As of today, single-event sports betting is illegal in Canada. If Canadians would like to legally bet on sports, they are currently forced to play “parlay” bets. Parlay bets are defined as a sports bet in which you combine multiple individual bets into one “card”. Many Canadians have chosen to risk their money and bet on single-events sports on the black market. According to estimates from the CBC, Canadians are betting $14 billion per year through illegal channels.
Federal Justice Minister David Lametti is expected to introduce legislation in the next couple of months that will legalize single-event sports betting in Canada. One company is positioned very well to handle single-event sports betting and that is The Score Media and Gaming (SCR.TO). When news leaked that David Lametti was going to introduce the new legislation, the SCR.TO stock price went from $0.70 to $1.63 in over a week. That is a 233% increase!
Keep an eye on SCR.TO in the next couple of months. It could jump again!