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As Canada moves closer to regulation, local gaming giants are becoming more optimistic, and preparing more seriously.
Current Legislative Momentum
The latest advance was last Wednesday's passage by the Canadian Parliament Bill C-218, bringing Canada to the dawn of single-event sports regulation.
Next Steps
The Canadian Senate passed the bill, which now moves on to committee for the third reading, to finalise the legislation.
Key CEO Speaks
This development brought a statement from a major private player in the regional space, CEO of leading sports media app and mobile betting provider theScore John Levy, who expressed confidence that the bill would be “swiftly passed at third reading” before discussing the process in more depth:
"The Bill has now been referred to the Senate’s Standing Committee on Banking, Trade and Commerce, which provides another opportunity to discuss how safe and regulated sports betting will benefit all Canadians by implementing necessary consumer protections, generating critical tax revenue for our communities and driving job creation.”
Respect for Priorities
The top executive's understanding of the bill and the priorities of a regulated environment bode well for both competition and licensing applicants.
Good Timing
Now needing a third reading by said Senate Committee, and then Royal Assent to become law, the passage of Bill C-218 looks to significantly boost the Canadian economy in challenging times.
Market Size
Basing projections on historical data, theScore estimated the Canadian online gaming market gross gaming revenue to open between $3.8bn and $5.4bn.
Prime Position
Based in Toronto, theScore is in line to be one of the first private operators to enjoy the benefits of a multi-billion dollar Canadian regulated market. Currently, theScore provides licensed services across regulated North America, having gone live with its sportsbook in New Jersey, Colorado, Indiana and Iowa.
Outlook
The respect for the need for legislation to effectively protect consumers out of the gate is a key component of Levy's comments. If licensed operators in the new jurisdiction can effectively put the need to protect consumers ahead of the need to turn profit, the fruitful jurisdiction of Canada can develop quickly into a haven for private operators, regulators stakeholders and society at large—as soon as Bill C-218 moves through its final stages.
