Why Bill C290?
Canadians have been legally betting on sports for decades but are only permitted to make parlay bets (wagering on the outcome of 3 or more events). C290 amends the Criminal Code to permit wagering on the outcome of single sporting events.
Why is this necessary? Canadians enjoy wagering on sports, and they are wagering approximately $450 million annually on parlay bets with provincial sports lottery products. However, Canadians are wagering over $14 BILLION annually on single sporting events.
How are they doing this? Illegally, through access to offshore Internet betting sites or through local bookmaking operations predominately controlled by organized crime.
Why do they do this? It’s a fairer bet as it provides a knowledgeable sports fan with a better opportunity to win their bet. It means if you want to bet on the outcome of the Super Bowl you aren’t required to also pick the outcome of an NHL hockey game or English Premier League football match.
Sports books that take single event wagers typically return 93%-95% back to the bettor in prizes, while with provincial sports lottery products less than 70% that goes back to the customer.