On Tuesday, the Senate of Canada passed Bill C-218 at Third Reading debate. The Bill will now proceed to Royal Assent, the final milestone to legalize single event sports wagering in Canada.

In a release on Tuesday, Woodbine Entertainment congratulated the Senate and the Federal Government for "taking this important step forward and creating a substantial opportunity" for the country's economy.

“This is a significant day for what is now an emerging sector in Canada that will regulate sports betting, generate new revenues and create new jobs,” said Jim Lawson, CEO, Woodbine Entertainment.

Bill C-218, which was introduced by MP Kevin Waugh, includes protection for the horse racing industry and the more than 50,000 jobs it supports throughout Canada by prohibiting fixed odds wagering on the sport. The amendment to the Bill was a result of a collaborative effort by the horse racing industry across the country.

With the Bill has passing the Senate, and with the protection for the horse racing industry intact, Woodbine Entertainment said it "will focus its efforts on how it can use its extensive experience, expertise, and technology in legalized single event wagering to participate in fixed odds sports betting in a meaningful way."

Woodbine Entertainment operates without share capital and its sole mandate is to sustain and grow the horse racing industry in Ontario.

“We look forward to continuing discussions with provincial authorities and prospective partners that could provide this new sector with an opportunity to leverage our experience in offering legal single event sports wagering in Canada,” Lawson added. “At the same time, participating in sports betting would provide an opportunity to create new a revenue stream for our industry and expose horse racing to new fans in an evolving sports marketplace.

“Recognizing that this new sector will create more options for the Canadian sports bettor, participating in offering sports betting is critically important for the sustainability of the horse racing industry and the tens of thousands of jobs it supports throughout the country.”

(with files from Woodbine)