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The Truth About the Sports Bet...Sports Betting Defined
When it comes to the many industries within which we come across throughout our daily lives, one which makes a grandiose amount of money, is the sports betting industry.
An offshoot of the gaming industry, which also concerns gambling and online casinos, as well as the video gaming sector too, this industry can be argued to have been going strong for centuries, with a number of historians speculating that the first-ever notion of sports betting happened during the time of the Romans.
Others speculate that they started within China, during the Chinese dynasties. Many agree that the act became widespread in the 16th and 17th centuries with horse racing becoming more and more prevalent.
The act of sports betting essentially entails watching any form of sport, with a preference for those which have a higher competitive edge, and making bets and predictions of the outcomes of said games, on what scores the game will come down to, and all other manners of game-related factors.
Canada is a country where sports betting is becoming especially popular, with the introduction of the safe and regulated sports betting act, and as of recently a lot of Canadian provinces have begun to adopt and promote sports betting.
Within this article, I will be going over the main aspects of Sports betting within Canada and going over some of the biggest reasons why the Canadian government promotes sports betting to such a high degree.
When Did Sports Betting Become Legalised Within Canada?
The official legalization of all forms of sports betting came in 1985 but was limited to betting within a lottery form as opposed to betting on single events. This was a huge step for Canada and for the fidelity of sports betting and was well-received by Canadians all over the country.
The biggest change, however, came from the introduction of the Internet, which brought with it a new market for one to tap into, and so the online sportsbook was born.
This led to the Canadian government attempting to make a profit off of this new phenomenon but with little success. So it came to them to create a bill that would allow for single event sports betting on a multitude of sports, where one could bet on any sport which they wished (Source: https://bestsportsbettingcanada.ca/).
With the introduction of the safe and regulated sports betting act, one was able to make bets on whichever game they wished however, they wanted, whether it was through sportsbooks, online casinos, and a whole multitude of other ways.
What are Some of The Main Reasons why Sports Betting Is So Well Renowned?
There is a multitude of reasons for this. The most obvious one can be chalked up to revenue. When Gambling was legalized in 1969, the biggest reason for choosing to legalize gambling was because the government needed money to fund its programming budget and allowed for lotteries, and when the government had seen this monumental stream of revenue and took this a step further, by implementing laws which allowed betting on certain sports.
Their biggest hurdle came during the internet’s conception, where they had to keep up with all of the online casinos, which came by unlicensed and pretty much were swooping away whatever profit they were making beforehand.
This was what led them to implement the safe and regulated sports betting act, and it was a maneuver that worked spectacularly in the government’s favor as revenue continued to come in by the boatload, figuratively speaking.
Another key aspect is the amount of effort being put into improving the advanced technologies behind the provision of sports wagering platforms. We know that these companies are putting all their resources into utilizing the most high-tech features possible, such as the implementation of modern AI gaming technologies for an always-improving experience.
One thing which makes the sports betting sector so profitable however is not only the government’s promotion of it but its presentation to a market that buys into it heavily. The sports betting industry mostly caters to fans of sports and when it comes to Canada, sports betting bookmarks have essentially found el dorado.
Canada is widely renowned for its love of sports, in fact, it is well known for being the birth country of a number of well-known and well-loved sports. Hockey, Curling, and Basketball are prime examples of these, and for generations, this love has been passed down from Canuck to Canuck, making Canada a perfect hub for people willing to bet on the sports they know and love so very well.
Two other sports which are super popular in Canada but did not originate there are soccer and American Football, which are popularly spectated by Canadian residents on TV. Live sport isn’t very easily available for them to watch in person. Mostly due to the English Premier League being on the other side of the world, and the NFL having tickets that are costing around three times higher than those of the EPL.
Closing Arguments
Whether it’s by luck or ingenuity, this is one of the biggest reasons sporting bookies have managed to make such a killing off offering bets and wagers to Canadians, and it’s something the government of Canada has also taken advantage of, especially with Ontario now allowing third party operators to start up sportsbooks in the area.
It’s a frivolous landscape for anyone who would like to get into the realm of sports betting and gambling, and with the ingenuity being applied by those in power within these regions, it’s one that is generating insurmountable revenue within the region.