With single-game sports betting being recently legalized by the federal government of Canada, many gaming operators are now looking to join in on the country’s gaming expansion. One of them is the peer-to-peer sports wagering platform BetYa Sports, which is excited about the presented opportunities of partnerships and investment potential, with the arrival of the new and now regulated gaming offering.
Recently on August 27, 2021, the Canadian federal government enacted Bill C-218 which now has amended the Criminal Code to lift the prohibition on single-event sports wagering in the country. Now the provinces will form their own regulations on how the offering will be available at each jurisdiction. This has been a long-awaited change for the gaming industry, as now it would be able to catch up with the USA.
Exploring New Market Opportunities
The sports betting scene is one of enormous potential, however, most of the placed bets are poured into offshore websites of grey market online casinos. According to estimations, Canadian gamblers are responsible for 13% of the total sports wagers placed on offshore gaming platforms worldwide. The government is now hopeful that the introduction of regulated single-sports betting can turn this around and thus keeping the revenue in the country.
With regulated individual sports wagering BetYa Sports will be able to provide the industry with an outlet for single-game sports betting by matching users who bet on the opposite sides of a game’s outcome. This way problems emerging from regular sports wagering such as match-fixing and bribes can be avoided. Also, the peer-to-peer model removes the “house advantage’ which many operators exploit.
Currently, the gaming company will be able to provide gamblers with betting on all four major North American sports, as well as soccer, boxing, golf, and mixed martial arts. The plan is to add even more variety as the user base also grows bigger. The company is also bringing wagers on eSports events as the industry is also rapidly growing all around the globe.
With the help of Cansofrt Technologies, BetYa Sports is now more than ready to enter the newly-regulated and rapidly developing Canadian sports betting market, and it is open for partnerships and investment opportunities. Applicants can contact the company on its official website by booking a demo or contact them via email.
Last week the Alcohol and Gaming Commission of Ontario released a guide of requirements for gaming brands that operate in the grey market and want in on the regulated sports betting action of the province. In order to apply for a license, company’s must submit their requests on the commission’s official website. Operators will be required to pay an annual fee and cut their connections to other companies in the grey market before applying.
Previously, leading industry analyst PlayCanada has published its white paper on the recently-regulated sports wagering market of the country. According to the paper, the market is one of huge potential and once it matures enough it could provide to the economy hundreds of billions of gross proceeds and hundreds of millions in taxes annually. Experts predict that the number can reach CA$25 billion in wagering.
Source: “BetYa Sports facilitating peer-to-peer sports betting in Canada legally, following Bill C-218”, Cision, August 30, 2021