Sports betting and gambling have always been difficult topics to tackle. Much like alcohol and tobacco, these are things that are regarded as bad, but at the same time, it’s a product that people want. So, states and governments were always making compromises on these issues.
As a result, there are pros and cons that come with legalizing sports betting, and there is an entirely new set of problems governments have to deal with if they legalize it. Here we will deal with regulations in Canada, or more specifically what they can learn from European nations where gambling is legal.
Current situation
Let’s start with how things currently are. As far as sports betting goes, Canada does not prohibit it, but it does limit your options. For starters, you cannot bet on single events or so-called parlays. This might be very confusing. On one hand, it seems like the state wants to make it more difficult to win, but on the other hand, if only inferior options are available, then people are less likely to play.
Unfortunately, this kind of arrangement doesn’t really work from what we can see. Canadians are using offshore websites in order to place bets that they want, rather than using options available at home. In other words, allowing single-match bets would be beneficial for multiple reasons.
More funds stay within the state
The first benefit of legalizing single-match bets is that more funds will remain in the state. This means that there are more. This means taxes will be higher for those institutions, and that those businesses will grow at the same time. This then leads to more jobs and a bigger budget that can help the community.
Normalizing gambling
The problem that may pop up is that consumer behavior can lead to the normalization of gambling. This is something that people tend to have a problem with, but there are already laws that oblige the providers to promote responsible gambling. If you were to look at online casinos where people play slots, roulette, and poker, you will see that all of the legitimate sites actually warn people about spending money. This is very similar to how cigarette packs have images of unhealthy lungs along with the warnings pertaining to the side effects of smoking.
Another issue is online fraud. Since this is a lucrative business there will be a lot of online gambling parlors that offer sports betting and casino games. With so many players it’s more difficult for regulators to monitor all of them. So, there will be sites that try to trick people into depositing funds. Luckily, Loopx rankings and platforms with a similar goal, tend to rank sites and see if they are legitimate. So it’s one of those issues that can easily be solved by the gambling community. Even now, Canadians are playing on foreign websites that are available in their countries, check if these online gambling parlors are safe.
It can be good for sports
One thing that is pretty common in countries where sports betting and gambling are legal is that those businesses tend to sponsor sports teams. This is because they wish to attract a relevant audience, and these deals are usually very lucrative for sports clubs. With more funding clubs can grow, acquire better talent, and become more competitive during competitions. Of course, there are a lot of regulations in place when it comes to this type of advertising.
When it comes to Canada, there is a lot of speculation that this will also become a thing. It’s important to know that general consensus among the fans also plays a role. Clubs are usually loyal to their audience, and if sports betting operators start to sponsor them that can affect their reputation. In general, people don’t like when billion-dollar corporations are marketed and don’t have a lot of sympathy for them. However, they are there to watch their favorite players and enjoy the game, so it’s only a matter of how much they mind seeing sponsors on sports uniforms.
In general, these corporations do try to give back to the community by donating or supporting good causes, but it’s almost always viewed as a marketing move. Yet, if it makes games better, if it helps people, and if it helps a country be more competitive on sports championships, then those benefits should not be overlooked.
Conclusion
To sum up, giving more sports betting options for the fans is a good thing, considering how Canadians are already placing wagers on offshore websites. The question is how you will regulate those institutions, and how you can resolve the backlash of the community who is unhappy that gambling is legal. The best thing to do is clearly define the responsibility of sports betting operators.
Read more: Top Canadian Betting Platforms
