Online gaming provider applauds the federal move toward a more modern, regulated betting market
TORONTO – Bragg Gaming Group Inc. (“Bragg”, the “Group” or the “Company”), a Toronto-based and innovative B2B online gaming solution provider, today provides commentary on the Canadian government’s proposed federal legalization of single-event sports betting.
“We’re very supportive of the move to legalizing single-event betting,” said Rob Godfrey, Board Member at Bragg Gaming. “Jurisdictions around the world are modernizing their gaming regulations to reflect today’s global gaming market, and Canadians – and the country’s operators – should have the same ability to place bets as their international peers. The reality is that many Canadians are already placing single-event bets today, but through illegal black-market channels that make them vulnerable. This proposed legislation will move a significant portion of these activities to a safer, more regulated environment that better protects Canadians’ interests while also ensuring a level playing field for Canadian operators.”
The expected introduction of legislation by Federal Justice Minister David Lametti is focused on legalizing single-event betting within Canada, and is anticipated to end a decades-long prohibition on the practice. Advocates of the legislative update, including Bragg, feel that allowing betting on single events, such as a hockey or baseball game, will go a long way to curbing black market activities which currently sees an estimated $14 billion in bets from Canadians on an annual basis.
Bragg stands alongside Canadian casinos and other online gaming operators who have expressed support as the current restrictions make it harder to compete with their U.S. and international counterparts. Bragg also looks forward to and supports similar legislative updates at the provincial level, driven by the need to increase tourism and jobs, once the federal bill and Criminal Code amendment has passed. While the provinces control gambling operations in the current regulatory landscape, their operations are restricted to “parlay bets” – a lower-odds bet where individuals must choose the winning team in multiple games to win – rather than permitting single-event bets legally.