It is important to stay informed about the many aspects of society that impact gambling as the industry changes and evolves. This article will provide a detailed breakdown of the Canadian landscape for sports betting, its laws, and how to navigate through the expanding number of providers of sportsbooks.
Can you legally place sports bets in Canada?
Since ancient times, gambling has been a part of Canadian culture. Since the early 1400s, when playing cards were introduced to the world and poker was being developed, gambling has been a part of Canadian culture since the beginning. There are also table games such as checkers and dice, in addition to card games.
Canadian tax system and sports betting
Canadian gambling taxation is often a gray area. The simple answer to this question is “No”. Canadians don’t have to pay tax on winnings from gambling, including horse racing (racebooks), betting, lotteries and online casinos.
This is where the problem arises when bettors start to earn interest on winnings. This is where you will need to declare all winnings interest via a T5 form. This is true. However, it all depends on how much you win.
It is also worth considering whether the bettor has declared Canada their primary residence. Because each province has its own tax code, players should consult their local tax attorney to see if they can apply these tax codes to funds. It is important to determine if the bettor is an active professional in the markets where they are betting. A professional poker player, for example, must declare that they are professional and not say that they only play for fun.
Canada’s Best Sports Bets
- NHL – The NHL, a major American sports league with 7 Canadian teams currently playing in it, is the largest.
- NBA – The Toronto Raptors won 2019 NBA championship and proved that Canadian basketball is serious. The NBA is a league with a large fan base and top talent in all its teams.
- NFL – The NFL is the most popular American sports league. Many sports fans live north of the border because of their long tradition of excellence in sport.
- CFL – The league is expanding and so is the fanbase. Bookmakers are not ignoring this fact and are working to increase the number of betting markets available and the odds for weekly games.
- UFC – The UFC is the most popular name in combat sports. Dana White’s empire has made boxing a secondary sport. It is a very popular market in Canada, with UFC stars like George Saint Pierre.
- Formula 1 – The Canadian Grand Prix has really established the sport in Canadian culture. This is something that the bookmakers have acknowledged and offer a wide range of betting markets.
- Horse Racing – Horse Racing is a popular sport all over the world. It doesn’t matter if you live in Canada or Saudi Arabia. Canada has many great markets.
- Curling – This sport is very popular in Canada, Scotland, and Scandanavia. There are some major tournaments here. Curling is a great sport to bet on at sportsbooks.