Sports betting in Canada is experiencing rapid growth, which has been catapulted by recent legal changes to the Canadian sports betting industry. This should create more innovation, jobs and tax revenue for individual states. To truly understand why the sports betting market is growing in Canada, you first need to know about recent events.
Canada legalises sports betting
In August 2021, Canada legalised single-event sports betting. This was a cornerstone for the country, which previously didn’t allow these sports bets. Punters wanting to bet on sports had to use overseas sportsbooks, often referred to as the grey market. It was never illegal to use an overseas operators as long as it was regulated within its own territory. This redirected a lot of potential revenue and tax revenue outside of the country, and it also created underground sportsbooks within Canada, usually ran by crime organisations.
To counter this, the Canadian Government passed a bill (C-218) that made single-event sports bets legal. This means betting on a single game or single market rather than an accumulation of games or markets in a single bet. These bets could be offered by trusted sports betting sites that hold an active gambling license in Canada.
These changes mirror those made by the US Federal Government in 2018 for similar reasons. Both nations made sports betting legal but handed jurisdiction over to individual states. Ontario was the first Canadian state to legalise sports betting on the 4th of April 2022. Many if not all of the other states are expected to follow suit.
Why is sports betting growing in Canada?
The most apparent reason why sports betting has grown in Canada is due to the legal changes outlined above. With legalisation in place, more sportsbooks can acquire a genuine license to provide such gambling services. With legalisation in place, many locals will feel more confident to sign up to a betting service and start gambling. They might not have had the same level of confidence if they had to sign up to sportsbooks that were only authorised and regulated in foreign territories.
Moreover, Canada is a nation filled with sports fans and is seen as a readymade market for sports betting providers. This is why there is an ongoing rush for providers to launch in Canada and eat up as much of the market as possible. Many providers are joining forces or joining local Canadian companies to make this happen.
Where can I place sports bets in Canada?
There are now a number of sports betting providers either active or planning to launch in Canadian states where sports betting is or is being made legal. Some of your options may be state-owned or local companies, whereas other options may be household gambling names from Europe, the USA or further afield.
