It is undeniable that nowadays it is very rare to consider sports without sports betting. These two terms have been associated for a long time and have a common denominator: making money.
However, online gambling often has limitations and rules in different countries so it is good to be informed when deciding how, where and when to bet.
As there is no absolute regulation on online betting and gambling platforms in Canada, sports betting has been practiced for years in a normal way, so bettors can freely bet on the sports of their choice.
Is Online Betting Legal in Canada?
The novelty that has taken place this year is that the federal government has legalized betting on individual sporting events. In this way, legitimacy can be given to an industry in which Canadians spend billions of dollars a year.
As of August 27, this federal law came into force, which at least allows the provinces to regulate sports betting to some extent, although for the time being there is no general absolute line being followed, but each province regulates it as it sees fit.
This law allows Canadians to have the opportunity to bet on sporting events in a regulated and safe manner as the different bookmakers must conform to the requirements of the law.
Bookmaker review sites such as bet.farantube.com provide information on which sites are safe to bet on and which ones to avoid if you want to play safely.
According to data provided by the federal government, people in this country spend about $10 billion a year on individual sporting events and this is due to bets placed illegally on the online black market.
What is more, there should also be considered an additional $4 billion a year in offshore jurisdictions where such bets are legal.
Under the new regulations, the country now has the potential to bring that money back to Canada, so that it can be controlled and taxed legally. It is also a way to take money away from organized crime, as this would launder the operations.
So far, there are six provinces in the country that allow parlay betting and with this law, things will improve a lot, not only for the government but also for the bettors, who will be able to carry out their tasks in a safe way.
For this reason, the opening of the individual sports betting market means an advance towards a more generalized objective in this matter, something more integral and beneficial.
It is only fair that people know where they are betting, that if they place money with the bookmaker 22bet or other bookmakers they will have a chance to cash out in the event of a betting win.
How did the United States react to this law?
The reaction has been very encouraging, as a large volume of money has been moving from the US market to the Canadian market ever since.
Many analysts think this is a wise strategy because the Canadian gambling market is gearing up for steep and steady growth.
More strategically targeted work and better government involvement will be key to turning this potential into a tangible reality in a short period of time.