BetYa Sports provides P2P wagering as single-event betting now legal in Canada

Following Bill C-218 coming into effect since August 27, which sees single-event sports betting now legal in Canada, BetYa Sports will be facilitating peer-to-peer sports betting in the country, announced the company on Monday.

The Canada-based P2P sports wagering platform is “excited to explore” partnership and investment opportunities on the path to offering customers single-game sports betting, states a press release.

Bill C-218 was passed by the Senate on June 22, 2021, amending the Criminal Code of Canada to allow provincial governments to determine how single event sports betting will be offered in their own jurisdictions. Two months later, it officially became law earlier this week.

“With the announcement of Bill C-218, BetYa Sports will be able to provide Canadians with a regulated outlet for single game sports wagering by matching users who want to bet opposite sides of a sporting event outcome,” said the company.

This style of wagering aims at eliminating problems “created by traditional sports betting,” including match fixing and bribes intended to influences the outcome of a sporting event. “By offering a peer-to-peer model, the BetYa Sports platform is able to remove the ‘house advantage’ capitalized on by traditional sportsbooks, providing the very best odds for users,” promises the company.

Sports wagering in Canada is set to become a multi-billion dollar business within the next few years. According to a white paper authored by analyst company PlayCanada, the Canadian sports betting market could grow into $2 billion-a-year industry.

Operators could generate as much as $2.02 billion in combined annual revenue on $25.3 billion in total wagers at a mature stage, with 80% of said revenue made through online sportsbook operators, “under an idealistic hypothetical scenario” in which all provinces and territories authorize competitive online sports betting.

Until now, those funds flowed offshore, oftentimes fueling illegal and unregulated betting: estimates have shown that Canadians are responsible for as much as 13% of all sports bets places with offshore sports betting sites worldwide. BetYa believes that due to single-sports now being allowed, Canada will present an attractive market opportunity for its peer-to-peer services.

These include betting opportunities for all four major North American sports plus soccer, MMA, boxing and golf “with plans to continue adding sports” as the user base grows. Further plans to add esports wagers are being considered “as it has become one of the fastest growing forms of sport entertainment” across the globe.

“Together with Cansoft Technologies, BetYa Sports is excited to move forward and capture market share within the evolving sports betting industry,” describes the company.