Sports Betting On The Verge Of Regulation
Ontario may very well soon claim its share of the sports betting market from the neighbouring US. A draft budget this week saw the light and it appears as if Ontario’s progressive conservative government has been paying heed to what various prominent political and business figures have been calling for, for the last couple of months: the legalisation of single event sports betting.
Several current topics enjoyed coverage including sports betting, online gambling, and the enjoyment of alcoholic beverages in public spaces. If the draft budget were to receive the go ahead, Canada will finally be in a position to offer to its citizens what they have had to seek out on the other side of the border up until now.
Bringing The Money Home
Provincial government’s commitment to the cause of bringing local business back home is clearly reflected in the new budget. If sports betting were to be legalised, changes will have to be made to the country’s Criminal Code, which describes wagering on single events as being unlawful.
The fact that the nearby states of New York and Michigan are fast headed towards full sports betting regulation is in all likelihood what prompted the call to action on the part of federal government. If these states were to offer legalised wagering services, Canada would in all likelihood witness a weekly mass exodus as Canadians flock cross-border to the bright lights of betting heaven. What must be kept in mind is that his will not only influence what revenue could have been generated on local soil, but also the livelihood of existing entertainment businesses. Betting on sports in the US also means supporting US casinos, eating at US restaurants and staying over in US hotels.
In order to prevent this from happening, the budget not only outlines proposed changes to regulations, but also proposes that new games be added to the existing online gambling sector.
Healthy Competition Needed
The fact that the Ontario Lottery and Gaming Corporation effectively runs a monopoly in terms of online games has also been hinted at, and government now appears to be moving in the direction of appointing a second and even third games service provider.
Government has also confirmed that foreign online operators will, as is the case at present, enjoy a continued presence in the country, with some of these already being service providers of choice as far as Canadian players are concerned.