There currently seems to be a shift in the mindset of North Americans towards sports betting. In the United States, with PASPA being struck down, there has been a renewed vigor in the US to get the appropriate legislature in place so that sports betting can finally be made available to the masses.
We have already seen strategic partnerships being forged like Caesars Entertainment signing deals with NBA and NHL teams, as well MGM teaming up with GVC Holdings who owns PartyCasino and bwin. These new developments in sports betting have placed an impetus on Canadian provinces to follow suit in trying to broaden the ability to bet with more freedom.
As it is common knowledge in Canada, punters are only allowed to bet if they are placing a wager on more than one sporting event at a time, which increases the difficulty of landing a winning bet. So with the landscape of sports betting coming under the microscope in Canada and the US with the entire gaming industry growing, the question is just how could Canada benefit from a change in law that allow their residents to make single bets?
There are worries in Canada that the country has perhaps waited too long to act on this issue. There are various American states that border Canada – New York, Washington and Michigan among the prominent – which currently make use of the more lax gambling laws of their neighbours to the North. Should Canada relax sports betting laws even further it should guarantee the increase of Americans crossing the border to utilise services that currently remain unavailable in their own country.
This will naturally occur as the boost in the betting industry will be instantaneous. With far more bets placed the need for more sports traders and bet settlers goes up, as well as increased customer service. Casinos will also expand to accommodate the increased foot traffic of patrons who will invariably frequent casinos to make use of the betting facilities. Online sports books will also expand to meet the demand.
Present laws mean that Canadians are making use of foreign online casinos and sports betting sites that allow bets not permitted within their borders. This revenue is leaving the country and being invested in foreign borders. With a change of law allowing punters to wager how they wish people will be more willing to use local companies which, will keep funds in the country. The financial benefits for the Canadian government will be clear in the increased taxes collected.
Eliminating Illegal Activity
The Canadian government believes that in limiting sports betting through the years it has lessened the chances of match fixing occurring. However, the inability of making bets that suit most bettors sees illegal bookies make use of the limiting laws. The appeal of these illicit services will severely diminish with the changing of laws to make the illegal services offered by the bookies essentially the exact same as what punters would find in casinos or on a legal online sports book. This will also put the funds into establishments that pay tax, thus adding to the overall GDP of Canada.