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Posted on: February 17, 2021, 07:41h.
Final up to date on: February 17, 2021, 07:41h.
Todd Shriber Learn Extra
In a extremely anticipated transfer, Canada’s parliament on Wednesday permitted wagering on particular person sporting occasions, paving the way in which for eventual introduction in provinces and territories.
Canadian Prime Minister Justin Trudeau. He voted in favor of single-game sports activities betting as we speak. (Picture: Toronto Star)
Invoice C-218, laws launched final 12 months by Member of Parliament Kevin Waugh (Saskatoon-Grasswood), was voted on and simply handed upon second studying within the Home of Commons with Prime Minister Justin Trudeau voting in favor of the movement.
Invoice C-13 was beforehand launched by the federal authorities and would legalize single-game betting on the nationwide degree. The Home of Commons is predicted to take up that laws over the near-term. With Wednesday’s determination, Canada modernizes a sports activities wagering system in dire want of refreshing. For years, sports activities wagering was primarily “authorized” within the nation, however gamblers might solely wager on parlays.
We count on that the legalization of single occasion sports activities betting will facilitate the introduction by provinces and territories of a much-needed modernized sports activities betting framework of their respective jurisdictions that may embody vital shopper protections and the flexibility to generate new income streams for provincial and territorial governments,” mentioned Rating Media and Gaming CEO John Levy in a press release.
C-13 is slated for its second studying on Friday and like C-218, it’s broadly anticipated to cross. From there, will probably be left to Canada’s 10 provinces and three territories to determine how single-game wagering will probably be rolled to potential bettors.
Boon for Choose Operators
As is the case within the US when varied states be part of the authorized sports activities betting fray, Canada’s determination is a win for some operators.
Rating Media, the corporate behind the theScore cell betting app, instantly involves behind as a result of it holds dominant market share in its house nation. The truth is, the timing of parliament’s determination couldn’t be better for the gaming firm. Final week, the operator mentioned it’s engineering a reverse break up of its over-the-counter-traded inventory in hopes of touchdown an inventory on the Nasdaq or New York Inventory Trade.
When Waugh’s invoice was launched final 12 months, Wall Road analysts speculated that amongst US-based corporations, Bally’s (NYSE:BALY), DraftKings (NASDAQ:DKNG) and Penn Nationwide Gaming (NASDAQ:PENN) are potential winners.
Penn holds a 4.7 % fairness stake in Rating Media. For its half, DraftKings has been making ready for Canada motion, lately asserting a take care of the NFL to increase a each day fantasy sports activities (DFS) and content material settlement into the nation.
Huge Market Potential
Rating Media estimates Canada’s on-line gaming market could possibly be price $3.8 billion to $5.4 billion, a forecast “based mostly on historic knowledge extrapolated from authorized on-line gaming markets within the U.S. and globally.”
If the excessive finish of that forecast is translated to deal with, the nation would have outpaced each stay and authorized US state final 12 months aside from New Jersey.
Canada has 37.59 million residents, or almost two million fewer than California. With its personal soccer league, six NHL groups and one staff apiece in Main League Baseball and the NBA coupled with Canadians’ affinity for US groups, the nation is a doubtlessly fertile marketplace for sportsbook operators.
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