Sports betting happens to be a growing and flourishing industry across the world. It is the activity of predicting sports results where you place a wager on the outcome. A bet is placed on a game or a race by the fans. This acts as an avenue for them to prove their knowledge and understanding of the game. Sometimes it is also done to prove their sheer loyalty to a particular team or a player. 

It is difficult to imagine a modern player who does not want to receive additional income without spending massive time or physical effort. Sports gambling can be profitable if bettors have superior knowledge about athletes and teams.

Historians say sports betting began with horses. But they could only be placed in the city of Rome. The advent of the internet has changed it all and made the entire process much smoother. The logistical process is now way easier worldwide and the world is also now a global village.

With the latest legislation that allowed single-match betting, the Canadian sports betting industry opened several new doors. The game has not only been widely popular in Canada but has also been a constant source of revenue for the country. Sports betting is about to experience a massive boom in the future and hence is a tempting ground for investment. But before you do it, here are some essential facts you must know about sports betting in Canada.

1.  Canada legalized sports betting in 1985 but the federal ban on single-game sports betting got lifted on Aug 27, 2021.

Until recently, Canadians were stuck in quite a peculiar situation. This was because single-match betting was not exactly legal in Canada. For this reason, the country people ended up using the services of European and American providers to navigate the situation somehow.  Before Aug. 27, 2021, parlay bets — two or more bets rolled into one — and pari-mutuel gambling has been the only type of sports betting permitted in the country. Since August 27, 2021, single-game wagering has also become legal in Canada.

2.  Why did they suddenly feel the need to lift the ban and legalize it completely?

The brings us to the second interesting fact! The main reason for legitimizing sports betting in Canada by lifting age-old restrictions and laws is, to recover from the loss. In recent times, A loss was incurred by the shortage of revenue from sports betting. The successful implementation of legalized sports betting south of the border has also caused many naysayers, including several professional sports leagues, to change their tune.

There is still a lot of speculation around how every Canadian province will regulate this new legal form of betting. We can hope that bettors will be free of unnecessarily twisted parlay bets. The onus will now be on each province to make regulated sports betting appealing enough to prevent local bettors from flocking to offshore websites.

3.  Demography of sports bettors in Canada: Most bettors are men

70% of sports bettors in Canada are males. Men happen to constitute the largest part when it comes to being regular sports enthusiasts. So, this fact is anything but obvious. The largest age group are people aged between 34-54. They constitute 46% of the total sports bettor. The younger people fall in the category of 18-34 years and are 37% of the whole. 18% of the mass is older people of the society who are over 55 years old. Most gamblers prefer casinos and slot machines.

Though it would be wrong to assume that women do not take part in sports betting in Canada, the number of them engaging in the activity is quite less. The reasons are mainly their lack of knowledge or interest in different sports and the high concentration of males already in the industry. Only 10% engage in sports result prediction. However, there has been an increase in the number of women who take part in watching sports or take interest in sports betting in the recent times. In spite of this, the demographic difference in this activity is quite striking.

4.  The Canadian sports betting industry made $242 million in 2019.

39% of revenues come from “land-based” businesses that are legal. Regulated online vendors account for only 3% of sports betting in Canada. Most online businesses are not regulated, and the approximate figure is around 53%. According to the Canadian Gaming Association, sports wagering exceeded $450 million as early as 2010. The association also emphasized that a majority of sports wagering revenues are unregulated.

Conclusion

The recent stats show sports betting to be worth $2.4 billion by 2023.

 Even putting aside this very optimistic prediction, even conservative estimates of the growth of the Canadian sports betting sector settle on $1.5 billion. Online betting and legitimizing sports betting have positively contributed to the booming of this industry to these heights.