What You Need to Know About Canada’s Sports Betting Revolution
By Space Coast Daily // June 17, 2022
Sports betting is a favourite pastime activity for millions of people around the globe. Many individuals enjoy placing a bet because they follow a particular sport, league and team. That’s why many opt to bet some money and potentially take more of it home. Things are no different in Canada, as plenty of its citizens like watching the NHL, NFL and NBA, among other popular sports.
However, when it comes to sports betting, things are not so simple. Even though they’re better now than in the past, there’s still a long way to go before that kind of wagering is completely legal in the best online casinos. This article will address the status of the sports betting revolution in Canada.
What Were the Past Regulations?
Sports betting was recently forbidden throughout Canada. There were few exceptions throughout the country that allowed people to place particular bets at local tribal casinos. Still, sports betting was largely illegal. The only caveat that many passionate bettors practices was to bet on offshore platforms. Many decided to visit a $5 deposit casino and try their luck by betting on their favourite sports team. Plus, they didn’t have to spend a lot of money to give it a go.
This wasn’t illegal because there was no law specifying offshore gambling brands. So any Canadian was free to register with an international platform and place bets on available sports.
What Were the Implications?
The biggest challenge with that state of affairs was bad for both the country and the players.
First, all the sports betting money was getting outside of Canada, meaning that other countries and brands from other territories were getting the benefits of the Canadian economy. Given that the Canadian sports betting and gambling market is big, it was a big loss.
On the other hand, players were at a disadvantage too. There were no guarantees that they were safe as no laws put them in a safe spot. They had to carefully research brands before making the decision of where to register and play. The best bet was registering with platforms holding Malta Gaming Authority Licensing and UK Gambling Commission licensing.
These are probably the primary motives why the revolution is underway.
What’s the Current Status of Sports Betting
Currently, some types of sports betting are legal in particular provinces. Much like in the US, ever since 2021, Canadian provinces are able to independently regulate sports betting regulations. While a certain province might allow it, another one might decide to keep it illegal.
That’s great news because there’s a higher degree of freedom. Among the provinces, Ontario is the one leading the way. The local authorities have fully regulated sports betting and online gambling in general. Brands have to apply for licenses from local authorities. They rigorously check whether the brand is compliant with local requirements. That way, they ensure a fair gaming experience for everyone.
When it comes to the rest of Canada, things continue to remain in the gray. This will, however, change in the future.
Where Will the Future Take Sports Betting?
The revolution is still in progress. While Ontario has regulated online sports betting, many other provinces are to follow. It’s likely that British Columbia and Alberta are next in line, but we’ll have to remain patient and see. One thing is certain, more provinces will keep regulating online sports betting. Who knows, maybe payments with popular cryptocurrencies become accepted, as they are with some offshore brands.
Canada wants to protect its players from illegal offshore brands that often take advantage of sports bettors. Once all the provinces regulate betting, players will know that every operator they choose has gone through detailed revision. They’ll know that their private data is secure and that they’ll get their payout from the winning bet.
Watching and wagering on various matches is a great leisure activity for Canadians. Therefore, it’s safe to assume that it’s going to become fully regulated in the majority of provinces. Now that each province can make an independent decision, local governments are weighing whether they should regulate it.
The biggest benefit is all the tax money that locally registered brands would undergo. That would provide a big boost to the local economy, helping it continue steadily growing. By the current looks of it, we’ll see more provinces join Ontario as more Canadian bettors start enjoying sports betting locally.