Bill C-128 aims to amend the Criminal Code to give Canadian provinces and territories permission to regulate online and in-person bets on the outcome of individual sporting events.
In 2018, the United States Supreme Court struck down a federal ban on sports betting. Canadian officials are hungry to dip into the lucrative market.
This week, the bill passed through debate in the House of Commons and will move on to the Senate. That brings Canada one step closer to single-game sports betting.
Score Media (TSX:SCR)(NASDAQ:SCR) is in a great position to benefit from this push. It operates as a sports media company in North America. In Canada, theScore app is already one of the most popular sports apps. The company hopes to leverage its reach and gain a significant foothold in the Canadian betting market. Score has already made inroads in U.S. states that have moved ahead with legal sports betting.
Shares of Score Media have climbed 49% in 2021 as of mid-afternoon trading on April 23. The stock has soared nearly 490% from the prior year.
The company released its second quarter fiscal 2021 results on April 13. Score achieved record gaming handle and posted solid revenue growth in its media division. Its mobile betting platform is now live in four U.S. states after launching in Iowa.
The multi-billion-dollar sports betting market is well worth seeking exposure to for investors. Score Media is geared up for big growth as Canada edges closer to single-game sports betting legalization.
