HeadsUp Entertainment International has announced its strategic plan to enter the regulated sports wagering marketplace in Canada.
In November 2020, the Canadian federal government introduced a bill to the House of Commons that, if passed by both House and Senate, would legalise single-game sports wagering within the country's 10 provinces and three territories. It is anticipated that this bill will pass in the spring of 2021.
The forthcoming legislation and subsequent changes to the Criminal Code of Canada are estimated to open up a sports betting market worth over $14bn in annual gross gaming revenue.
HeadsUp says it is currently negotiating with two sportsbook software providers and is in negotiations with a strategic media partner as “a potential merger candidate or acquisition to create unique market access and lower than industry standard costs for player acquisition.”
Canada is an exciting market for sports wagering and the country is following the lead of New Jersey, Nevada and Pennsylvania as US states that have legalised sports betting.
The company will be launching its media content delivery platforms in the first week of January. The platforms are designed to target viewers and build its base of players in anticipation of the launch of its online gaming products once the path to legalisation and licensing in Canada is complete.
Doug Wilson, HeadsUp president and CEO, said: "The rapidly evolving opportunities in the Canadian market, as well as in other countries, are very encouraging and our team has been anticipating licensing and government regulation that we are strategically poised to take advantage of."
