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In The News
February 23rd, 2022
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Clarity on Sports Betting Exchanges in Ontario
At a glance, Ontario’s regulation appears to ban companies like Sporttrade because of its similarity to a financial exchange. But Sporttrade is under no such ban. The types of betting that Ontario prohibits are bets like some found in the United Kingdom.
"You could list something like, ‘Will Tesla close above or below $1,304.99 today?’” Kane said. “And while it may look very similar to Sporttrade and you could even make it look like a sportsbook, they don’t want you betting on financial products because that’s regulated in a different way.”
According to Sporttrade CEO, Alex Kane, his Ontario contacts confirmed that this regulation doesn’t prohibit companies like Sporttrade. Under Ontario law, betting exchanges are legal forms of sports betting.
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