As Canada poises to expand its sports betting markets this month, U.S. companies have their eyes on entering the market. Several deals have been made already that suggest a feverish competitive market for consumers in America’s northern neighbor.
Legalized sports betting or even the collectibles hobby: all of these markets are making U.S. companies salivate over the prospects of earning Canadian customers via sports betting activities.
Earlier this week, DraftKings announced that their new DraftKings Marketplace platform would be accessible to customers in Canada for the first time ahead of their exclusive Wayne Gretzky Non-Fungible Token (NFT) drops. The much anticipated Premier Gretky NFTs were available to Canadian collectors starting August 17, with the Signature editions dropping on August 20.
Also earlier in 2021, DraftKings negotiated with the NFL to expand their rights access to Canada for daily fantasy sports.
Penn and theScore Merger
Earlier in August, Penn National Gaming, Inc. announced its acquisition of theScore for approximately $2 billion in cash and stock. Penn’s shocking purchase of theScore allows them to place their gaming technology in a more efficient position for expansion in Canada.
In addition to gobbling up theScore’s sportsbook platform, Penn acquires valuable assets that theScore has developed for the industry in Canada, including a robust player account management system and an emerging in-house managed risk and trading service platform.
New Headquarters For theScore In Toronto
Score Media and Gaming Inc., the parent company of theScore announced earlier this week that they have inked an agreement with BentallGreenOak for theScore to lease an 80,000-square-foot space at Waterfront Innovation Centre in downtown Toronto. The state-of-the-art complex signals a major shift in prominence by theScore in light of their acquisition/merger with Penn Gaming. It’s clear that as Canada readies the launch of new gaming laws, theScore will be a major player in the industry up north.
BetMGM Adds Partnerships in Canada in Advance of Single-Game Betting
Single-event sports betting will go live in most parts of Canada on August 27. In recent months, BetMGM, based in Jersey City, New Jersey, has forged partnerships with several Canadian companies to prepare for the new market opportunities.
In June, BetMGM signed hockey legend Wayne Gretzky to a deal as a brand ambassador. A few weeks later, Gretzky announced on BetMGM’s social media accounts that the company would launch a Canadian sportsbook in the future. As Cole Rush reported for Gaming Today, “US mainstays such as FanDuel, PointsBet, DraftKings, and William Hill” can most likely be expected to enter the Canada market with their own sportsbooks as well.
In another sign that BetMGM intends to be a major factor in the burgeoning Canada betting market, they entered an exclusive deal with The Hockey News to provide sports betting content in early June.
How Large Can The Canada Market Be?
There’s no way to accurately say how big the Canadian sports betting markets can be. But there is clearly a pent-up desire by citizens of the country to bet on single-events and games, as well as to have expanded opportunities for betting on various sports and playing daily fantasy sports.