HeadsUp Entertainment eyes regulated sports betting market in Canada
The former owner of the Canada Poker Tour has locked on to its next venture, indicating a desire to break into the regulated wagering market.
Heads Up Entertainment announced it was eyeing off a move into the regulated sports betting scene, but it will be dependent on Bill C-218 decriminalising single-event sports betting in Canada.
Right now, it is illegal for Canadian betting sites to offer single-event bets, but if Bill C-218 was passed it would allow the provinces and territories to license betting products and compete with offshore sportsbooks by offering these types of bets.
HeadsUp Entertainment does not currently have a foothold in the sports betting scene, but they are planning on launching a media channel focusing on acquisition at the start of 2021. This forward-thinking is aimed at giving them a ready-made player base when single-event wagers are finally made legal.
HeadsUp Entertainment CEO Doug Wilson said the company was already in negotiations with two software providers, that could power their sportsbook, while they also were working on partnering up or acquiring media organisation to help their entry into an expected competitive space.
“The rapidly evolving opportunities in the Canadian market, as well as in other countries, are very encouraging and our team has been anticipating licensing and government regulation that we are strategically poised to take advantage of,” he said.
Extra pressure has been applied to get single-event wagers legal since the roaring success of the USA and its regulated betting markets in New Jersey, Pennsylvania and Nevada. Several other US states are expected to give sports betting the all clear in the first quarter of 2021.
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