Canadian Casinos Have to Go All In. Here’s Why.
Attention owners of Canadian casinos: consider yourself put on notice, especially if these casinos are located along the border. Uncle Sam is holding all the cards, so how much are you willing to gamble your future?
In May of 2018, the US Supreme Court ruled that individual states are now free to pass statutes that legalize sports gambling within their borders. Some states, such as New Jersey, West Virginia and Pennsylvania, immediately jumped at the chance to legalize and regulate sports gambling. Border states like New York, *Michigan and Montana soon followed, with the state of Washington still considering green-lighting the idea this year.
With a few strokes of political pens, a multibillion-dollar industry that was thriving offshore and online has now set up shop on the mainland, leaving gambling operators north of the border with an attractive new option.
It is estimated Canadians placed at least $14 billion worth of bets last year outside the reach of provincial regulators, mainly through sports-betting sites that are in places like Gibraltar, the Isle of Man and Cyprus.
New Jersey casinos collected $4.5 billion in revenue last year alone.
Money that sits far out of the reach of Canadian casinos is bound by an antiquated Criminal Code last amended in 1985. And even though the internet, virtual gambling and fantasy sports weren’t a reality back then, Canadian politicians have been reluctant to touch it.
When they have decided to discuss and debate Canada’s tough stance on sports wagering, the same excuse is applied each time: that single-event betting might lead to match-fixing. However, it’s hard to see how that argument stands now that the US has allowed it to occur in over 20 states.
The boom stateside hasn’t just benefited the private interests of casinos either, government has made their money as well. Single-event legalization has uncorked a revenue windfall for the state’s pockets; New Jersey casinos collected $4.5 billion in revenue last year alone.
For those who haven’t been in a casino sports book for a big game, you may not get the appeal. A mainstay on the Vegas strip, “The Book” as it is affectionately known, is filled with larger than life TVs, bigger than life personalities, and every sporting event on the planet being fed in for your gambling pleasure.
Approximately 26 million Americans — more than one in 10 adults — may combine to bet an estimated $6.8 billion on the Super Bowl.
This Sunday’s game, Super Bowl LIV between the Kansas City Chiefs and the San Francisco 49ers, will mark the first time you can legally place a legitimate sports bet on the big game in New York state. For Canadians looking to get some action on the action, they simply have to get in the car and drive over the border to the Seneca Niagara Casino… all while bypassing Canadian casinos that don’t offer the same excitement.
This year, approximately 26 million Americans — more than one in 10 adults — may combine to bet an estimated $6.8 billion on the one game according to survey results released Tuesday by the American Gaming Association.
It’s about time Canadian politicians reopened the debate and went all in on sports gambling in a effort to keep some of that money up north and to protect the nearly 50,000 jobs that rely on the gambling industry to feed their families. If they don’t act soon, the industry may go bust.
* The State of Michigan passed two bills legalizing sports gambling and are finishing the framework. Sports Gambling will be arriving as early as this spring in Detroit, Michigan, casinos.