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Canadian gamblers are spending tons of money on offshore gambling websites.
Billions of dollars are wagered on betting products offered by online gambling portals. It’s proof that Canadians would rather bet online instead of play in local lottery retailers. One of the reasons for this low interest in sports betting products by provincial lottery agencies is due to a low payout. Let’s take a closer look at why Canadians prefer wagering through offshore online gambling sites.
How Parlay Betting Works
Wagering on a single game is not permitted in Canada. It’s stated that gamblers need to wager and predict outcomes of a minimum of 2 games. This method is called parlay betting. The parlay system entices bettors by offering more lucrative payouts. However, this also entails a level of difficulty.
Parlay wagers are tough to beat due to more games being added. Furthermore, bettors who decide to cash out their parlays in provincial lotteries receive a lower payout compared to the similar parlay bet on offshore sportsbooks.
Here’s a simple example of how parlay betting works, a $100 bet on a 3-game parlay placed through the Point Spread game offering by the Ontario Provincial Lottery Corporation pays$500. Canadian gamblers think it’s a cheap payout because they can receive a payout of $600 from an online bookie like Bet365.
Offshore Gambling Bookies are More Profitable
Seasoned bettors and newbies are easily reached by offshore gambling sites because of the Internet. There are no regulations in place that Canadian gamblers aren’t allowed to bet online instead of provincial lottery retailers. It’s a breeze for a bettor to go online and wager on sports betting products and casino games as well. It’s more lucrative to play online and the return on investment is higher.
The Canadian Gaming Association has announced that Canada-based gamblers are spending around $4 billion annually on online sports betting products. These are betting products are from offshore gambling companies.
Steve is hardly alone in his thinking. The Canadian Gaming Association estimates Canadian gamblers are sending roughly $4 billion every year to a growing number of online sportsbooks based offshore. Whereas it’s only about $500 million is wagered on provincial sports lotteries.
“We cannot offer in Canada the product these people are seeking offshore.” CGA executive Paul Burns said.
Canadians Prefer to Gamble More Online
Canadian bettors would prefer wagering through offshore online gambling sites. It’s a no-brainer since bettors can easily check their accounts online, select betting options, and check payouts.
“People have gravitated to these offshore sites. They like to bet on their favourite team, so they go where they can do that,” says Burns, the Canadian Gaming Association executive. “They use their credit cards; they don’t have to leave their homes. They have chosen to spend their money there.”
Bettors also think betting offline is convenient in terms of security. Bettors can go to a convenience store and bet a single game if it’s allowed, compared to betting a single game online that requires credit card information.
Types of Games and Betting Options Available on Offshore Sites
Offshore gambling sites offer a vast range of games and betting options that are not available through Canadian provincial lottery retailers. Some of the most popular games on offshore sites include sports betting, casino games, and poker. Offshore sites also offer live betting, which allows bettors to place bets during a game or match, as well as in-play betting, where bettors can place bets on various outcomes during the game.
In addition, offshore gambling sites also offer a wide range of betting options that are not available through provincial lottery retailers. These options include point spreads, money lines, parlays, teasers, and props. Offshore sites also offer more competitive odds and better payouts than Canadian provincial lottery retailers.
Risks of Gambling on Unregulated Offshore Sites
While offshore gambling sites offer a variety of games and betting options that are not available through Canadian provincial lottery retailers, they also come with risks. Unregulated offshore sites are not subject to Canadian laws and regulations, which means that they may not be as safe and secure as regulated Canadian sites.
Bettors who gamble on unregulated offshore sites are at risk of being scammed or cheated out of their money. These sites may not have the necessary security measures in place to protect bettor’s personal and financial information. In addition, these sites may not offer fair games, which means that bettors may not receive a fair payout.
Furthermore, offshore gambling sites may not have responsible gambling measures in place, which means that bettors may be at risk of developing gambling addiction. In Canada, regulated gambling sites are required to have responsible gambling measures in place, such as self-exclusion programs, to help prevent problem gambling.
It is important for Canadian bettors to be aware of the risks associated with gambling on unregulated offshore sites and to only gamble on regulated sites. By gambling on regulated sites, bettors can ensure that their personal and financial information is secure, the games are fair, and responsible gambling measures are in place to protect them.
In conclusion, while Canadian provincial lottery retailers provide limited betting options, offshore gambling portals offer a plethora of gaming choices and betting options that attract Canadian gamblers. However, gambling on unregulated offshore sites poses risks such as lack of consumer protection, security issues, and potential legal consequences. It is important for Canadian gamblers to exercise caution when gambling online and to consider using regulated Canadian online gambling sites instead.