The sports betting industry has gone through some major changes over the last few years and is now in a position where there are billions of dollars wagered annually. The growth has been driven by changes to legislation that have made the activity more accessible, as well as an increase in the number of betting platforms that are available.
We’re going to take a closer look at how things all started, where we are now, and what the future could hold. If you’re interested in sports betting in Canada, then read on.
For many years, if you wanted to place sportsbets in Canada, your options were more than just slightly limited. The only option available was to place bets through the government-run lottery system, and even then, only parlay bets were covered. This way of running things was highly restrictive and even barred people from pacing single-event bets: the most popular bets in the world.
It was August 2021 when change started to unfold. The Safe and Regulated Sports Betting Act was passed into law, and this opened up a host of opportunities. With this, provinces were given the power to offer the chance to bet on single events, and this brought the country in line with many others around the world. This legislation was the catalyst for a rapid expansion of the sports betting industry.
The industry has seen such significant growth thanks to the rise of online betting platforms. Before the legislation was passed, there were many Canadians that were wagering on off-shore platforms. These sites were unregulated and left users open to a host of risks. With the law being passed, legal and regulated sportsbooks emerged.
Provinces took control of how sportsbooks would run in their areas and ensured that they were properly regulated. This meant that Canadians now had the ability to wager in an environment that was safe and secure. This led to a surge in new betting activity.
As other countries have seen before, when the sports betting industry is legalised, there are significant economic benefits. The country has benefited from millions of dollars worth of revenue going directly to the provinces. These funds can be used for the likes of healthcare and education. As an example, Ontario alone brought in more than $35 billion of wagers in the first year, and this generated almost $1.4 billion in revenue.
The sports betting market has also been responsible for creating a host of jobs. These are in sectors such as technology, customer support, and media. The new laws have also led to global betting firms expanding their offerings into Canada and this has brought in substantial amounts of investment.
When sports betting was legalised, there was also an increase in the interest in sport itself. This is because betting leads to enhanced fan engagement and people are much more likely to watch an event if they’ve wagered money on it. This has brought major benefits to the National Hockey League, the National Basketball Association, and the Canadian Football League.
On the back of this, many sports teams and leagues have gone on to form partnerships with betting companies. These deals include the likes of sponsorship, odds being displayed during games, and exclusive offers for fans. This is another way to engage fans and to get them interested in what sports betting has to offer.
While there has been rapid growth, this also comes with some concerns. The first of these is around responsible gambling. The easier access to betting increases the risk of issues here and sportsbooks and provinces need to continue to play their role to counter this.
There are also challenges around the competition between government-run sites and those run by private operators. As an example, British Columbia still operates its own betting platform and refuses to allow private operators to enter the market.
It’s fair to say that the future looks promising. It’s likely that more provinces will open their doors to private operators and this will lead to the market becoming more competitive. This is something that will benefit users as companies vie for their business, with bonuses, promotions, and the chance of finding even better odds.
Esports are also likely to come into play here. This is an area that has gained a massive following and people expect to find events covered on reputable sportsbooks. The inclusion of these events will bring in an even larger audience, catering for people interested in computer-based games, and this will go some way to securing the sports betting industry in Canada as a whole.
