Around Canada, ample regulation will need to begin to moderate a big change for the country’s economy. A new legal bill that allows betting has received royal assent. It has taken ten years to legalise Bill C-218.
Legally, there will be now an option to lawfully bet on single-event sports events. Single-event sports betting is betting on the single outcome of an event.
The legislation has been met with support from multiple professional sports leagues such as the Canadian Football League.
The legalisation of sports betting is a blow to organised crime. Gaming and entertainment makeup a large part of the Canadian economy. In an industry this large it is a wise move to take the power out of the black market and make it something that can be regulated by the government.
The legalisation and regulation of single-event sports should protect the consumer alongside generating revenue. Illegal organisations would bring in $38 million every day, and now the money should go back into Canada’s economy and fuel jobs and businesses.
It is also something that ultimately protects the player, as previously there were no rules in place to protect them when gambling on offshore sites. However, now Canadians will be able to conduct activities safely related to gambling and there can be responsible gaming.
Billions of dollars can now be regulated legally. Taxes will be paid on winnings, as Canada will finally have their own gaming operations legally set up. This should also support the growth of the economy.
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