Paddy Power Wins Canadian Sports Betting Contract
Paddy Power, the Irish bookmaking giant, is entering a three-year contract to provide sports betting services to the British Columbia Lottery Corporation (BCLC). Under the terms of the contract, Paddy Power will be providing software, pricing and line making to the governmental agency.
Toehold in North America
In terms of dollars and cents, the BCLC deal is small potatoes for Paddy Power, but fits in with a bigger plan.
The BC contract gives Paddy Power a nice toehold in the North American market and could give them a real edge if sports betting is legalized in the U.S. (which could depend on the outcome of events in New Jersey.) It also establishes brand recognition and a good reputation in Canada, which would be a big help should other provinces legalize sports betting.
In a publicity statement, Paddy Power CEO Patrick Kennedy said, “We are delighted to be partnering with BCLC. They are our first lottery partner, and this is our first transaction in North America, a geography which will be of increasing strategic importance to us in the future. Today’s announcement is a further endorsement of our product and partnership capabilities. As the global online market continues to regulate, these qualities continue to position us strongly for future international expansion.”
BC Sports Betting
Legal sports betting is available in British Columbia and Ontario as part of the provincial lottery system. Bettors are required to wager on at least two outcomes in what is, basically, a parlay bet. The BC sports betting site, Sports Action is aimed at casual bettors and serious sports betting aficionados would likely find that odds and juice fairly unattractive. Traditional casino gaming is also legal in British Columbia.
Do you think Paddy Power’s Canadian contract is a good foothold for them in the North American sports betting market? Let us know in our Online Gaming Newswire Forum.