America and Canada are neighbours on the North American continent. Even though they share a lot of similarities, there are several ways in which these countries are different. One of the important ones that have recently changed is sports betting. Ever since the repeal of PASPA, online sports betting has gone through a revolution. You can find wagering platforms in numerous states throughout the US.
Canada also has online sports betting but in a different way. Many of the best Canadian casino brands with sports betting you can find in the country are offshore. There’s a reason for this and we’ll get into all the details later in the article. Let’s take a look at how American sports betting compares to Canada.
Off-Shore Sports Betting and Online Gambling
The biggest difference comes down to off-shore sports betting. The Canadian market is completely unregulated, excluding Ontario. That means that players can access $5 minimum deposit casino platforms that have sports betting. They can place bets on international brands that offer sports betting. That’s something that was never legal in the US. The only way players were able to enjoy sports betting was locally in a couple of states and in person.
Even today, the regulated US markets don’t allow online sports betting with off-shore brands.
State and Province Regulations
Both countries have specific regulations in their states and provinces. So sports betting and online gambling are regulated on a local level. In some cases, even state perishes are voting on whether they want sports betting to be legal.
Canada has provinces. Each of these provinces has its own regulations. Ontario is leading the way, as it has become the first province to completely regulate online casinos and sports betting. The majority of popular US brands are already legal in Ontario. Additionally, off-shore sports betting is illegal in the province.
In that regard, both the US and Canada share some similarities. However, the big difference comes in how the US sees unregulated gambling. It’s completely illegal to bet on off-shore brands while in Canada it’s completely normal.
Differences in Tax
One of the biggest differences between Canada and the US comes down to their tax policies. Depending from one state to another, all gambling winnings, including those from sports betting are subject to tax.
That’s not something that you’ll see in Canada. All Canadians can enjoy gambling activities without paying any tax. There’s an exception though, but it does not refer to sports betting. If an activity is considered a professional, the player has to pay taxes as any worker in the country does. Professional poker players who make a living playing poker are subject to this type of taxation. Otherwise, bettors are completely free of any tax in Canada.
With the growing popularity of online gambling platforms, users are looking for practical payment methods. In this regard, the two countries share a lot of similarities. Both Americans and Canadians can enjoy payment methods such as Visa, Mastercard, e-wallets and traditional banking, with a couple of minor differences.
Cryptocurrencies are available to Canadians, as some international online platforms accept them. It’s no wonder due to the growing number of popular cryptocurrencies. What’s more, Canadians use a local payment method, Interac.
Other than that, bettors and gamblers can make quick payments with services such as PayPal, Google Pay and Apple Pay.
What Does the Future Hold?
The future is very similar for both countries. The US market will continue to change as wagering on sports is not legal in all the states. The number will keep going up as more states join the list of ones with legalized betting.
There’s much more work to be finished in Canada, as only Ontario has taken the step to legalize sports betting and online gambling. More provinces, such as Alberta and British Columbia will take the same steps and regulate markets. It’s in the best interest of the players, as the local regulations will keep them protected by the laws.
Both Canadian and US markets share plenty of similarities and differences. The most important part is that sports bettors have the best odds. That’s something that only a regulated market can promise. In those markets, brands have the obligation to follow strict rules, creating a completely safe environment for players. One thing is certain, the online gambling market will continue to grow. An increasing number of bettors will join the industry to have fun backing their favourite sports teams