HomeNews ❯ Canada’s Failure to Fully Embrace Sports Betting is Costing it Millions

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Canada’s Failure to Fully Embrace Sports Betting is Costing Millions

Canada’s failure to get fully active and involved in the sports betting industry is winding up costing the country millions of dollars. That is the view of many people, and a discussion that has resurfaced once again in the wake of NHL forming a sports betting partnership with MGM Casinos. This was a unique and unprecedented move for the world of Canadian gambling, and could prove to be a game changer.

North America was stunned last week when news broke that the NHL has entered the sports betting marketplace. It is worth noting that much of the shock and surprise surrounding this venture comes from the fact that the NHL has not always been so supportive of the idea of sports betting. Indeed, the league was actually pretty outspoken in the past about these sorts of developments happening.

Back in 2012, when the Canadian government was considering legislation to legalize single-sports betting, the NHL seemed vehemently opposed. Even going so far as to say that the move looked to “compromise the integrity of the sport, posing a unique threat in that regard.” Well, how the times change! It seems that the NHL is now all about sports betting, and highly in favour of this recent merger it has made.

It would be fantasy to suggest that the league had a change of heart for reasons other than the obvious financial benefits. But, is this necessarily a bad thing? The National Hockey League is a sports league, but it’s also a business. And businesses need to make money in order to thrive and grow. The more money the league makes, the more the teams – and by extension, the fans – should benefit. That’s the theory at least. Though, as we know, fans in Canada may have to wait a while in order to enjoy the full benefits of this move.

Since the NHL has changed its stance, it does open up questions about what other leagues may wind up following suit. There are also plenty of things that should be considered when it comes to the government as well. Perhaps it is time for the Canadian government to accept they are losing out on sports betting revenue. And this may well call for a change of approach when it comes to the way they view sports betting. And, we could well see the government here passing a similar bill to the United States, who chose to legalize single-sports betting earlier this summer.

It seems pretty clear that Canada is missing out on a lot of money by not getting involved with this. NHL Commissioner Gary Bettman spoke about the need for evolution, stating, “The clubs in Canada have been working with the lotteries, who control gambling on a provincial basis. As the laws evolve, you’ll see our evolution in dealing with it.” It seems like the right time for laws to evolve and update across the country. This could wind up bringing in a lot more money for Canada as a whole, as well as improving popularity in our sports leagues globally.

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