The Safe and Regulated Sports Betting Act was just recently passed in Canada, making it possible for anyone to place wagers on individual sporting events for the first time. This will open up a massive market for sports betting operators, which will further add to Canada’s already burgeoning market for online gambling. According to the most recent estimates, the gambling market in this country is on course to reach a staggering $4.6 billion by the year 2030. This projection is based on data collected over the past few years.
Fantastic Predictions for the Future of the Market
To this point, every optimistic forecast regarding the Canadian market for online gaming has been realized. According to one of the Senior Analysts at Macquarie Group named Chad Benyon, the market for gambling on sports might be worth an astounding $2.2 billion by the year 2030 all by itself. In addition to this, he believes that the value of the iGaming market during the same timeframe might reach $2.4 billion. This is based on the assumption that the market will have attained complete legalization in all aspects by that point. He went on to say that these are two estimations, and both of them are conservative ones.
Benyon believes that there are four sports betting operators based in the UK, namely Caesars Entertainment, BetMGM, DraftKings and Penn National Gaming, in addition to Score Media and Gaming from Toronto, that are all in the perfect position to profit from the great potential that will be brought about by opening up the market. These companies are named Caesars Entertainment, BetMGM, DraftKings and Penn National Gaming. He stated that in the opinion of his company, one of the most appealing markets for US operators is Canada due to the country’s high population, high average household income, and rich sports culture.
There Will Be An Increase In Share Prizes
Since the passing of Bill C-218 and its subsequent signing into law, the share prices of online gambling Canada market-related apps such as theScore have shot through the roof. With the passing of this bill, single-event sports betting will become legal in Canada. Later in this year, it is anticipated that Ontario, the most populous province in the country, will take action about this matter.
Since the passing of Bill C-218, the price of a share in the company that runs the theScore app has already increased by a sizeable amount. Benyon is of the opinion that this might result in a gain in share prices of around 255%.
Of course, the ever-expanding market has also attracted the attention of market analysts from other companies. Benjamin Chaiken, an analyst at Credit Suisse, believes that the full legalization of cannabis in Canada will have long-term repercussions for the United States. According to him, the domestic market, which has become something of a cash flow engine in recent years, will most likely more than quadruple the share price of betting applications such as Score Bet and other platforms that are very similar to it.