It’s nothing short of a phenomenal start for sports betting in Ontario! The announcement by the Ontario Lottery and Gaming Corporation confirms the placement of wagers worth over $1 million in the first week.
The Canadian province now has one legal sportsbook, Proline+, which became operational on the 27th of August 2021, which is also the date when sports betting became legal in Canada. Proline+ accepts online sports wagers via your internet browser or an app. Right now, various sports events across the globe are open, which includes all the most popular North American matches.
Just One Week to the NFL, Excited Sports Fans
It is most likely that a rapid increase in the amount is to be expected once the NHL and NFL seasons start within a month. Sports enthusiast welcomes the single-event sports betting before the NFL season that already gets underway next week. The NFL teams competing at the stadium only 75 miles away from the Canadian border include the Detroit Lions, Buffalo Bills, Seattle Seahawks, and the Cleveland Browns.
Canadian sports fans have enjoyed legal wagering on parlays for decades, Bill C-218 decriminalized wagering on single events in June. This included Super Bowl wagering, while an estimated 14.8 million of the population in Ontario makes it a top 10 market. Ontario bettors are super excited after their need for best-in-class wagering has been answered.
Ontario versus British Race for Highest Sports Betting Performance
The impressive figures of the first week in Ontario sports betting could receive competition as British Columbia enters the race for the highest sports betting performance in Canada. The population in British Columbia is estimated at 5 million, while the province enjoys a huge growth rate of 5 to 7% since 2000. It is also home to the MLS Vancouver Whitecaps, CFL BC Lions, and the NHL Vancouver Canucks.
The boxing match between Tyron Woodley and Jake Paul on the 29th of August attracted betting worth C$40,000. Within the first five days of legal single-event betting, the number of new players in B.C. registering reached over 1,200 new accounts.
C$250 million Estimated Loss Over Past Five Years
The BCLC recently announced that the loss estimated over the previous five years could be as high as C$250 million. This is revenue lost due to sports devotees placing sports wagers at offshore and unregulated bookmakers.
According to research by Parliament, the amount Canadians bet on single sports events yearly comes to around $14 billion US dollars. Meanwhile, Ontario leads and has solid plans in inviting privately operated sportsbooks on future rollouts. The participation of casinos is eagerly awaited, yet in terms of access to retail bookmakers, no firm plans are confirmed, just yet. Expected sportsbook applications could include theScore based in Toronto, PointsBet, FanDuel, BetMGM and DraftKings.