Single sports betting now legal: Now what?

Single sports betting

August 2021 marked a new dawn for the Canadian sports betting industry. Following the call by renowned sports enthusiasts to legalize what has already been a thriving billion-dollar sector, Federal Justice Minister David Lametti made the much-anticipated announcement. Under the Safe and Regulated Sports Betting Act, Canadian provinces have an approximated $14-billion market at their disposal. The previous regime saw gambling limited to parlays where the only option was to predict the outcome of at least 2 tournaments. Thanks to the passing of the C-218 bill, it is now permitted to stake on just one event. This is, undeniably, a game-changer.  

In an interview with CBS, Chris Lencheski, CEO of Winning Streak Sports and a professor at Columbia University in New York emphasizes the implications of this act on the economy. According to him, “It keeps the money inside the province or the country.” According to the expert gaming analyst, Brian Egger, the $11 billion Canadian market is expected to double in the next 5 years owing to this move. With the economic implications well underway, what does this mean for the average punter and individual sports betting establishments? We explore this and more in the next few paragraphs. 

Implications of the C-128 bill 

Even though the C-218 bill fluently communicates the officiation of single sports betting in a safe and regulated environment, each province is responsible for the regulation of this act. In some provinces, sports betting is still unregulated and this is well within their rights. Many Canadian online sports bettors have shown interest in finding sportsbooks that now offer single sports betting market. It’s not too difficult to find, if you know the features to look out for. Here is a great source of the best sports betting sites Canada that provides information regarding trustworthy and safe sports betting sites and saves you the time and effort in searching it for yourself.                                                                                                                                                   

The immediate implications for the C-128 bill for punters will be the availability of better gaming products.  

Online sportsbooks now have wiggle room to expand their businesses and improve service provision. Executives from theScore are expected to delve into what they consider to be their home turf within the year. In the same line of thought, Fanduel’s new Canadian general manager, Dale Hooper, details his support of the C-218 bill. DraftKings brings plenty of experience needed in the seamless execution of the bill. Moreover, these large corporations will storm into the new market with favourable odds aimed at driving traffic to their websites.  

Single Sports betting – the good, the bad, and everything in between  

For many, this is a cause for celebration. While a massive number of recreational Canadian sports bettors can’t contain their excitement, real money gamblers take this as an opportunity to analyze the new market. The Canadian Gaming Association CEO, Paul Burns expresses that gratitude to C-218 bills which has leveled the playing field in the country. As a consequence, gamblers can do away with the risk of betting at shady websites. The single sports betting market also makes for increased revenue, as players have fewer impediments on what they can wager on. Bettors also now have more incentives to register at locally regulated online sportsbooks.  

According to Paul Burns, a lot of sports betting revenue has previously leaked to entities outside Canada, hence not benefiting the local population. With Bill C-128 in place, however, more money will go towards improving the standard of living in each province. On the downside, Dr. John Sader who also sub-specializes in addiction is concerned about the issues of gambling addictions that are predicted to rise. Large gambling corporations are working with local regulatory authorities to ensure responsible gaming and curb the challenge before it explodes. For now, it appears single sports betting is exactly what the Canadian sports scene was lacking. 

Before Bill C-218 

Without the new bill, Canadian gamblers were certainly lagging behind. Since the criminal code left a gap in the regulation of online gambling, offshore sportsbooks and casinos capitalized on this loophole. Illegal operators were collecting billions that could have gone into Canada’s coffers. There were a few proposals to legalize single-event bets and other forms of betting but they were all dismissed. The government had restricted sports gambling to multiple bets on at least three events. This was meant to curb match-fixing. Generally, the Canadian criminal code was set forth to protect citizens but it failed to address critical issues such as illegal offshore bookmakers.  

Concluding observations  

With the introduction of the single-event sports betting statutes, Canadians will now be able to place bets at professional bookmakers in a safe and regulated environment. Since the announcement of the new laws, big gaming companies have moved to invest in the potentially lucrative industry. The sports betting scene in Canada will never be the same. Before the introduction of single event betting, Canadian bettors were only allowed to place multiple bets with three or more events. For single events, bettors had to turn to illegal operators and grey-area offshore bookmakers. The C-218 bill opens up floodgates for safe, favourable odds, entertainment value, live in-play betting and so much more!  

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