TORONTO – B2B gaming technology provider Bragg Gaming Group (TSX:BRAG, OTC: BRGGF) commented this morning on the Canadian government’s vote on Bill C-218 yesterday to legalize single-event sports betting, ending a decades-long prohibition on the practice.
“We’re very pleased with the successful outcome of the vote,” said Paul Godfrey, Bragg Gaming Board Member. “The overwhelming backing for the Bill is a strong indication of Canadians’ overall support of the move to legalize single-event betting, and a very positive step for both the legal gambling market in Canada and the overall economy. Not only will this Bill ensure that profits from sports wagering go back into Canadian communities, rather than illegal black-market channels, but it will also secure Canadian jobs and create a safer, more regulated environment for Canadians.”
“The legalization of single-event sports betting also ensures a level playing field for Canadian operators globally,” added Adam Arviv, CEO of Bragg. “Jurisdictions around the world are evolving their gaming regulations to reflect today’s global gaming market and this move will allow the Canadian market to keep pace.”
Bill C-218 would decriminalize new forms of sports gambling in Canada. While Canadians across the country are currently permitted to place bets on a series of sports events, a form of parlay betting, they are prohibited from placing a bet on an event in, or on an outcome of, a single game or match. These new forms of betting are referred to by many as single-event sports betting or single sports betting.
Advocates of the legislative update, including Bragg, advise 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 see an estimated $14 billion in bets from Canadians on an annual basis.
The Bill will now move to the Justice Committee and then be read one more time with potential amendments, before being sent to the Senate, and then to the Governor-General for Royal Assent. Final approval could occur as soon as May 2021.
Bragg stand 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.
Bragg Gaming Group (TSX:BRAG, OTC: BRGGF) is a global B2B gaming technology platform provider. With operations across Europe and North America, Bragg is expanding into an international force within the burgeoning global online gaming market.
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