Market Insider By GlobeNewswire 496 Views

i3 commends Canadian Government efforts to legalize single event sports betting in Canada

TORONTO, Feb. 18, 2021 (GLOBE NEWSWIRE) — i3 Interactive Inc. (“i3 Interactive” or the “Company”) (CSE: BETS) (FRA: F0O3) – is pleased to announce that, Bill C-218 was voted on and passed at second reading in the House of Commons on February 17, 2021. If Bill C-218 passes as currently constituted, it would grant provinces and territories in Canada the responsibility of regulating single-events sports gambling.

Referred to as The Safe and Regulated Sports Betting Act, Bill C-218 repeals a section of Canada’s criminal code making wagering on a single sporting event illegal. Bill C-218 will now enter into the last phase of hearings with the Justice Committee where it could receive further amendments, and will then be sent to the Senate and the Governor General for Royal Assent.

The vote was passed with overwhelming support in the House of Commons, which demonstrates the vast level of support from all parties for single-event sports wagering in Canada.

Chris Neville, CEO of i3 states, “The passing of Bill C-218 in the House of Commons with a vote of 303-15 is a positive move for the online gambling industry in Canada. The state of New Jersey alone is generating $1 billion dollars of taxable income per month for the New Jersey government with the NJ receiving 16.5% of this billion monthly. With the recent pandemic and the state of the financial economy of Canada, this bill comes at the best time possible. Sports are a popular source of entertainment during this pandemic, and allowing people to bet on their favourite sports team will add so much excitement for the viewers. If this law is passed, the citizens of the country will no longer fear dealing with offshore books and getting their money paid out after successful bets. We expect this to be a prosperous industry in Canada.”  

“From a inter-company standpoint this will help progress our growth in the Canadian market and help grow our revenue to the levels to enhance shareholder value”, says Chris Neville.