Successful passing of the Bill will keep gambling profits and jobs within Canadian communities and create a safer gaming environment
TORONTO--(BUSINESS WIRE)--B2B gaming technology provider Bragg Gaming Group (TSX:BRAG, OTC: BRGGF) ("Bragg" or the "Company") provided comment this morning on the passing of Bill C-218 yesterday in the Canadian House of Commons.
“We’re very supportive of the move toward the legalization of single-event sports betting,” said Adam Arviv, CEO of Bragg Gaming. “Canadians have demonstrated overwhelming support for this update to the federal legislation and this was reflected in the strong cross-party backing for the bill. It’s a strong step forward for the Canadian legal gambling market and a win for the Canadian economy. Progressing this bill to the Senate brings us a step closer to ensuring that the profits from Canadian gaming remain in the community, rather than leaking into illegal black-market channels.”
The passing of Bill C-218 will decriminalize placing a bet on the outcome of a single game or match. Canadians are currently only permitted to place bets on a series of sports events, a form of parlay betting. Supporters of the legislative update advise that the update will shift profits away from the currently estimated $14 billion in black-market bets and into the regulated Canadian gambling market.
The Bill will now be sent to the Senate for reading and adoption, and then to the Governor-General for Royal Assent. Final approval could occur as soon as May 2021.
Bragg stand alongside Canadian casinos and other online gaming operators who have expressed support as the current restrictions make it harder to compete with their U.S. and international counterparts. Bragg also looks forward to and supports similar legislative updates at the provincial level, driven by the need to increase tourism and jobs, once the federal bill and Criminal Code amendment has passed. While the provinces control gambling operations in the current regulatory landscape, their operations are restricted to “parlay bets” – a lower-odds bet where individuals must choose the winning team in multiple games to win – rather than permitting single-event bets legally.
About Bragg Gaming Group
Bragg Gaming Group (TSX:BRAG, OTC: BRGGF) is a global B2B gaming technology provider. Since its inception in 2012, Bragg has developed, produced, marketed and licensed fully integrated solutions to more than 125 gaming and casino operators worldwide.
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