Toronto is not exactly known as a gambling capital, but it is certainly more than average. Over the past year, there have been some notable developments for gambling enthusiasts in the city. This news is not just about free casino slots, extra high bonuses, or support for cryptocurrency. There are significant changes that should interest those who are fond of gambling.
Sports betting legalization
Sports gambling may finally see the light in 2021. The President and CEO of the Canadian Gaming Association, Paul Burns, said that there has been progress in the campaign to legalize sports betting. Late last year, the Liberal administration introduced a new bill that intends to modify laws that ban wagering on sports events. At present, all provinces of Canada follow the legal restriction on single-event betting.
Referred to as Bill C-13, the bill creates a significant opportunity for the modernization of the gaming industry. It has already passed through the first reading in December. Observers think that it may be passed into law by March. Once the bill becomes a law, provinces will then have to come up with their respective regulations and licensing schemes.
If this happens, it will not only be sports betting enthusiasts who get to benefit. The government stands to generate from the $14 billion worth of wagers that go to black and grey markets every year. The risks of gambling indubitably exist, but it will be difficult to dismiss the benefits.
Great Canadian Gaming acquisition
Great Canadian Gaming will soon have to bid the Toronto Stock Exchange goodbye after it was purchased by an Apollo Global Management fund. The Supreme Court of British Columbia has already given the go signal for the takeover. The gambling company was acquired for a price of $45 per share.
The acquisition deal started before the pandemic hit Canada. Shareholders were still undecided in proceeding with the sale. Things changed when the coronavirus threat started spreading. Around 79% of shareholders decided to approve the sale in the last week of December. Apollo also offered an increase of 15% for the takeover price. Ontario gamers can look forward to a new Great Canadian Gaming as the purchase will likely result in improved services and facilities.
Toronto’s sports betting warrior
With sports betting about to be legalized in Canada, the biggest players in the field are poised to dominate. DraftKings, FanDuel, and William Hill Plc, in particular, are seen as the biggest gainers. Canadian players, however, are not going without a fight. And Toronto has a standard-bearer in Score Media Gaming Inc.
Score Media and Gaming may be a dwarf against the giants, but it has the advantage of being homegrown and more connected to local gambling enthusiasts. It also has the experience that comes along with the development of TheScore Bet, a sports betting service that is already active in Canada.
The Canadian gambling scene is changing, and many think that the changes have been for the better. These recent developments that affect Toronto gaming are largely good news for everyone.