Jim Lawson, Chief Executive Officer of Woodbine Entertainment Group, recently made it clear that this is the time for action when it comes to single-event sports betting in Canada. For the time bring the country remains uncompetitive to its rival the US. He said that the introduction would also support the horse racing industry, supporting 40,000 individuals in Ontario only.
Efforts towards the legalization of this offering could change the upcoming years. Woodbine Entertainment has been a substantial supporter of single-event sports wagering in Canada. The legalized offering would make it possible for the country to remain competitive to its southern neighbor, as more and more states greenlight the betting offering. Supporters of this gaming offering in Canada increase by the day.
Sports Wagering in Canada
Mr. Lawson recently expressed his official position when it comes to the gaming opportunity of wagering on single sports events in Canada. The local horse racing industry should be well-positioned once wagering on sports events becomes legal, something the Woodbine Entertainment wants to see happening in the upcoming years. The addition of betting on live sports events is expected to make horse racing even more popular.
This, in turn, would be beneficial for the nearly 40,000 individuals in Ontario only relying on the horse racing live schedules. Horse people are projected to see more cash coming their way along with both Standardbred and Thoroughbred racetracks. Thanks to the non-profit nature of their operation, all net proceeds of sports betting would be reinvested in the horse racing industry for better working conditions.
Such an important feature should be taken into account, as public companies and such involving shareholders would not be able to benefit from the wagering offering to such an extent. Mr. Lawson stated that this is the main reason why the support towards single-event horse racing is so important right now. Players are drawn towards the wagering offerings available in Niagara Falls, New York and south.
Woodbine Ent. Supports Offering
More than CA$110 million in wagers is poured in the US on an annual basis, an amount that should remain within the borders of Canada. Back in March 2019, Ontario Finance Minister Vic Fedeli has addressed the issue of regulating sports betting with a letter sent to federal Finance Minister Bill Morneau prompting him to work towards amending the existing Criminal Code of Canada.
As for the racetracks, about eight years ago they experienced the negative impact of the end of the Slots at Racetracks program, as Ontario’s government put an end to it. Thanks to that arrangement, some CA$345 million was generated on an annual basis, later to be divided between horse people and the racetracks. Now it is time for another source of income, potentially powered by single-event sports wagering.
Woodbine Entertainment had to lay off upwards of 100 individuals both at Woodbine Racetrack and Woodbine Mohawk Park, as to balance the revenue drop. Along with the New York and New Jersey sports wagering operation, Michigan is also working on its sports wagering set of rules. If greenlighted, this would mean yet another border state attracting Canadians with promises of winning big.
(No Ratings Yet)
Loading...