Following on from the announcement made last week on the proposed legislative amendments to Canada’s Criminal Code that would permit provinces and territories to regulate and license single event sport betting on any sporting event except horse racing. 

Roundhill Investments as part of its weekly Roundhill Roundup, a newsletter which discusses the takes on the top stories in sports betting, gaming, and esports looked at the sports betting landscape for Canada. Commented on the potential of the sports betting landscape in Canada.

Ceo and Co-Founder, Will Hershey stated: “It looks like we’re getting pretty close to sports betting coming to Canada.

“Legislation is currently being introduced that would allow for single sports betting which would really open up a kind of regulated betting market in a large way to Canada where you currently have offshore books that control large portions of the market.

“It’s big news for Canada itself hopefully they can generate meaningful tax revenues from this but more important to us big news for some of the operators up there particularly theScore and Penn which owns a stake in the score.

“A couple of other names that may be relevant here some of the B2B players like Kambi and GAN might benefit as well as Bally’s which recently announced the acquisition of Betworks.”

Believing the probability of the Candian betting opening up to be likely, Hersey got down to the numbers and spoke of the potential scope of the market: “the Candian market will probably add somewhere between 10-30% in terms of TAM to the North American gaming market. 

“Nonetheless this is really kind of the first news we’ve heard of another country itself legalising sports betting in mass and I think this kind of boards well for the regulatory momentum we have in other countries across the globe.

“All in all it’s a trend we’re seeing with coronavirus having decimated state budgets deficits, clearly budget deficits at the country’s levels as well. One last thing similar to the US where we have state by state regulation that comes into play, this will be true in Canada as well on a provincial level.”

You can find Proactive Investors’s interview with FansUnite Entertainment President Darius Eghdami about his take on the proposed legislative amendments to Canada’s Criminal Code here.