investments in the market, which is beneficial for both the operator and the government. Ultimately, gaming sector can be an important contributor to the economy. Actually, all countries that have adopted and legalized online gambling saw economic growth, some more than the others. For example, gaming accounts for roughly 13.2% of Malta’s overall economic activity, a country whose friendly gambling laws attracted major casino operators and brought millions of dollars of investments to this small island.

Canada’s sports betting laws should change within a year, experts predict

The Supreme Court of the United States changed everything by overturning PASPA in May 2018. PASPA is an outdated sport betting law-prohibiting wagering on amateur and professional sports in the forty-nine of the fifty states of the states in the US (every state except Nevada). By doing so, other surrounding countries soon realized there is a huge opportunity for them as well if they follow the same steps, especially Canada, a country that has been known as a more liberal of the two.

Some experts in gaming law believe that the government in Canada will adjust the rules in a year. In case this actually happens, the laws will probably resemble those in the neighbouring United States. Apart from that, the provinces of Canada will have the freedoms to tailor their own regulations, allowing them to perform and organize them the way they see fit. Certainly, the Ontario Lottery and Gaming Corp (OLG) is expected to be the frontrunner to single-event sports betting.