This week, sportsbook platform provider BtoBet expressed interest in the Canadian gambling industry and the newly regulated market. The company released a new industry report titled Canada Betting Focus, which analyzes Canada’s market opportunities, while also providing a regulatory review and data on the market’s short-term growth potential.
The report addresses the background of the legalization of single-game betting, which became true in August last year. The change was introduced by passing Bill C-218 into law, and many sports gamblers were looking for it because previous rules prevented them from betting on a single game, such as the Super Bowl and the Gray Cup final.
According to research by BtoBet, the Canadian gaming market is expected to reach C$1.5 billion to C$2.4 billion in the second year after legalization. By comparison, before the introduction of single-game betting, it was only about C$241.7 million. It also found that there were 36.98 million Internet users, or 96.5 percent of the total population.
The company’s research also conducted a thorough analysis of the legal market versus the black market, and the need to turn players back into regulated markets. The study even cited the Canadian Gaming Association, which said that Canadians love sports betting and that they trade around C$10 billion a year through illegal bookmakers.
In addition, the study found that more than C$4 billion is betted through an online sports betting website. Meanwhile, we’re betting just another 500 million Canadian dollars on legitimate local sports lottery products. This means that Canadians like to place bets through mostly illegal and unsafe betting websites, while also pumping out potential returns for the country.
Ontario, Canada’s most populous state, is also taking its gambling sector to a new level, as it will launch an open iGaming and sports betting market for private operators this spring. The expansion is led by Ontario’s Alcohol and Gaming Commission and iGaming Ontario, a subsidiary of the former. This market officially begins on April 4, 2022.
So far, the province has had several operators sign up to the regime and offer their online sports betting and iGaming products to eligible Ontario residents. For the most part, Bet365, a sportsbook operator that already operates in the country’s gray market, has been approved to join a regulated system. The company will offer the same options as before, but after April 4, they will be offered in regulated form.
Not long ago, Rush Street Interactive, an Illinois-based online gaming and sports betting company, also said it would be part of a new market. The company’s offerings may be familiar to Ontario residents, as they are offered on CASINGO4Fun®, a free-to-play social gaming platform.