Canada is on the way to opening up a billion-dollar gambling market. To develop the gambling industry in the country, the federal government decided to make single-game sports betting legal. What are the consequences? And how will it influence the gambling income in Canada? Check the hottest betting news for more.
Since Canadian users spend millions of dollars a year on individual sporting events betting, which was illegal in the country, so the federal government decided to regulate it.
C-218, the federal law, will be active since August 27, despite the royal assent that was received at the end of June. It will allow the provinces to regulate sports bets. According to the latest gambling news in Canada, David Lametti, Attorney General, is sure that this law will give Canadians the opportunity to bet in a safe environment without risks for security.
During one year, Canadians spend about $10 billion on single sports events via betting in the illegal black market. And $4 billion in the offshore markets, where bets on single sports events are legal. So, the main purpose of this law is to regulate this money. The tax can bring the money back to the budget.
What will the federal law change?
The individual-game betting market is the step towards developed and profitable opportunities. It will make GGR much higher without any doubt.
Before this bill, users had to bet on at least 3 different sporting events. And only the correct prediction could make bets outcome.
The Ontario Lottery and Gaming Corporation (OLG) was waiting for this for too long. OLG said that customers will be able to bet on single games online from August 27.
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