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Last updated on December 12th, 2022 at 02:54 pm
The Canadian government has introduced a new bill last week, proposing to allow single-game sports betting in Canada.
The new bill will decriminalize a longlasting restriction on gambling and it follows a similar trend in the United States. In the states, a Supreme Court ruling lifted the federal limits on sports betting. States such as New Jersey, New York and Michigan have legalized single-game gambling at casinos, racetracks and online. It also lead to a lot of new partnerships between sports media companies and gambling operators.
What is the current situation for the sports betting in Canada?
The current legislation allows Canadians to make parlay bets. This means placing multiple bets on a game. If any of the bets in the parlay loses, the entire parlay loses. According to CBC news, sports bettors in Canada spend about $500 million a year on parlay bets. Moreover, Canadian operators generated $385 million in revenue last year.
However sports betting in Canada is also loosing from the lack of single-event betting. Furthermore, some Canadians choose illegal sports betting operators where they can gamble on a single game. And the amount of money lost in the black market bookies is estimated at about $3bn.
The new bill for single-game betting will make it possible for sports bettors in Canada to bet on single events legally. Whether be it online or at a physical location like a casino.
The amendments we are proposing today will help create a safe and regulated environment for Canadians who wish to participate in single event sport betting. This bill would also protect Canadians by taking profits out of the hands of organized crime and will help our economy by supporting jobs.
David Lametti, minister of the Department of Justice
The bill has gained the backing of Canadian casinos and North American sports leagues the NBA, NHL, MLB, MLS and Canadian Football League. It will be acted upon next year.
