Future of Canadian Sports Wagering
The hope for Canadian single-game betting has come around very quickly. From the C-218 bill voted in June, the gambling laws within Canada have eased slightly. While the gambling future for each province still remains uncertain, this bill provides support for the minor adjustments towards a gambling Canada.
The leniency towards gambling within the region will see that great betting sites like horsebetting.com will be more accessible to bettors. This will give them more access to sport gambling niches such as horse racing, one of the most popular sports to gamble on.
What does sports betting actually look like within Canada?
The market is mixed with both online and brick and mortar settings. While there are regulated marketplaces, unregulated practices do so exist. It just so happens to be that a large fraction of tax revenue for Canada is lost through unregulated practices.
The past, present day and estimations towards the future
Currently, 39% of sports betting actually takes place within land-based locations, and only 3% of regulated betting is performed online. This is predominantly due to the fact that betting is not fully available online to all provinces of Canada. A staggering 57% on online betting is actually unregulated, meaning Canada loses out a large amount of tax revenue through offshore betting. USA on the other hand, reported just a 1% of regulated sports betting, primarily due to the heavy restrictions that are slowly easing. Ontario was the location that accounted for the most land based sports betting within 2019.
What does the future look like?
The PwC uses different criteria to currently estimate present day gambling markets within Canada. It has been proposed that unregulated gambling could be monitored more closely by blocking unregulated site access directly, in comparison to other methods used in the USA, such as payment blocking legislations.
The future legislations to come in place for Canada will look very similar to locations of Europe, with models following that of Denmark and Sweden.
A number of caveats
Currently the market includes caveats that actually could alter all projections made and derail progress, yet if we base the selected markets for comparison, the numbers would still be quite significant to follow through on. The PwC has reported that projects could lead to 10 times the market that exists today, and that the first two years of single-game betting could range to revenues of $1.5 billion to $2.4 billion in Canadian dollars.
The biggest drive for all these changes is that the expansion of online betting will go ahead, fully regulated, monitored and secure. Of course, this will not include the province of Ontario, which still dabbles in the largest amounts of unregulated betting within the region. This remains unsurprising for the time being. CBC did report the biggest changes and agreement of the plans to go ahead back in June, however present day the logistics and administration of putting theory into practicality still remains a working progress.
The largest factors that are driving the models of assumptions to the statistics, is the fact that unregulated markets are currently cannibalising the markets that are quite the opposite. Meaning in spite of this, all figures will be massively difficult to measure accurately, and to some degree the unregulated market will convert a large fraction of bettors into a safer and trustworthy market, where things are held more accountable. The largest assurance that comes with regulated markets, is the fact that both bettors and gambling establishments are held accountable and must be responsible for their actions. Security procedures are slick and seamless too, meaning bettors can remain safe, will gambling on the sports that they love, open and freely.
How much is this believed to pay?
The report believes that a total of $425 million GDP will be created from the projects set to commence. This will also create over 2000 jobs, which will obviously be very much appreciated within the economy, especially in a time and place recovering from a worldwide pandemic. Both the PwC models created will measure the impact of tax application (50%), in addition to the land-based taxation revenues (20%), to form high and low growth models to refer back to, at the end of the trial project period.
To conclude overall, it appears that the sports betting realm has still a few airs to take care of to make it a reality. In the coming months, things will appear more in substance, and make Canada move forward into a new era of betting. What it will look like in a first case scenario can go in many ways, but the large majority of people believe it will be a very positive practice indeed.
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