Single sports betting was recently approved by the Canadian Senate through Bill C-218, which is big news for the Canadian sports industry.
Given that Canadians' annual bets are already estimated to exceed $10 billion a year through offshore betting websites and illegal gambling operations, the country's sports landscape will change significantly if the bill is passed for nearly a decade.
The impact of the bill, which includes sports marketing, media alliances, and related activation, will be enormous for industries that have been severely and negatively affected by COVID-19.
Many industry officials representing professional sports teams and leagues are already planning one of the changed sports obstacles they describe, if not the most, in the modern industry. Experts note that the market has great potential in that it could be a $4 billion profit opportunity.
Numerous sports betting companies, including Draft Kings, Panduel and Point Bet, will now enter the Canadian market. It will contribute greatly to the economy through a variety of means, including new revenues from individual consumer betting as well as realized revenues from sports marketing alliances with professional teams and leagues.
This new revenue stream will be hard to ignore, but it's full of big, unknown impacts.
Sports industry in Canada:
Today, the value of the global sports industry is estimated at about $529 billion. In particular, it was well recognized that it was greatly affected by COVID-19 in relation to fan-related profit losses such as viewing performances and ticketing.
In Canada, for example, the Raptors had to play in Florida due to international border restrictions caused by COVID-19, and the cost was harmful.
In the United States and Canada, the sports industry is valued at about $80 billion, and Canada accounts for one-tenth of the size of this market.
Single game betting provides a new means of attracting fan sports property entertainment experiences, which is why many sports teams, media partners and related sports sponsors are actively “all-in” around this highly engaged consumer sector.
This new market can be compared to Big Tobacco donations that were officially extinguished through previous federal laws. In the 1970s and 1980s, he had a new and somewhat intractable power as one of Canada's most influential sports funding partners.
And it took 10 years for the single betting bill to pass, but stakeholders and the government are still trying to regulate the effectiveness of the new sports betting industry.
This means classifying best practice strategies that can be compared to Wild West when not restrained.
Social influence
So, what is the impact of single game betting on industry and society, and how will it be regulated?
The government recently announced that the current form of the bill is implementing surveillance and policies on various concerns, including a revision to ban match fixing and a revision of the criminal law to allow first nations to review lottery tickets.
But what has not yet been considered is how responsible betting will be coordinated, managed and communicated. To date, there is no evidence of national, independent or indefinite dialogue on responsible bets. We know that related addiction can increase, especially recent evidence in Canada shows that sports fans and bets appear to be at higher risk of problem gambling than non-sports fans.
Single-game sports betting is now legal in Canada. shutter stock
What are the appropriate roles and positions of key stakeholders in the new and current field, and how will this new category be defined as a means of sports marketing? The exchange of related sports data for betting purposes remains unclear.
One concern is the lack of mechanisms that can be compared to the National Council on Problem Gambling. Another concern is the lack of diversity in the sports betting industry. The industry is already full of traditional male profiles. A comprehensive diversity strategy can attract young and smart people.
What is the meaning of Canadian sports?
The jury still hasn't much to say about the impact of the current legalized single-game sports betting industry.
However, this change will be a monumental change in size and value, with the potential to have a major impact on the sports industry in ways that have not been seen in decades.
The industry should take immediate action to consider open, transparent and responsible bets. It should also lead to diverse cultures and have strong consideration for true and lasting footprints in industries desperately packed to return to sports after COVID-19.
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