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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 accepted 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 immediately. (Picture: Toronto Star)
Invoice C-218, laws launched final yr 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 resolution, 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 anticipate 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 essential 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 extensively anticipated to go. From there, it will likely be left to Canada’s 10 provinces and three territories to determine how single-game wagering shall 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 resolution 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 residence nation. In truth, the timing of parliament’s resolution couldn’t be higher 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 a list on the Nasdaq or New York Inventory Trade.
When Waugh’s invoice was launched final yr, Wall Avenue 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 p.c fairness stake in Rating Media. For its half, DraftKings has been getting ready for Canada motion, lately asserting a cope with the NFL to broaden a day by day fantasy sports activities (DFS) and content material settlement into the nation.
Huge Market Potential
Rating Media estimates Canada’s on-line gaming market might be price $3.8 billion to $5.4 billion, a forecast “primarily based 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 dwell and authorized US state final yr apart from New Jersey.
Canada has 37.59 million residents, or practically 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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