There’s no doubt that Canadians love sports. With that said, Canadians are thrilled to hear that the Safe and Regulated Sports Betting Act will come into force on August 27, 2021, so they will soon have a new way to enjoy their favorite sporting events. As you may already know, with the previous betting rules, Canadians could only place bets with multiple outcomes. Single event betting was forbidden. However, now, with single sports betting, this is about to change. Canadians will be permitted to place bets on single events, which represents a major milestone and achievement for the Canadian gaming industry.
This also includes online betting in Canada, which gained tremendous popularity over the past few years. Some of the main reasons behind its massive success are accessibility, convenience, and versatility.
Until August 27, 2021, single-game betting was not explicitly legal or illegal, therefore many Canadian bettors ended up wagering with European bookmakers and other offshore operators.
Things to Consider Before Placing a Wager on Sports
Online sportsbooks make it look easy to get started, and for the most part, they are, however, before you jump in, you should take a few minutes to learn what to do and what to avoid. Before placing your first bet online, you must decide which betting site you want to use. While there are tons of reliable and legitimate sportsbooks out there, there are also a lot of scammers.
With that said, you must make sure that you’re gambling on a licensed, reputable, and secure casino site. Also, you should compare the odds at different betting sites. For instance, if you know that you are most likely to bet on upcoming 2021 NFL season matches, starting on September 9, you can compare the odds at different betting sites through a comparison website.
Finally, you will be prompted to provide payment details in order to set up your account. While this may take a few minutes, you will be pleased to know that you’ll only have to do this once. And once you enter your password and email address, that’s when the fun begins.
How will Single Sports Betting Look Like in Canada?
Generally, the sports betting system in Canada is going to be very similar to the betting system from the US, which was first to legalize it three years ago. Basically, each state regulates its own betting market, and similarly, in Canada, it will be up to each province when it comes to terms and decisions on opening up the market to private companies or to operate sports betting themselves. Finally, it can be noted that some of the most well-known operators such as FanDuel, DraftKings, and BetMGM have not only kept an eye on the Canadian sports betting market but went even as far to submit applications in multiple provinces.
How Much Is it Worth?
Shockingly, it is estimated that offshore betting sites and all other forms of back market wagering are siphoning around $14 billion annually, only out of the Canadian sports betting market, which is quite honestly crazy.
Luckily, it is said that a league and regulated sports betting industry can bring much if not all of that revenue back into the government coffers. It is estimated that a retail sportsbook located in Caesars Windsor Casino will alone generate $70 million in betting handle annually.
Finally, it is believed that single sports betting over the first two years of legalization will generate between $1.5 billion and $2.5 billion.