Despite much higher-risk parlay bets being legal in Canada for years, the country only approved single-event wagers a few days ago. Join us as we look at Bill C-218, what it accomplished and its potential financial impact on Canada.
The passing into law of Bill C-218 is a watershed moment in the history of legal gambling in Canada as the long anticipated single-event sports betting bill finally received Royal Assent.
Paul Burns, President of the Canadian Gaming Association (CGA), said:
“This is a major milestone and achievement for the Canadian gaming industry. The CGA has been working to legalize single-event sports betting for more than 10 years and Bill C-218 benefited from a groundswell of broad stakeholder support from across Canada. The need for regulation, oversight, player protection, and the creation of economic benefits for Canada was understood by everyone involved in the legislative process, which is why the Bill was successfully passed.”
As strange as it may sound, while Canadians have always been able to legally place bets on multi-outcome, also known as parlay bets, it has been illegal to place a simple win/lose wager on your favourite team.
What Did Bill C-218 Accomplish?
Bill C-218 is Canada’s latest Safe and Regulated Sports Betting Act which amended the country’s existing Criminal Code specifically addressing its outdated sports betting laws. The previously held position denied bettors the option to wager on the outcome of “any race or fight, or on a single sport event or athletic contest”.
The specificity of this law allowed for savvy bookmakers to legally circumvent this by offering parlay bets where in order to win the bettor must correctly predict several events on a single betting slip. Despite claims that single-event betting poses a gambling addiction risk, the reality is that parlay bets are the type of wager most likely to cause losses.
As the new legally binding legislation regarding betting, Bill C-218 allows for each province to determine if they will offer single-event betting within its border.
Carrie Kormos, Chair of the CGA, said:
“The serious and thoughtful consideration of Bill C-218 by Senators and Members of Parliament will dramatically improve the ability to offer sports betting in Canada and provide an important competitive tool for an industry that has been severely impacted by shutdowns.”
While how it will be implemented is yet to be decided it has however been unanimously agreed that these bets will be offered across Canada within weeks of it receiving Royal Assent.
Bringing the Bacon Home
The installation of the Safe and Regulated Sports Betting Act could a real game changer for the financial health of the country. While Canadian sports fans could legally place parlay bets the added risk associated with these bets makes them a side option, not the main thrust of any gambler’s day at the races.
The CGA provided analysis of Canadian betting habits and reported that while the local market saw more than $500 million per year in wagers it believed that an additional $4 billion was bet at online sports books and a further $10 billion at illegal land-based bookies.
By offering legal single-event betting on local and international events the CGA is hopeful that the lion’s share of this historically wasted $14 billion will be redirected into local Canadian bookies which will create more jobs, increase taxable income, and generally cause a significant sustainable uplift to the local economy.
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