The bill has now been approved by the House of Commons and the Senate, making it illegible for Royal Ascent, when it would become law. The bill would make betting on individual sport events legal in Canada. Currently, it is only legal to engage in parlay-style bets, which are when someone bets on two or more outcomes combined into a single bet, meaning that you need all the events you bet on to occur to receive a payout.
The bill has now been approved by the House of Commons and the Senate, making it illegible for Royal Ascent, when it would become law.
“Today marks a historic milestone in the global gambling industry as Canada has taken a pivotal step forward in legalizing single-event sports betting,” stated Scott Burton, CEO of FansUnite. “The legalization of this bill will provide the Canadian economy access to additional employment opportunities, tax revenue, and a safe and regulated platform for betting options.”
The bill was introduced by Kevin Waugh, a Conservative MP from Saskatchewan, as a private member’s bill. Very few private member’s bills become law, and most that do are simply about changing district names. However, in November of 2020, Prime Minister Trudeau’s Justice Minister David Lametti unveiled similar legislation plans, paving the way for collaboratios between the parties in parliament.
The bill would make betting on individual sport events legal in Canada.
Currently, the illegal gambling market in Canada is estimated at ~$10 billion a year, with another $4 billion being wagered through online offshore betting sites. While legalizing individual sport event betting wouldn’t necessarily bring all $14 billion into the legal markets, it would go a big way towards that goal.
FansUnite also thanked Paul Burns and the Canadian Gaming Association for all of their efforts to help Bill C-218 pass.
Back in February, when the House of Commons was voting on the bill, only 15 MPs voted against it, with 303 voting for it. In the Senate, the bill moved forward through a margin of 57 for to 20 against. The bill, particularly in the House, received broad support.
Allowing individual event sports betting will make sports betting simpler and more enjoyable in Canada going forward, which will be good
“As a multinational i-gaming company, we have successfully launched brands and licensed our B2B technology in several jurisdictions, including Latin American and Europe,” added Burton. “This bill’s passing positions FansUnite to play a foundational role in the development of Canadian single sports betting and help shape the Canadian sports betting marketplace. We are ready, eager, and well positioned to continue our successful global expansion strategy right here on our own home soil.”
FansUnite shares are up 2 cents today and are currently trading at $1.05.
Full Disclosure: FansUnite Entertainment is an Equity Guru marketing client.