The gaming operator and media company has set its sights on entering the market, if and when it becomes legal to do so.
The Canadian federal government introduced Bill C-218 to the House of Commons in November 2020, which if passed will legalize single-game sports wagering.
It must be passed by both House and Senate, and would see such wagering be made legal across Canada’s 10 provinces and three territories.
The bill is expected to pass in the spring of 2021, with the Canadian Gaming Association estimating an industry worth of over $14bn in annual gross gaming revenue.
Focusing on sports betting, online gaming, esports, online poker and other verticals, HeadsUp looks set to be one of the first operators to enter the market.
The company is currently negotiating with two sportsbook software providers and a strategic partner amid a potential merger.
“The rapidly evolving opportunities in the Canadian market, as well as in other countries, are very encouraging and our team has been anticipating licensing and government regulation that we are strategically poised to take advantage of,” said HeadsUp president and CEO Doug Wilson.
Should the legalization of online sports betting become official in the country, Canada will follow in the footsteps of US states such as Nevada, Pennsylvania and New Jersey.
The Ontario provincial government earlier this week signalled an openness to legalizing online gambling, with companies such as DraftKings, Bragg Gaming Group, MGM Resorts International and GVC Holdings all expected to take advantage.
