What Is Sports Betting?
To engage in sports betting, one must make a prediction about the result of a sporting event and then place a stake or bet on it. The fundamental goal of placing a wager on a sporting event is to increase one’s bankroll. Spread betting, ‘draw no bet,’ and a few other bet types have only one outcome; all others have two. You either win or lose your bet based on the bookmaker’s odds.
In addition to sports wagers, sports betting covers gambling on entertainment, such as Dancing with the Stars’s winner, and money, such as interest rate changes. Sports bets can be placed on the outcome of a game or tournament, or on specific events that occur during the course of the game. A football match between Arsenal and Chelsea, for example, could have several different outcomes, such as Arsenal winning 2-1, Arsenal winning by one goal, Arsenal leading at the halftime break, or a specific player scoring.
The term “bookmaker,” “bookie,” “sportsbook,” or “betting agency” can be used to describe a corporation that provides sports betting services. A betting exchange is a service that provides a marketplace where odds are set. Punters and bettors are two terms for customers who put bets.
Legalized Sports Betting In Canada Is On The Horizon
Even though efforts to legalize single-game wagering in Canada have been ongoing for some time now, it won’t be until 2022 that things really get moving. Even major professional sports leagues, who had previously opposed sports wagering, changed their minds when the Supreme Court abolished PASPA in 2018, which was a federal prohibition on sports betting. Canadian sports teams are often affiliated with American leagues, thus it seems natural that their popularity will spread over the border.
In 2021, a game-changing bill C-218 was tabled in Parliament, bringing the push for legislation to Canadians which allowed them to place bets on sports in Ontario easily and safely. The bill’s goal was to empower provinces to authorize single-game sports betting by altering the national criminal law. Since sports betting is widely accepted across Canada, single-game wagering is likely to be introduced in the majority of provinces, if not all.
Although the law was approved by the Commons in February, the Senate refused to act on it for several months. Bill C-218 passed Parliament on June 23 despite concerns that it wouldn’t make it before Parliament’s summer break. Fans and wagerers across Canada celebrated on that day.
Ontario’s Gambling Laws
The minimum age required to gamble legally varies from province to province in Canada, as do the types of wagers that can be placed and the sports on which they can be wagered. Both sports betting and online gambling require a minimum age of 19 years in order to be considered legal in the province of Ontario.
In the same way that you can place bets on the results of athletic events by going to a casino, you can also place bets on those results by using an online sportsbook. Before being allowed to place online bets, sports fans in Ontario are subjected to a variety of other prerequisites in addition to age restrictions. It is essential to read the policies of an online betting site before signing up for an account with that site.
Users must have a valid email address and give appropriate account information in order to bet online. Bettors will be required to show proof of Canadian residency and proof of a Canadian mailing address. A payment method accepted by an online service provider is required to deposit or withdraw funds.
Date On Which It Went Into Effect
After a brief period of uncertainty, the bill went into force as scheduled at the end of the summer. Canada’s Governor General serves as an appointed representative of the Queen and must approve any bill passed by Parliament. After that, the law must be put into action by the Prime Minister. While Justin Trudeau, Canada’s Prime Minister, had originally planned to make legal sports betting available by the end of 2021, an announcement on August 27th changed that.
Ontario Sports Gambling History
Since the inception of single-game sports wagering in Canada, the province of Ontario has been looked upon as a gold mine. Just like biblical tattoos, gambling has always been loved. With approximately 15 million citizens and a shared border with both Michigan and New York, two of the most populous American states, Ontario is the most populous province in Canada. There had been discussions about easing restrictions on internet sports betting before Bill C-218 was passed by Parliament.
Before the enactment of C-218, sports betting occurred in Ontario in both legal and illegal forms. On the OLG ProLine platform, bettors can bet on parlays, where each bet is made up of two or more separate bets. Due to the difficulty of winning a wager in Canada, parlays are better than nothing.
Unlicensed offshore books, which run without a licence and take in over $4 billion annually, are the other option for gambling in Ontario. As a result, offshore sportsbooks were able to operate prior to the enactment of C-218, which made single-game wagering unlawful but not clearly banned either. The $10 billion that is illegally wagered in Ontario each year, coupled with the growing demand of offshore sportsbooks, is money that Ontario will no doubt be pleased to see going through legal channels.