Canada Sports Betting Bill Goes Forward
The bill that would legalize legal betting on single sport competitions in Canada pushed forward when it reached its final passage on Wednesday this week to become federal legislation. In addition to adding critical tax revenue, the bill could also decrease the income that is currently wagered by illegal sports betting platforms overseas.
Bill C-218 Takes The Final Move To Federal Rule
Now one step forward is the Canadian Bill C-218 which will legalize legal betting on single sporting events. The law, known as “the Safe and Regulated Sports Betting Act”, reached its final passage on Wednesday this week, to become federal legislation. The bill calls for an update to the Criminal Code of Canada by deleting subsection 207(4)(b) to allow for legal sports betting on single events. If the bill passes federal law with the elimination of this clause, the betting on specific sporting activities will be allowed.
Considering that the bill is now one step forward, the news was very positive for the Canadian Gaming Association, expressing optimism that the bill would be enacted as federal legislation. The CGA said in a statement:
“The CGA is pleased that the federal government has recognized the urgent need to amend the Criminal Code to offer safeguards to Canadians as well as an economic recovery tool for the provinces.”
In addition, the CGA said that with the implementation of a government bill the sector can be confident that it will be dealt with in a timely manner. The Association's CEO Paul Burns explained that the CGA is thankful to the government to step in to secure the bill's passage.
Single Case Legal Sports Betting Offers Critical Income Tax
MP Kevin Waugh had proposed the bill earlier this month. Considering the extreme economic effects of the COVID-19 pandemic, proponents of the move explained that once the law passes federal laws, crucial tax collections will be taken in.
As Bill C-218 was presented, the CGA CEO said that opening gaming facilities would act as a boost for the economy. That will build hundreds of new workplaces. In addition, large tax taxes will be collected across Canada for several towns.
Another argument Burns stated in favor of the bill was that more than $4 billion is wagered by online sports wagering website overseas, and just $500 million is wagered by legal regional sports lottery goods in Canada. To put it another way, many canadians use offshore or illicit and unregulated markets that can also be risky.
According to Burns, if Bill C-218 is enacted, the regulated sports wagering sector would also “drive additional revenue through increased food and beverage sales, gaming activity” and sustain employment in Canada's legal and regulated gaming industry, in addition to tax revenue.
