A Quick Guide To Canada’s New Single Game Betting Law
One of the most exciting new changes in betting in Canada has come into law, as Canadian players will now be able to make single-game wagers. The law came into effect on August 27th, and there is now expected to be a huge influx in betting in the country. But, what does the new law entail, and what impact could it have on the industry not only in Canada but the rest of North America?
What Is Canada’s New Gambling Law?
The new rule came into place on August 27th, and Canada’s new gambling law will mean that single-game bets can be made on the most popular sports. Previously, players north of the border were only able to make parlay selections when it came to online betting, but this is certainly a thing of the past now. The betting laws can be altered depending on the online gaming jurisdictions, which means that each province will be able to govern the rules for their area. That means that sportsbooks looking to take advantage must follow the gaming laws in the respective province that they are looking to open in. However, the change in the law is one of the most exciting developments that has been made in recent memory in Canada, and could have a huge impact on the industry.
Impact On Betting
The law change is set to have a huge impact on the betting scene in Canada, with more money set to stay in the country. Previously, it was reported by the Canadian Gaming Association that they found that the majority of sports bettors in the country were wagering around $14 billion every year with illegal bookies or offshore sites. One of the main reasons for this was down to the fact that the offshore sites offered single-game betting and other markets that weren’t made available to the Canadian sportsbooks. The fact that these Canadian sportsbooks are now able to offer to markets will have a huge impact on the sportsbooks where players will make their wagers. There has immediately been success stories with the change in the law, with the Ontario Lottery and Gaming Corporation announcing that they had received over a million dollars in bets in just the first week of offering single-game betting markets. It was found in the statistics that 74% of the money that was wagered over the seven-day period was bet on the ProLine, which is specifically for single-game betting. It would seem as though the appetite is already there for Canadian fans.
What Betting Markets Will Be Available?
The number of markets that players will be able to make bets on is expected to increase over time, with more added on a regular basis. Of course, the number of markets will reach an all-time high by the time that we get to the later parts of the biggest North American competitions, with an extended number of single-game markets likely to be available next year for the Super Bowl, Stanley Cup and NBA Finals. However, there are already a magnitude of single-game betting markets available with the leading sites in Canada, which have already shown to be massively successful with gamblers in the country. Hockey fans will be able to find markets such as over/under total goals, handicap, and first period goals. Meanwhile, basketball fans will also be able to make bets on the total points scored in the respective games throughout the NBA season. MLS, and other soccer leagues around the world will also have a number of excellent single-game markets, including first goalscorer, number of corners, and total cards. It is the extra freedom that the single-game betting markets offer that will ensure it will be an unrivaled success.
Could This Impact The US Gambling Industry?
The question on the lips of all gamblers is whether there could be a knock-on effect when it comes to the impact that it could have on the American gambling industry. The answer is undoubtedly, yes. Due to the size of the betting interesting in provinces such as Ontario, it is hugely likely that a number of the big American sportsbooks will be looking to move in on the area to get their slice of the pie. It is unknown at this time when that may be, and which sportsbooks will be making a move, but all will become much clearer later in 2021 and in 2022.