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From casino to sports: Canada’s gambling journey

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Gambling was originally present in Canada amongst native people, quickly becoming cemented into the cultural history of the country. The earliest recognised game that involved a fairly primitive form of gambling – although not with money – was Slahal. This was a traditional stick game, using two different kinds of sticks that were split between the two teams, as well as ten scoring sticks. The sticks were exchanged in the place of currency, with the team with the most scoring sticks ending as the winner. What’s more, Slahal is still alive today and features regularly in traditional festivals across the country, for example, at Vancouver’s Summer Live festival.

Card games have remained the most popular forms of gambling, whether it’s Poker or Blackjack. During the Klondike Gold Rush, the game of Faro had a big boom in North America, but left Canada when the gold rush subsided, although arguably the love for card games remained.

Read on as we talk regulations, the move online and beyond.

Regulations

The Canadian Criminal Code was enacted in 1892, dictating laws and deciding what kind of behaviours would be permitted across the country. In terms of gambling, the Code tolerates it, but only under certain conditions. An amendment was made in 1910 that allowed occasional games of chance where the profits would be used for charitable events and activities. As well as this, games were also sometimes permitted at agricultural fairs and exhibitions.

These laws around gambling remained relatively unchanged until the 1970s, where it was decided that individual provinces would have the authority to license and regulate gambling for themselves.

In particular, Quebec, Ontario and Alberta have created their own corporations and commissions to regulate casino gameplay. The latter operates as the Alberta Gaming, Liquor and Cannabis (AGLC) commission, working to regulate the selling and consumption of alcoholic beverages, recreational cannabis use, and gambling. The policies and rules that the AGLC put in place went on to maintain the fairness and security of all gambling activities, whilst also working to maximise the financial return and potential benefits of gaming.

Going online

The AGLC have taken things one step further, and even gone on to create their very own regulated online casino. The site was developed in 2020 and is called Play Alberta, in which all money that’s made by the site is then funnelled back into the community via Alberta’s General Revenue Fund.

This way of regulating casino gaming helps keep the pastime safe and fair – but how? Well, this site in particular works alongside GameSense to keep all players well-informed before placing their bets, and within their set budget.

Sports betting

As well as casino gaming, Play Alberta has also begun to offer sports betting, which has arguably become equally as popular amongst Canadian gamers. This has been a long journey for the nation, with the federal government only granting provinces the right to legalise single-game wagering in 2021.

The province of Ontario has had a long history of pushing for sports betting to come into fruition, so they are expected to be the first to incorporate sports into the Alcohol and Gaming Commission of Ontario (AGCO) gaming laws.

With the annual betting habits of Canadians already estimated to surpass a value of US$10 billion – you can only imagine how the industry will grow with singular sports betting also entering the market! What sports will you be looking to bet on first?

 

Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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