AGLC and Calgary-based company support move to legalize single-event sports betting
CALGARY -- Proposed changes to legalize single-event sports betting in Canada has earned the support of Calgary-based betting company Real Luck Group and Alberta Gaming, Liquor and Cannabis (AGLC), the province's gambling regulator.
The two groups say opening up single-event betting to Canadians could bring in tens of millions of dollars in revenue to the province.
"It's long overdue," said Quentin Martin, the CEO of Real Luck Group.
"It's a substantial revenue stream that doesn't require a huge amount of legislation and guidance to work through. And it protects Canadians at the same time."
In late 2020, the federal government unveiled proposed changes to legislation that would allow Canadians to bet on single events. The legislation could come into effect this year, and AGLC says it will be ready to offer single sport betting on its new online gambling portal right away.
"In addition to integrating sports wagering into PlayAlberta.ca in 2021, adjusting the Criminal Code to allow for betting on a single event would give AGLC the ability to work with its industry stakeholders to offer sports wagering in destination facilities throughout Alberta," said AGLC COO Niaz Nejad.
Canadians already spend billions of dollars every year on sports betting. Legal offline betting is limited to Sport Select in Alberta, which only allows parlays where people bet on two or more games at a time.
According to the Canadian Gaming Association, bettors in the country spend an estimated $10-billion per year making single-event bets through illegal bookies. Another $4 billion is wagered through offshore online betting sites.
AGLC estimates Albertans collectively spend more than $100-million each year betting through online gambling sites and daily fantasy sites and apps, such as DraftKings and FanDuel.
For Calgary's Real Luck Group and its subsidiary Luckbox, the new legislation would allow them to offer Canadians the same betting options that already exist on other offshore online sites.
"We would be able to accept bets from Canadian customers for any esports betting event, but also any traditional sports betting event," Martin sad.
"It's kind of a win-win for everyone."