The bill is eligible to receive royal assent and become a reality, although many are already excited at the prospect.
Canadian Gaming Association CEO Paul Burns previously told Gambling Insider there were a lot of hurdles to pass through.
Now, however, the modernisation of Canadian sports betting, which hitherto operated in what can ultimately be described as an archaic state, looks very much a reality.
Another proponent of the law, John Levy, theScore Chairman and CEO, said: “The Senate’s passing of Bill C-218 earlier today is a historic moment for Canada as it will legalise single-event sports betting.
“We thank MP Kevin Waugh and Senators David Wells and Brent Cotter for championing this bill, which garnered strong all-party support through both the House of Commons and Senate.”
In a statement responding to the passing of Bill C-218, Levy said it is an important step forward since it allows theScore and other stakeholders to “usher in a robust industry”.
Levy added: “The forthcoming legalisation of single-event sports betting presents a substantial growth opportunity for our integrated media and betting business.
“We have been actively preparing for the expansion of online sports betting and iGaming in our home province of Ontario, which is expected to commence later this year.”
TheScore estimates that online gaming in Canada has a market potential that could reach between US$4.3bn and US$5.4bn in annual gross gaming revenue.
Meanwhile, Ontario as a market could become equivalent to the fifth-largest US state by population; theScore estimates Ontario’s market potential to be between US$1.7bn and US$2.1bn.
Levy concluded: “Canadians will now be able to reap the numerous benefits resulting from a comprehensive, regulated sports betting framework that protects consumers, creates jobs and generates critical tax revenue.
"The passing of this legislation is momentous, and we are confident Canada will embrace legal sports betting and become a leader in this rapidly developing and cutting-edge industry.
"We look forward to continuing our collaboration with the provinces to ensure the establishment of a safe marketplace that provides a suite of reliable and trusted options for consumers.”
