BCLC Estimates CA$175 Million Revenue from Single-Game Sports Betting
The British Columbia Lottery Corporation (BCLC) is looking forward to the legalisation of single-game sports betting in Canada and the new business opportunities that will stem from this.
It’s been a long, windy road to the legalisation of single-game sports betting in Canada. But, after years of an uphill struggle, 2021 seems to be the year when this form of betting got the government stamp of approval.
The British Columbia Lottery Corporon (BCLC) has been working hard at modernising and diversifying its online offering in an attempt to recoup the losses suffered since March 2020 due to the shutdowns and suspension of activity as a result of the ongoing pandemic. Novelty bets and big events have been added to the repertoire to lure more new players to the fold.
Safe and Regulated Sports Betting Act
The Safe and Regulated Sports Betting Act, which still needs to get the Senate’s nod, is seen as revolutionary for Canada’s wagering industry. The act will grant punters the freedom to bet on single events and offer them fair betting conditions at all times.
The new legislation is expected to encourage gamblers to pursue more legal betting channels instead of using dubious sportsbooks. It is estimated that, over the past five years, a quarter of a billion dollars was lost to grey-market offshore gambling providers.
BCLC has been highlighting the benefits of its PlayNow.com online platform, which has been readied to launch single-event sports betting the moment these get the legal backing. The Crown corporation also highlighted the possibility od sportsbooks being introduced to in-house casinos in collaboration with the government and regulatory bodies.
It is estimated that as much as CA$175 million in revenue could be generated in British Columbia following the launch of single-game sports wagers. As the wave of support for the bill gathers moment, Ontario Racing has been the latest betting leader to voice its support for the legalisation.
Woodbine Entertainment, Quebec Jockey Club, Racetracks of Canada, and the Horsemen’s Benevolent Protective Association of Ontario also expressed appreciation to the House of Commons for the opportunity that this legalisation is to provide for the racing sector and the gambling industry as a whole.