The Canadian government is taking a close look at the way in which the Canadian government regulates the Sport Betting industry. There are several major issues currently before the Federal government with regards to the regulation and promotion of sports betting. As you may not be aware of, there is currently a proposed bill before the United States Congress that would enact a Sport Betting Law that would make it illegal for Canadian residents to partake in online gambling.
This law would make it illegal for residents in Canada to gamble online or at live gaming establishments in Canada. This legislation has been heavily debated within the Canadian legislature, and although it is still not a done deal, the government is leaning towards passing the bill into law. This controversy centers around an aspect of the new Gambling legislation that the Canadian government is proposing. The Gambling Reform Act states that if a gambling institution in Canada accepts deposits from an overseas source, that institution will then have to register that deposit with the Canadian government.
This registration process would essentially force all of the world that operates offshore gambling casinos to register with the Canadian government in order to receive funds from Canadian citizens. If this were passed, many businesses and individuals with high stakes gambling activities on the Internet might choose to move their business and games to Canada rather than stay up front and open with their financial dealings in the USA. In some cases, Canadians living abroad could open offshore gambling accounts and take out loans from Canadian banks to gamble online. These actions would be considered a criminal offense under the proposed Gambling Reform Act. Many of the current offshore gambling sites that operate within the Canada area do so legitimately, and they would be required by the new legislation to register with the Canadian government in order to stay in business.
On top of this, there are many more reasons that Canadian officials feel that there is need for Sport Betting Law reform in Canada. The Canadian government feels that there is an enormous problem with Internet Gambling and that there is too much chance for corruption. Because of this, they have formed an advisory group called the Canadian Commission on Sport Betting Regulation and Licensing to regulate and collect fees and information on sport betting in Canada. One of the many problems is the fact that offshore gambling sites can register in Canada and still receive funds from Canadian citizens who wish to gamble online. The advisory group hopes to put a stop to this activity.
The government does not want to see offshore gambling sites operating in Canada because they believe it would ruin the reputation of the Canadian sport betting industry. They would also like to see all sports betting taken care of domestically because they believe it would help maintain the integrity of the game. In the past, Canadians in general have been suspicious of offshore gambling, and in recent years it has gotten even worse. Some people have even taken to running scams to take advantage of Canadians who are desperate to make money betting online. Because of this, Canadians that want to participate in offshore sport betting would most likely face criminal prosecution from the law enforcement agencies in Canada.
Despite the bad press that Canadian governments have given offshore gambling sites, it is still growing in popularity in spite of the Canadian government’s warnings. Because of the growth of the online betting industry in Canada, the government has had to do something to stop it, but no one seems willing to step forward and make a concerted effort against the offshore gambling industry in Canada. As long as offshore gambling goes on, there is going to be a problem with the Canadian government trying to interfere with their residents ability to place online bets on sports.