Each week, Canada Sports Betting recaps all the top sports betting and iGaming news in Canada and highlights upcoming events.
Our top stories this week
- Paris 2024 Olympic Games Men’s Basketball Odds (Aug. 8): Serbia Vs. United States Predictions
- CFL Week 10 Odds, Betting Preview: Roughriders To Bounce Back Vs. Redblacks
- MLS 2024 Odds: Looking At Canada’s Teams In The Home Stretch
Event of the week
Paris 2024 Summer Olympic Games
We’re just a few days away from the Closing Ceremonies of the 2024 Summer Olympics Games in Paris, and Canada’s athletes have already put on an impressive showing. As of around noon ET on Thursday, Canada had amassed 20 medals (six gold, five silver, and nine bronze) across all competitions.
Heading into this year’s Olympics, most online sportsbooks set the over/under on Canada’s total medals at 21.5 and 5.5 for gold medals. Well, Canada has already cashed any over tickets on gold medals, and it’s very probable the total medal over/under of 21.5 will also be surpassed before the curtain closes on Sunday.
Melissa Humana-Paredes and Brandie Wilkerson will play for a gold medal in women’s beach volleyball later this week, so there’s at least one more medal (gold or silver) surely to be added to Canada’s total. And Philip Kim, also known as Phil Wizard, has the second-shortest odds (+250 at bet365) to win a gold medal in the men’s breaking competition later this weekend. Several other Canadian athletes also have legitimate shots at the podium in their respective sports, such as Marco Arop in the men’s 800m (fourth-shortest odds at +1000 for gold) and Canada’s artistic swimming team (fourth-shortest odds at +750 for gold), to name a few.
Canada earned 24 medals at the 2020 Tokyo Games, and its all-time record is 44 (1984 Los Angeles).
theScore’s Alberta plans
PENN Entertainment CEO Jay Snowden announced during an earnings call Thursday morning that theScore Bet is planning to launch in Alberta when the province opens its regulated igaming and sports betting market, likely early next year.
The Score is one of the most recognizable brands in Ontario‘s regulated online gambling market from its cable TV days. The brand also boasts one of the most popular sports news apps in North America. PENN acquired Score Media & Gaming and the rights to theScore Bet in 2022 for $2 billion (USD).
In the United States, PENN has rebranded its Barstool Sportsbook as ESPN Bet. Snowden also announced Thursday that ESPN Bet will launch in New York later this month.
PENN Entertainment’s Interactive Division revenues, which include ESPN BET, fell from $257.5 million (USD) to $232.6 from Q2 2023 to Q2 2024. It also saw an EBITDA decrease from a loss of ($12.8 million) to a loss of ($102.8 million) during that same time period.
Alberta government officials intend to launch a “free and open market” like Ontario in the near future, allowing private operators into the jurisdiction’s online gambling space to compete with its provincial lottery corporation products. Some analysts believe Alberta’s competitive online gambling market could be up and running by the end of the year, but an early 2025 launch is more realistic.
In a separate announcement earlier this week, theScore Bet partnered with Relax Gaming in an attempt to enhance its iCasino platform for its Canadian users.
Betway and PointsBet are two other operators that have expressed early interest in joining Alberta’s new regulated online gambling market.
Bally Bet to launch OSB in Ontario
Sports bettors in Ontario will have another operator to choose from in the near future.
Bally Bet, which is already licensed in Ontario for online casinos, is planning to launch its online sports betting product in the province in the near future, according to CEO Robeson Reeves, who announced the plans during an earnings call last week. There isn’t a firm timeline for a launch in Ontario, but Reeves hinted the operator could be in a position to do so by late this year or early next year.
Bally Bet’s online sports betting product is live across numerous jurisdictions in the United States. Still, it has struggled to acquire and maintain market share against major brands like DraftKings, FanDuel, BetMGM, and many others.
Bally’s Interactive posted Q2 North America revenue of $49.2 million (USD) for April to June 2024, nearly double (+94%) its Q2 2023 mark of $25.3 million.
Ontario now boasts roughly 50 igaming operators for bettors to choose from, with many of them offering online sports betting.
Newest CGA members
The Canadian Gaming Association, a national trade association that works to advance the evolution of Canada’s gaming industry, announced two new members last week.
SkillOnNet, a licensed igaming operator in Ontario, and gaming and leisure industry consulting firm, The Innovation Group, have joined the organization as members.
SkillOnNet, a Malta-based online gaming provider, operates a variety of brands in Ontario, including PlayOJO, SlotsMagic, SpinGenie, and KnightsSlots. Its online casino products are live in over 30 jurisdictions around the world.
The CGA now has over 75 members consisting of gaming operators, gambling affiliates, gaming suppliers, law firms, consulting firms, and payment providers.
