There has been one significant event happening in Canada sports betting this year, and that is the legalization of single event betting. The momentum this has created can be felt even at the end of 2021, with provinces across the country embracing this new form of sports gambling operations in earnest.
The governments of British Columbia and Ontario have been among the early adopters of fully-scaled single-event betting. There are numerous reasons for this to be the case, but mostly – there is a pent-up demand for more flexible betting events as people have been gladly taking up the opportunity to place single wagers..
Has There Been an Increase in Betting Activity After Legalization?
The easiest way to gauge whether sports betting has truly picked up in Canada is to look at the numbers as they are able to reveal all there is to know. Ontario, a province that previously posted a modest sports betting handle, has been able to collect $1 million in total sports betting wagers in just a week of opening sports wagering on single events.
The province clocked a total of $6 million for its first full month of sports gambling since Federal Bill C-218 made its way through the legislature and became law in August 2021. Ontario has also demonstrated the importance of interactive gambling as the leading segment for sports bettors.
Not only have sports fans in the province been far more inclined to place a wager – but they are also opting for remote gambling opportunities as well. According to official data released by the province for the first month of betting, the Ontario Lottery and Gaming Corporation argued that 77% of all bets were handled via its online sportsbook.
The OLG has also released a survey examining consumer trends in the province and Canada in general. The corporation found out that 62% of all people interviewed said they were MORE likely to make a single-event bet as opposed to the parlays which were allowed before that.
The Potential of the Legalized Single-Event Betting Market in Canada
Potential is usually a difficult word to pinpoint. Canada is enjoying steady gains in its sports betting market precisely because it has chosen the pandemic as a period not to rue but to re-focus its efforts on bringing more up-to-date legalization that has had some significant gains.
Speaking about the sports betting industry’s true potential, there have been many positive signs. For example, numerous stakeholders have applied aggressively to partner up with the state-controlled businesses as private licenses are still being examined.
Companies have predicted that sports gambling in Canada could be worth at least $2 billion, which makes for a significant and very welcome chunk of money if the industry’s full potential is ever reached. To get to these numbers, though, provinces will have to continue with their legalization push making sure that their operations are up to the required standards.
British Columbia and Ontario clearly lead the way in terms of early adoption and a desire to be pushing their operations even further.
A Final Word on Single Event Betting in Canada
The betting market in Canada after the opening up of single-event betting looks fantastic. There are multi-million untapped opportunities yet to be enjoyed, and that is precisely what many provinces, stakeholders, and sports fans are trying to get into.
Of course, sports fans will have to wait. For Canada now, it will be important to leverage its single-event sports betting industry well and limit access to offshore betting not through re-regulating the industry entirely but rather by offering great options that are much closer to home as well.
