The Safe and Regulated Sports Betting Act, also known as Bill C-218, is Canadian legislation. It passed the Canadian House of Commons, the Senate, and received royal assent in 2021. The bill legalizes single-event sports betting throughout the country.
This move has been welcomed by people from many walks of society. But it has received special praise from those who spent years campaigning for a legal, controlled, and regulated sports betting industry.
For example, the Canadian Gaming Association (CGA) has welcomed this legislation. And for good reason too.
Ontario Sports Betting After Bill C-218
Several provinces and territories, including, Ontario have announced their plans to implement the law as soon as possible. For example, the Alcohol and Gaming Commission of Ontario (AGCO) is actively engaged in finalizing a framework to regulate iGaming in the province.
Under the framework, private companies will be able to get licenses to provide single-event sports betting in the province. And the response from the private sector has been positive. Several companies have expressed their interest or announced concrete plans to start a sports betting site.
For example, the media conglomerate Torstar has announced their plans to launch a sports betting site called NorthStar Bets. Other companies owned by Torstar include the Toronto Star, Canada’s biggest-selling newspaper.
Based on the initial response, it is estimated that the legal sports betting industry in Canada could be worth $28 billion in 5 years. And, in contrast to pre-Bill C-218 times, most of this money will add to the formal Canadian economy.
That means more economic growth, more jobs, and more revenue for the governments. Besides, bettors will be benefited far more.
Great News for Punters
Bettors can enjoy betting on their favorite sports in a legal and well-regulated environment.
Additionally, there will be more competition in the industry, and competition breeds innovation. That will help the Canadian economy and obviously enhance the betting experience at the consumer end.
More sportsbooks dedicated to Canadian punters will mean better bonuses, better features, and better technology. It will lead to a renewed interest in sports, especially local sports.
Benefits for Local Sports
In addition to major sports like NHL, NBA, and MLB, homegrown Canadian sportsbooks will accept bets for smaller local tournaments. For example, junior-level hockey and a quintessentially Canadian sport like lacrosse could get more attention going forward.
All in all, the new Bill C-218 will usher in a new era for the Canadian iGaming industry. It is estimated to be a game-changer from every angle that will bring Canada on par with other countries.