Bragg Gaming Group Inc (TSX:BRAG) (OTCMKTS:BRGGF) (FRA:SL4A) has hailed the Canadian government’s vote on Bill C-218 on Wednesday to legalize single-event sports betting, ending a decades-long prohibition on the practice.
The B2B gaming technology provider said Bill C-218 will decriminalize new forms of sports gambling in Canada. It said 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.
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Bragg added that legalizing single-event betting will also “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, the company said, adding that final approval could occur as soon as May 2021.
“We’re very pleased with the successful outcome of the vote. 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,” Bragg board member Paul Godfrey said in a statement.
“The legalization of single-event sports betting also ensures a level playing field for Canadian operators globally. 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,” added Bragg’s chief executive Adam Arviv.
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