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No Legalization Means Canada Misses Out in Sports Betting Revenue

No Legalization Means Canada Misses Out in Sports Betting Revenue

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Published by Programme B

For many years, Canada has been ahead of the US in regards to online gambling. In Canada, there are no restrictions on where residents can access online casinos, so these players have had many more options than US gamblers. Canadian bettors are free to engage in casino gambling at Canadian based sites as well as many offshore sites, including www.casumo.com. Canadian based online casinos generate a huge amount of revenue, however, Canada may be missing out on more by not legalizing sports betting.

In 2018, the US made some huge changes in the legal landscape if online betting and many states are now offering sports betting as part of their services. With this came some increased revenue. Instead of US bettors visiting offshore sites, they can now place their sports bets right in the US. Many land-based casinos in the US have added sportsbooks sections. While only a few of these have gone online at this time, the plan is to offer a wide array of online sports betting to US bettors in the near future.

For Canadians, this means they may lose some business to US betting sites and offshore sites. Canadian regulations still restrict sports betting, so some Canadians may turn to these US-based sites and venues to meet their gambling needs. While online casinos remain free to access for Canadians, the option to place legal sports bets in the country is still restricted, which will quickly reveal a major loss in revenue.

Canada has now fallen behind many other countries in regards to gambling. There have been a number of chances to modernize the gambling laws, but there is still no legal means to place sports bets within Canada. Bettors turn to offshore sites and now with sports betting legal in the US, many Canadian gamblers will surely become patrons to these venues, costing Canada millions in the long run.

Canadians are known to love sports and even though sports betting is restricted in the country, residents find ways to place their wagers at other sites in various countries. There is an estimated $10 billion that is bet on sports each year by Canadian residents, with the majority of that money going into the pockets of offshore operators. Since single-game betting is restricted in Canada, sports betting fans will find other ways to meet their betting needs.

With the offering of sports betting at many local casinos in the US, Canadians are now making the trip to neighboring US states to place their wagers. While doing so, they are also playing casino games at the venues. Over time, this will have a negative impact on the existing casinos in Canada unless regulations quickly change. It is important to keep revenue in the country, but since Canada is not making any changes pertaining to sports betting, they have already started losing money to the US.

These losses have already been noted by many lawmakers and they are trying to pass some laws that would make changes to the Criminal Code. This would allow sports betting in Canada, but at this time, no final decisions have been made on whether this will be done or when it could possibly change. For now, Canadians continue to access offshore online betting sites and with nearby US states offering great new sports betting venues, thousands of Canadians are taking their money to the US to place their wagers. 

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