A new era in sports betting
My friends north of the border, if you have been itching to put a few bucks down on a Blue Jays game or really want to degen it up and bet on the NFL preseason, your wait is just about over. Next Friday, August 27, sportsbooks in Canada will be able to begin taking single-event bets. In other words, real sports betting has arrived.
In July, Bill C-218, which reversed the ban on single-event sports betting, received Royal Assent, which means it became a federal statute. That did not mean, however, that the law had taken effect yet. In fact, the Canadian Gaming Association (CGA) criticized the government for taking so long to actually set a date for when single-event sports betting can begin. But on Thursday, Justice Minister David Lametti finally did just that, saying operators could start taking bets on August 27.
One slight caveat: like in the United States, just because single-event sports betting is now legal on the federal level does not mean that everybody of legal age will be able to do it. It is still up to each individual province to legalize the activity. All or most will, though, so there shouldn’t be too much to worry about there.
Alcohol and Gaming Commission of Ontario (AGCO) released a draft of the province’s regulations last month and has set August 18 as the deadline for operators to apply for sports betting licenses. The British Columbia Lottery Corporation (BCLC) has already said that its site, PlayNow, will flip the switch on the 27th. Alberta Gaming, Liquor and Cannabis (AGLC) will also have its own site, Play Alberta, but don’t expect that until the fall.
Even the US has been ahead of Canada
Those of you in the States or elsewhere in the world where sports betting has been a thing for a while may be wondering why we keep referring to “single-event” sports betting and why this is such a big deal. It’s one part interesting and one part dumb.
Sports betting is legal in Canada, regardless of C-218. There is one massive catch, though: bets can only be parlays of three events or more. So, if you want to put $10 on the Blue Jays to win tomorrow, you also have to tie that bet to two more, like maybe the Brewers beating the Cardinals and the Reds beating the Cubs. Thus, as parlays work, if just one of those games doesn’t go your way – if the Jays and Brewers win, but the Reds lose – your entire bet is a loser.
But with the new law, bettors can place more traditional wagers. Now you can just bet on the Blue Jays to beat the Nationals on Tuesday like any normal human being would. And if the Jays win, you win, and you don’t have to concern yourself with other games.
It is going to be a gold rush, as operators vie to grab market share, especially in the populous Ontario. One estimate is that CAD$500 million per year is wagered on the aforementioned parlay bets, but CAD$14.5 billion is bet on sports overall in Canada. The difference between the two numbers is going out of the country.
