A Comprehensive Guide to Easy Sports Betting in Canada
Sports betting is a fun and exciting form of gambling that most sports fans join to enhance the thrill they are experiencing. And in Canada, the sports betting industry is constantly evolving and changing, which is why it's essential to keep yourself up to date with the various aspects of society that affect gambling.
You should know that gambling has always been present in Canada. Some of the first games introduced are card games, table games, and more. However, when it comes to the law, the government has ironed out the law and left each province to manage their gambling laws, allowing them to control the land-based betting facilities in their respective provinces.
Fortunately, the bulk of the gambling done in Canada is online. Of course, provinces may intervene or review in some instances. But for the most part, online gambling is regulated by the individual. That means everyone is free to enjoy online gambling, but they have to set a limit for themselves. Online gambling includes sports betting, and you can find some tips here for beginners.
Do Canadians Have to Pay Tax on Gambling Winnings?
While some countries, like the US, tax their people's gambling winnings, Canada's laws regarding this are simple. The answer is no - Canadians don't have to pay taxes on gambling winnings from any gambling, whether sports betting, horse racing, lotteries, online casinos, and any other table games. But like everything else, there's a complication when you begin to earn interest on any of your winnings. In cases like these, you need to declare any interest in winning via a governmental T5 form. It depends on the winnings, and the law applies differently depending on some cases.
Another factor that may affect their winnings is whether the bettor declared Canada as their primary residence. Players have to check with their local tax attorney because each province has different tax codes that must be applied. Finally, the bettor has to declare if they're professionally involved or not with the sports markets they're betting on.
The Best Sports to Bet in Canada
NHL - It's the biggest mainstream American sports league in Canada with seven Canadian teams, which is why they have a huge following right now. So it's best to place your bets in this sports game.
NBA - Because of the Toronto Raptors winning the 2019 NBA title, it has shown that Canada is serious when it comes to basketball. Not only that, but the NBA has tons of fans from all over Canada. So it's another sports game you can place your bet on.
NFL - It has a massive following in Canada because it's known as the biggest American sports league. Not only that, but it has a long history of sporting excellence that created a large number of sports fans north of the border.
CFL - The fanbase for this sports game is growing because the league is growing too. And with that, the bookmakers haven't ignored this and are starting to improve the range of betting markets and odds available for weekly games.
UFC - Combat sports are another growing fad in Canada, mainly because of many icons such as George-Saint Pierre. That's why it's also incredibly popular in the Canadian market.