The timing is right for Canada to expand sports betting. This bill has the potential to unlock new growth opportunities, reduce illegal betting and generate revenues for both the sport industry and governments. Our interests are in ensuring that single sport betting is introduced in a responsible, effective and profitable manner.
First is responsible, the impacts of Bill C-218 may include an increase in match manipulation and gambling, which we believe poses at least as much risk in amateur and Olympic sport where athletes don't earn big incomes and large amounts of betting still take place.
The International Olympic Committee has created a code on the prevention of manipulation of competitions. In 2020, together we organized a workshop in Canada on match manipulation. Many international sport organizations have established integrity units to safeguard their sports and to educate and protect athletes. A focus on protection and education will be required going forward. A portion of incremental tax revenues should be earmarked for mental health care and addiction education.
Second is profitable. Deloitte estimates that within five years of legalization, Canadian sport betting could grow to $28 billion a year. We must ensure that revenues are distributed back to the principal content providers that stage the events, in our case, a member national sport organization, many of whom operate on shoestring budgets, to enable them to provide increased support to athletes at all levels of the sport system.
Last is effective. National sport organizations will need support. In establishing infrastructure to ensure betting integrity and in monetizing all available channels, including partnerships with sport betting companies, media rights and data sales, we must equip sport organizations with the tools and support to capitalize on the expansion of sport betting.
We believe the expansion of betting options can be a game-changer and if we focus on betting being responsible, effective and profitable, we can all win.
Thank you.