SportsCanada Considers Ratifying Single Game Betting Options to Increase Tax Revenue

Canada Considers Ratifying Single Game Betting Options to Increase Tax Revenue

Canada Considers Ratifying Single Game Betting Options to Increase Tax Revenue

A recent ruling by the US Supreme Court has had far-reaching consequences for Canada, which is now considering following in its neighbour’s footsteps and legalising single-game betting options. Canada has already been proactive in legalising sports betting and other types of online gaming, yet a federal ban remains on single-game sports betting, with the only option currently available to would-be gamblers being a type of gaming known as ‘parlay bets’.

Rich pickings and a thriving industry

For those living within Canada’s borders, parlay betting allows bets to be placed on various sports events, or alternatively on single sports events which are held across a number of days. This is a market worth millions, with a vast amount of money spent each and every day.

It is not the only type of gaming which is popular within the country. More traditional casino options are also widely enjoyed, with a whole host of businesses dedicated not just to providing gambling products, but to sharing information from the experts on the best slots and the most lucrative bonuses, as well as rating casinos like LeoVegas and Dunder based on these aspects.

All told, the gambling industry injects millions of pounds into the economy each year, and therein lies the problem. With the latest ruling set to make Canada much less competitive than its neighbour, legislators are being forced to rethink the laws surrounding single-game betting.

Outside pressure and additional income

It’s not the first time Canadian legislators have had to review such a stance. In 2016, a proposed law was created which sought to legalize the betting option, but it fell at the final hurdle after failing to gather the necessary number of votes in the House of Commons.

Despite this continued refusal to recognize single-game sports betting, however, a thriving industry exists, with many Canadians opting to game with offshore operators instead. Although these entities provide such services illegally, without paying any tax to local authorities, they nonetheless earn around $4 billion each year from the country’s denizens.

This is why many are seizing on the actions of the US Supreme Court to push for the legalization of single-game sports betting in Canada itself. Arguing that it would induce people to invest their income into local companies and their home economy rather than foreign entities capitalizing on the current legal situation, proponents hope that a similar move will be made by Canadian legislators.

It’s true that an increasing amount of pressure must be being felt by the Canadian government, with their nearest neighbours soon to join other overseas enterprises in vying for the custom of their locals.

With positive action no doubt necessary to consolidate Canada’s competitiveness and maintain the health of its home-grown casino sector, and the opportunity to add additional tax revenue to its coffers should it opt for such legislation, it seems highly likely that change is finally on the horizon.

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