Under Prime Minister Justin Trudeau, the sports betting industry has undergone significant transformation in Canada. This includes the landmark decision to legalize single event sports betting in 2021, which has helped to grow the sportsbook industry tremendously in the last few years and led to provinces introducing a number of new regulations to facilitate the industry. Justin Trudeau has been Prime Minister since 2015 as well as the long-term leader of the Liberal Party of Canada. Now that he has stood down, the country has until October to hold its next federal election, although it is likely that it will take place much sooner than then.
The resignation of Prime Minister Trudeau could now have a big impact on many different industries, including the future of sports betting in Canada and the way it is legalised and regulated. Could his departure put a halt to all the progress that has been made so far or could it open new doors for the industry?
The current sports betting landscape in Canada
It was the passing of the bill c-218 that first legalised single event sports betting in Canada. Prior to this, residents in the country were limited to only parlay betting where bets could only be placed on multiple events. This was less choice than is offered in other countries such as the United States and the United Kingdom.
Bill C-218 has given individual provinces in Canada the ability to regulate single event sports bets independently. Ontario has led the way after launching its online gambling industry in April 2022 and other provinces soon followed. One of the main motivators has been economic growth with job opportunities and tax revenue, as well as consumer protection.
Since the changes in gambling legislation, the online sector of the casino and sports betting industry in particular has begun to thrive. The industry is highly competitive and it is recommended that users make the most of the promotions on offer, such as this Stake casino bonus code in order to get the most out of their online casino experience.
How Justin Trudeau has helped shape Canada’s sports betting policy
While the outgoing Prime Minister was not the main driver in sports betting policy such as Bill C-218, he has been a supporter of it. He was vocal in his support for provinces getting the autonomy to manage such regulations themselves.
His main approach was to encourage a more inclusive and collaborative approach to policy making during his time in government. Trudeau has therefore played an important role in helping to begin modernising Canada’s sports betting and wider gambling industries.
What impacts could the Prime Minister’s resignation have on the sports betting industry?
Political, legal and financial, the resignation of Prime Minister Justin Trudeau will have a vast range of impacts on every industry, including sports betting. There is no certainty that once Justin Truseau steps aside that the federal government’s stance on sports betting and the gambling sector in general will remain the same. The government is heavily involved in many aspects, including taxation and anti-crime legislation and so any changes that the new government roll out could significantly affect how sportsbooks can operate.
Approach to consumer protection
Protecting the consumer has been the main focus of all regulations relating to sports betting and many measures have been taken in each province to ensure fair practices and responsible gaming. A change in Prime Minister could mean that these priorities are changed. For example, a stricter approach could be taken and sportsbook operators could find that they have high costs in relation to maintaining compliance. Alternatively, a more lenient approach could be taken and risk undermining current efforts to maintain a high level of consumer protection.
Impacts on the economy
Sports betting is a very lucrative industry, and billions of dollars is spent each year in the form of wagers. Any changes to gambling related tax policy could impact the amount of revenue that sports betting operators are able to maintain and result in them being able to invest more or less in the services they offer. There are a number of economic benefits to legalising and regulating sports betting and it will need to be seen if a new government remains focused on supporting these.
Changes to cross-border betting
Sports betting is also rapidly expanding in Canada’s neighbouring country, the United States. Changes in government could see an impact on the alignment of regulations between these two nations. Ultimately, the impact of the Prime Minister’s resignation on the sports betting industry will not be fully understood until a new Prime Minister takes office. Once their priorities and political leanings become known, we can then begin to see what the future holds.
