Legal betting makes sports more fun. But it’s still risky business

Like many Canadians, Michael Naraine is watching Toronto Blue Jays as many as possible on television. However, while hoping for the team's victory, UMP is also watching to check the ball or strike. Naraine, an associate professor at the Faculty of Sports of the Block University, is an enthusiastic sports gambler, spending money on what happens not only in the game but also on each ball.

Naraine bet 10 cents in real time in a rea l-time game in a game in June (Bloston Red Socks). Ball here, strike here. It was fun until I saw me losing. "Let's bet on the next ball for $ 3," he recalls. "It was supposed to be a ball. As expected, the pitching remained wide, and Narain had a sufficient $ 3 to regain the lost 10 cent coins.

Narane has been betting sports since high school. He and his wife often bet on F1 racing and spend money on hockey games. However, for the first time on April 4, when Ontario legalized on the Internet gambling, he and his colleagues use Canadia n-based websites and apps for individual games and specific plays. You can bet. Before that, we had to use the United States, the United Kingdom, and Australia's websites. In addition, even overseas businesses such as Draftkings, which can now be operated legally in Canada, can spend money, THESCORE, once a sports channe l-based sports channel and a game company, in 2019. You can also bet on the launched THESCORE BET.

"Betting makes sports more enjoyable and more attractive, and it's something that the sports league want," he said, and more people were relatively the winning or losing the game and the victory of the Super Bowl. Explain the reasons for betting on the gatorade color that can be thrown, which is struggling to make money.

However, experts have warned that betting leads to habitual acts and some financially losing money. By allowing betting for individual games, these microtransactions may be accumulated immediately. In addition, since access to sports betting sites is increasing, gamblers may try to offset a loss on a certain site by jumping to other sites, which may lead to irresponsible gambling.

Opening up the field

Legal sports betting is not new. In 1992, the Ontario Lottery Gaming Corporation (OLG) launched Pro Line, which allows players to bet on the outcome of three to six sporting events at once. Other games created by OLG, such as Point Spread, allow players to place money on the point spread of the winner and loser of a match, or on what may happen in a particular play.

However, on August 27, 2021, the Canadian government amended the Criminal Code to allow single-game betting, paving the way for provinces to start issuing gambling licenses to private companies. Until then, the sports betting industry was controlled by the government, and OLG made $300 million in annual revenue from various games. Forcing gamblers to bet a minimum of three coins puts odds in favor of the house, which serious gamblers are likely to avoid.

However, single-game bets can attract large sums of money and, in turn, large losses, making them favorable for the house. Since gambling was legalized in the United States, leagues such as the NBA have partnered with gambling companies (Getty)

Since the Igaming Act went into effect on April 4, sports betting has exploded in Canada. More than 70 companies have purchased licenses for about $15, 000. Many have also set up websites to encourage everything from picking the winner of games to placing bets.

Today, Ontario is the first Canadian province to legalize this type of sports betting, but more provinces could follow suit, creating an entire industry. An article on Deloitte's website states that "Canada's gaming and entertainment sector is on the cusp of a major transformation that could unlock new growth opportunities, reduce illegal gambling activity, and generate new revenue for governments and organizations across the country," adding that the single-game sports betting market could grow to $28 billion within five years.

Riding a monetary high

In some ways, the legalization of gambling is not dissimilar to the legalization of marijuana, which was done to curb the illegal drug trade. But legalizing marijuana allows governments and private companies to make money from consumers who are already spending big on marijuana, or in this case, on gambling. For years, Canadians who wanted to bet on games or put money on individual games had no choice but to do so on the black market through criminal networks or with offshore gambling companies. According to the Canadian Gaming Association, Canadians spend about $10 billion a year on individual sports games through criminal networks, and another $4 billion on the "gray market."

Legal gambling exploded in the United States in 2018, when Canada changed its Criminal Code. The U. S. Supreme Court overturned a 1992 federal law that banned commercial sports betting in most states, and states were then free to decide whether to allow sports betting games. Delaware was the first state to introduce this type of gambling under the new rules, but 30 states have since followed suit.

Partnership deals

As the sports betting market evolves, so too has the way people engage with sports. Many fans are no longer satisfied with just watching the game. “You’re not going to the movies,” says Jared Bebber, a chartered accountant and CEO of Toronto-based Sports Venture Holdings, which owns BET99. To him, sports betting is no different from going to the movies. “Why do you go to the movies? It’s an experience. With betting, you get to experience sports on a deeper level. You get to indirectly interact with the athletes, and there’s something about that that you connect with that makes you root for your favorite players.”

