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Bragg Gaming Group says it is “very supportive” of Canada’s move to legalize single-event sports betting

It applauds the Canadian federal government's move towards a more modern, regulated betting market

Bragg Gaming Group -
Bragg Gaming says the legalization of single sports betting will go a long way in curbing the estimated $14 billion black market in Canada

Bragg Gaming Group Inc (CVE:BRAG) (OTMKTS:BRGGF) (FRA:SL4A) announced that it is in favour of the Canadian government’s proposed federal legalization of single-event sports betting. 

Bragg Gaming board member Rob Godfrey said in a statement: “We’re very supportive of the move to legalizing single-event betting.”  

He added: “Jurisdictions around the world are modernizing their gaming regulations to reflect today’s global gaming market, and Canadians – and the country’s operators – should have the same ability to place bets as their international peers. The reality is that many Canadians are already placing single-event bets today, but through illegal black-market channels that make them vulnerable. This proposed legislation will move a significant portion of these activities to a safer, more regulated environment that better protects Canadians’ interests while also ensuring a level playing field for Canadian operators.”

READ: Bragg Gaming Group identifying online gaming opportunities in B2B and B2C arenas

The company noted that by allowing betting on single events, such as a hockey or baseball game, it will go a long way in curbing black-market activities, which currently sees an estimated $14 billion in bets from Canadians on an annual basis.

Bragg Gaming also said it stands in support of Canadian casinos and other online gaming operators, which have previously stated that the current restrictions make it harder to compete with their U.S. and international counterparts.

The company hopes similar legislative updates occur at the provincial level in Canada, as operations there are restricted to “parlay bets” – a lower-odds bet, where individuals must choose the winning team in multiple games to win – rather than permitting single-event bets legally.

Bragg Gaming recently reported a 72% year-over-year increase in its 3Q revenue to C$18.1 million (€11.7 million), after expanding its online gaming business through Europe and Latin America. It also recorded readjusted EBITDA of C$2.8 million for the period, compared with $0.3 million a year earlier, with significantly higher margins of 15.7% as a result of improved cost control and higher scale. 

Contact Sean at sean@proactiveinvestors.com

Quick facts: Bragg Gaming Group

Price: 2.61 CAD

TSX-V:BRAG
Market: TSX-V
Market Cap: $307.85 m
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