Known as the Safe and Regulated Sports Betting Act, the private members’ bill amends Canada’s Criminal Code which had previously barred single-event wagering. Up until now, Canadians could only place parlay sports wagers.
The bill now awaits Royal Assent from the Administrator of Canada, which is all but a formality.
Kevin Waugh, Conservative Member of the Canadian House of Commons and sponsor of C-218, said on Twitter, “The prohibition on single-event sports betting in Canada is just about over!”
Single-event wagering could go into effect by the end of the year. Toronto-based Score Media and Gaming Inc. (theScore) was one of the bill’s most ardent supporters and is poised to benefit from today’s vote.
Late Tuesday, the company was trading at $24.28, above 9% where it started the day.
"The Senate’s passing of Bill C-218 earlier today is an historic moment for Canada as it will legalize single event sports betting," said theScore Chairman and CEO, John Levy. "We thank MP Kevin Waugh and Senators David Wells and Brent Cotter for championing this Bill, which garnered strong all-party support through both the House of Commons and Senate. The passing of this important legislation allows theScore, along with our fellow stakeholders, to collectively usher in a robust industry that will drive business, technology innovation, employment and economic growth while providing a safe and trusted environment in which Canadians can wager on sports.”
theScore estimates market potential for online gaming in Canada to be between $4.3bn and $5.4bn in annual gross gaming revenue. Ontario’s market potential of $1.7bn and $2.1bn in annual GGR would make it equivalent to the fifth largest US state by population.
"Canadians will now be able to reap the numerous benefits resulting from a comprehensive, regulated sports betting framework that protects consumers, creates jobs and generates critical tax revenue,” said Levy. “The passing of this legislation is momentous, and we are confident that Canada will embrace legal sports betting and become a leader in this rapidly developing and cutting-edge industry. We look forward to continuing our collaboration with the provinces to ensure the establishment of a safe marketplace that provides a suite of reliable and trusted options for consumers."
