Sports fans in Canada can now bet on their favorite game without worrying about breaking the law. The federal government of Canada has passed a law that makes it possible for Canadian sports enthusiasts to bet on athletes. The new law will be put into practice from the 27th of August.
The new federal law will allow officials to manage bets on single-sports events.
According to the Canadian Gaming Association (CGA), Canadians spend about C$10 billion per year on illicit single-event sports betting, as well as C$4 billion on offshore websites that are not regulated at the provincial level.
Canada will modify its criminal law to decriminalize single-game sports betting on a federal level as a result of Thursday’s announcement. Individual provinces, on the other hand, will be responsible for regulating sports betting. As a result, the activity’s implementation might be patchy, with larger provinces like Ontario and British Columbia anticipated to take the lead.
The law will be put into practice with a very specific goal in mind. The Canadian government has realized that over 10 billion dollars every year is being funneled into betting on sports-related events on the black market. Moreover, more than four billion dollars are spent each year on grey market activities such as betting on offshore sports events.
By enforcing this new federal law, the Canadian government is able to channel this money back into Canada’s economy. In doing so, this money can be taxed and monitored. The MP, Chris Bittle of St. Catherine’s, Ontario, explained that Canadians have bet on sports events for quite some time, but a law in the Criminal Code has prevented people from betting on individual sports events.
He explains that changing this law prevents billions of dollars from falling into the hands of criminals who organize such betting events. Attorney General, David Lametti, told the press that this law allows sports enthusiasts to bet on individual sports events, which can be regulated and monitored by the provincial and territorial authorities.