The Canadian bookie industry is happy after discovering the House of Commons approved Bill C-218. The legislation will allow single sports betting in the country. The bill will now advance to the Senate.
Bill C-218 amends the Criminal Code. It would allow territories and provinces to regulate in-person and online bets on results of individual sporting events. At present, players can place parlay bets. Only horse races allow wagers on single events.
According to the best online bookie software, around $14 billion worth of wagers from Canadian players went to offshore sportsbooks each year. After legalizing single sports betting, the country’s legal sports betting industry would grow from $500 million to around $28 billion.
Bill C-218 returned to the House of Commons Thursday night after the House of Commons Justice and Human Rights Committee reviewed it. Also, it received bipartisan support and remained intact throughout the legislative process. According to 9DollarPerHead.com sources, the only amendment it got was to keep horse racing’s pari-mutuel betting system.
After the House of Commons sent the bill to the Senate, many people want to learn how to be a bookie in Canada. Also, Canadian companies increased their investment in the sports betting industry.
Bragg Gaming Group, FansUnite Entertainment, and Score Media and Gaming saw their shares increase as investors are optimistic about the future of Canada’s legal sports betting industry. Thus, they see it as a mirror of the boom of the US sportsbook market.
The online gambling market in the country can earn $3.8 billion to $5.4 billion in gross gaming revenue each year. Also, Canadians showed support for the federal legislation, as seen with its bipartisan backing.
Besides sports betting companies, legal single sports betting will bring growth to other industries, including IT, media, secure payment, and telecoms.