Online betting could also change sports itself. Since single-game betting was legalized in the U. S., leagues and teams have formed several partnerships with gambling companies.

"There's a huge opportunity for the league to partner with a gambling company.

For example, Draft Kings, the world's largest online sports gambling company, has signed a contract with major sports gambling companies, including the NBA, major leagues, and Nasca. In April, Maple Leafs Sports & amp; Amp? Maple Leafs and Raptors have signed a mult i-year contract with Australia's Pointsbet, which entered the Canadian market when Igaming was legalized. NHL is also investing in the company.

Such a partnership is a great opportunity for sports teams to enhance engagement with the audience, and for sports betting operators, a great chance to persuade and bet on casual sports fans, a huge market opportunity. , Beber says. Both industries have been cooperating in various forms, including the sharing of valuable data that have been collected by leagues and teams in recent years and the creation of branded sportsbook experiences, such as the special corner for Better. At this year's RBC Canadian Open, THESCORE BET has set a 2 2-seat Skyline Seat above the 18th hole. Only THESCORE BET customers with valid accounts have secured seats.

Competing for dollars

The onlineberting industry and the cannabis industry have another common point. Ontario is currently allowed to set up an Igaming store in the state, as if he is currently paying a license for cannabis dealers. As a result, competition over people's funds has intensified, making it difficult for companies and investors to make money. "Macquerley Group's analyst Ched Baynon said," These companies have made a big loss in marketing in the short term. For example, Draft Kings, the world's largest online sports gambling company. In April, Igaming, which is the owner of Maple Leafs Sports & amp; Maple Leafs and Raptars, has been signed with major sports gambling companies such as NBA, major leagues, and Nascar. The company has also signed a mult i-year contract with Australia, who entered the Canadian market.

Such a partnership is a great opportunity for sports teams to enhance engagement with the audience, and for sports betting operators, a great chance to persuade and bet on casual sports fans, a huge market opportunity. , Beber says. Both industries have been cooperating in various forms, including the sharing of valuable data that have been collected by leagues and teams in recent years and the creation of branded sportsbook experiences, such as the special corner for Better. At this year's RBC Canadian Open, THESCORE BET has set a 2 2-seat Skyline Seat above the 18th hole. Only THESCORE BET customers with valid accounts have secured seats.

The onlineberting industry and the cannabis industry have another common point. Ontario is currently allowed to set up an Igaming store in the state, as if he is currently paying a license for cannabis dealers. As a result, competition over people's funds has intensified, making it difficult for companies and investors to make money. "Macquerley Group's analyst, Chad Baynon, said," These companies have made significant losses in the short term. For example, Draft Kings, the world's largest online sports gambling company, is NBA. In April, MAPLE LEAFS SPORTS & AMP? The owner of Maple Leafs Leafs and Lapors, such as major leagues and Nascar, has signed a contract. The company has also signed a mult i-year contract with Australia's Pointsbet.

Regulating the industry

Such a partnership is a great opportunity for sports teams to enhance engagement with the audience, and for sports betting operators, a great chance to persuade and bet on casual sports fans, a huge market opportunity. , Beber says. Both industries have been cooperating in various forms, including the sharing of valuable data that have been collected by leagues and teams in recent years and the creation of branded sportsbook experiences, such as the special corner for Better. At this year's RBC Canadian Open, THESCORE BET has set a 2 2-seat Skyline Seat above the 18th hole. Only THESCORE BET customers with valid accounts have secured seats.

The onlineberting industry and the cannabis industry have another common point. Ontario is currently allowed to set up an Igaming store in the state, as if he is currently paying a license for cannabis dealers. As a result, competition over people's funds has intensified, making it difficult for companies and investors to make money. "Macquerley Group's analyst, Ched Baynon, said," these companies have made significant losses in the short term in marketing.

Pennnnational Gaming Inc, based in Pennsylvania, Pennsylvania, which owned the BARSTOOL SPORTSBOOK for $ 2. 4 billion in August 2021, has fallen by nearly 40 % this year. According to the company, Pen Interactive, the Digital Sports Betting category, is likely to lose $ 50 million in 2022. On July 1st, Penn National Gaming Inc. closed the US sports betting business BET. The company is currently focusing on the brand in the United States and the THESCORE betting in Canada.

