Single Bet Sports Wagering Might Become a Reality in Canada Soon

The prospect of legalized, ‘single bet,’ sports wagering has been knocking on Canada’s door for quite a while now. Canada has paid no attention to legalized, ‘single bet,’ sports wagering until recently when new moves were made to convince policymakers to amend the Criminal Code of Canada. This will be a much welcome change to take activity away from the black market and into the light. The latest initiative is being led by Ontario’s Finance Minister, Vic Fedeli. The major sports leagues have also not been shy about showing their support.

News about interest in legalized sports betting came to light when The Toronto Sun got their hands on a letter sent to the federal Finance Minister Bill Morneau from Fedeli. The letter highlights the need to change the Criminal Code of Conduct. The letter elaborates on the scale of the illegal betting market as well as the requirement that Canadians have for a legal option so that they can bet on their favorite sports.
In the letter, Fedeli has written about how fast single event sports wagering is growing in the gambling industry. He has also written about how, in a year, more than 90% of the sports dollars wagered in Nevada sportsbooks are on single event bets.

He further elaborated by saying that Canadians who face an absence of single legal sports betting alternatives turn to illegal, offshore sportsbooks, or to US casinos which offer single event sports wagering. There have been estimates which have put illegal single-event sports betting at $110 million per year in revenue, in Ontario alone.

There is truth to Fedeli’s statements as Canadian casinos which are limited to parlay bets are located on the border with the US which results in them competing with gambling venues stateside. These venues will most probably offer legal sports wagering within the next two years. This would result in many Canadians feeling compelled to spend their time and money in America which would result in the Canadian economy taking a huge hit.

Many other prominent people such as Chantal Cipriano, a gaming lawyer in Toronto, have said that the current situation in Canada is driving Canadians to place offshore bets which might result in some of the Canadian market being lost to foreign competition.

A change to the Criminal Code of Canada would do wonders for Canada’s economy.