VANCOUVER, BRITISH COLUMBIA—Moneyline Sportsbook (PRIVATELY HELD) ("Moneyline or the "Company") issued the following statement regarding the Senate of Canada's passage of the Safe and Regulated Sports Betting Act, An Act to amend the Criminal Code, which will legalize single event sports wagering throughout the country.
"The Senate's passage of Bill C-218 yesterday represents a significant step forward for Canadian sports fans by legalizing single event sports betting," said Moneyline CEO, Josh Swissman. "We are grateful for all members of Parliament, especially MP Kevin Waugh and Senators David Wells and Brent Cotter, for their dedication in bringing this Bill to passage. The strong all-party support seen for this Bill in both the House of Commons and Senate shows just how important this legislation is to Canada, and its passage allows Moneyline to aggressively pursue licences to establish Moneyline Sportsbooks in Canadian provinces."
"The legalization of single event sports betting presents a tremendous growth opportunity for us to expand our Sportsbook plans from Colorado and Iowa into Canadian Provinces. Moneyline is currently in the final stages of acquiring EliteSportbook.com, which is operational in Colorado and also has market access rights to launch a Sportsbook in Iowa."
"We had always planned to launch sportsbooks in US states where sports betting is legal and we are well on our way to completing our acquisition of Elite Sportsbook in Colorado. This move by Parliament to legalize sports betting in Canada comes at an ideal time for us to expand our operations into Canada".
"We believe that the changing sports betting legislation is a similar business opportunity to other industries that have recently undergone legalization and regulation in Canada. This is a generational business opportunity for early entrants and for investors" states Josh Swissman, CEO of Moneyline Sportsbook.
The Canadian Sports Betting Market Opportunity
- The Canadian sports betting market is roughly C$1 billion, as of writing. Experts believe this market could hit C$14 billion once single-game betting becomes legal. It would grow exponentially under the new laws and would change the game in Canada.
-Ontario is the largest province with 13.4 million residents. Pennsylvania is closest in population to Ontario, and the Keystone State had a betting handle of $525.8 million in October 2020, which was a record for the state. Ontario could see similar numbers with its size and how many casinos are operating in the state.
About Moneyline Sportsbook
Moneyline Sportsbook Inc. is a Canadian company established to acquire and operate LEGAL online sportsbooks across the United States and Canada. The company is closing its acquisitions of ELITE SPORTSBOOK - Colorado and has market access to launch a sportsbook in Iowa. Moneyline is well funded and has assembled a strong management team with deep experience in the gambling industry. Moneyline is preparing to obtain a public market listing on the Canadian Securities Exchange or the TSX-Venture Exchange in Canada during the summer of 2021.
Contact Information:Josh Swissman-CEO