BET99 is not as deep as DraftKings, Penn National Gaming Inc., and cannot be advertised as freely as competitors, but how much marketing the industry has done and has not yet bet on the first time. I am worried about whether it is. Biver believes how a company will advertise and that spending millions of marketing costs will have a "confrontation" on the industry. "How to put out the advertisement, its amount and frequency. Many competitors are doing as much as possible, but they must be more strategic." "

In fact, some more mature online gambling markets are trying to reduce the amount of marketing conducted by companies, as gambling addiction is increasing. According to a 2021 report by Londo n-based market and data analysis company Yougov, the gambling addiction rate could be nine times higher than the betting industry. In recent years, the UK, which revised the Sports Betting Law in 2005, has begun to limit certain types of marketing. In 2018, the ban on the "Whistle to Whistle" ad was introduced, forcing advertisements during sporting events to be suspended. On April 5, the purpose was to prevent children from being interested in online games, and companies banned products using sports celebrities, television stars and social media. The stock price of Pennnational Gaming Inc, based in Pennsylvania, Pennsylvania, which owned < SPAN> BARSTOOL SPORTSBOOK for $ 2. 4 billion in August 2021, has fallen by nearly 40 % this year. According to the company, Pen Interactive, the Digital Sports Betting category, is likely to lose $ 50 million in 2022. On July 1st, Penn National Gaming Inc. closed the US sports betting business BET. The company is currently focusing on the brand in the United States and the THESCORE betting in Canada.

Big money

BET99 is not as deep as DraftKings, Penn National Gaming Inc., and cannot be advertised as freely as competitors, but how much marketing the industry has done and has not yet bet on the first time. I am worried about whether it is. Biver believes how a company will advertise and that spending millions of marketing costs will have a "confrontation" on the industry. "How to put out the advertisement, its amount and frequency. Many competitors are doing as much as possible, but they must be more strategic." "

In fact, some more mature online gambling markets are trying to reduce the amount of marketing conducted by companies, as gambling addiction is increasing. According to a 2021 report by Londo n-based market and data analysis company Yougov, the gambling addiction rate could be nine times higher than the betting industry. In recent years, the UK, which revised the Sports Betting Law in 2005, has begun to limit certain types of marketing. In 2018, the ban on the "Whistle to Whistle" ad was introduced, forcing advertisements during sporting events to be suspended. On April 5, the purpose was to prevent children from being interested in online games, and companies banned products using sports celebrities, television stars and social media. Pennnnational Gaming Inc, based in Pennsylvania, Pennsylvania, which owned the BARSTOOL SPORTSBOOK for $ 2. 4 billion in August 2021, has fallen by nearly 40 % this year. According to the company, Pen Interactive, the Digital Sports Betting category, is likely to lose $ 50 million in 2022. On July 1st, Penn National Gaming Inc. closed the US sports betting business BET. The company is currently focusing on the brand in the United States and the THESCORE betting in Canada.

BET99 is not as deep as DraftKings, Penn National Gaming Inc., and cannot be advertised as freely as competitors, but how much marketing the industry has done and has not yet bet on the first time. I am worried about whether it is. Biver believes how companies will advertise and to spend millions of marketing costs on the industry will have a "confrontation." "How to put out the advertisement, its amount and frequency. Many competitors are doing as much as possible, but they must be more strategic." "

In fact, some more mature online gambling markets are trying to reduce the amount of marketing conducted by companies, as gambling addiction is increasing. According to a 2021 report by Londo n-based market and data analysis company Yougov, the gambling addiction rate could be nine times higher than the betting industry. In recent years, the UK, which revised the Sports Betting Law in 2005, has begun to limit certain types of marketing. In 2018, the ban on the "Whistle to Whistle" ad was introduced, forcing advertisements during sporting events to be suspended. On April 5, the purpose was to prevent children from being interested in online games, and companies banned products using sports celebrities, television stars and social media.

Baynon says that some of them are limited to the number that can be bet at once. "If you bet for $ 10 in each game and suddenly bet for $ 200 in three games one day, there is a market where you will be warned." Someone in risk management may not forgive it. " Say.

There is evidence that sports betting suggests the possibility of increasing the addiction of casino games (getty)