02 December 2020 Posted By : Todd Shriber

Score Media, Penn Among Potential Winners as Canada Moves Toward Single-Game Betting

On Thursday, Canada’s Liberal Party introduced legislation that would end the country’s ban on single-game sports wagers. That sparked rallies in some equities with exposure to the country’s betting market.

Currently, Canadian gamblers can wager on parlays authorized by provincial lotteries. But betting on individual games is prohibited, prompting bettors to either use illegal local bookies, place action with offshore sportsbooks, or travel to New Hampshire, New York, Michigan, and Montana — the US states bordering Canada that allow sports betting.

The New York-based exchange traded funds (ETFs) issuer estimates Canadian bettors have sent $15 billion offshore. Provincial lotteries have taken in just $500 million on the current parlay offerings.

Winners Already Emerging

On news of the Liberal Party’s evolving view on sports wagering, Score Media and Gaming (OTC:TSCRF), the operator of theScore and theScore Bet, stands out as an obvious winner. On Friday, the US-listed shares of that Canadian company vaulted higher by 64.77 percent on above-average volume.

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