Canada-based Woodbine Entertainment, which operates Woodbine Racetrack in Toronto, is looking into a new source of revenue—and now that Canada has legalized sports betting, that is looking like a more attractive way to attract younger players. But the law will need to change.
CEO Jim Lawson and CCO Michael Copeland see the country’s expanded sports betting industry as a good new source of revenue.
Lawson recently told an audience at the 162nd running of the Queen’s Plate, “We have to look at alternative sources of revenue, so we need to play a role in the new sports betting sector.”
When the parliament lifted the ban on sports betting, it included a provision that prevented sportsbooks from taking fixed-odd bets on races, such as horseraces. That opens the way for Woodbine to add sports betting other than fixed-odd wagers.
Lawson recently told the Toronto Star, “If you allowed those major sportsbooks to come into Canada and let them offer fixed-odds betting on horse racing, it would completely cannibalize our business. They’d be taking in all of the revenue, but not sharing in the expenses.”
He wants to see the law amended to allow a racetrack to bring in a sportsbook partner. He told the Star: “It will take a further amendment to the criminal code, but fixed odds will eventually come.” He added, “The intent of the current federal legislation is to ensure horse racing would be able to stand on its own. Our very strong view is that Woodbine Entertainment and the horse racing industry deserves and is entitled to offer sports wagering.”
Besides its racetracks in Toronto and Mohawk Park, the WEGZ Entertainment sports bar in Vaughn, plus several off-track betting facilities throughout Ontario, Woodbine would be able to cater to bettors who like to place bets and watch the games, as in Las Vegas.
Copeland told the Star, “Our locations provide that extensive network, and our research shows the appeal of the sportsbook is related to location.” Copeland recently left his own sports consulting practice to work with Lawson. “We’ve learned that horse racing is naturally a partner with betting on other sports.”
Woodbine took the occasion of the Queen’s Plate race to relaunch its Dark House betting app.
