Canada’s provincial lottery corporations are seeking stricter controls on prediction markets, arguing that some event contracts available through investment platforms resemble betting and should be subject to additional safeguards.
This comes after last week the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) clarified in a joint statement that contracts based on sports and entertainment outcomes should not be treated as securities or derivatives. The authorities argue that the contracts cannot be offered through regulated investment platforms.
Now, according to the Globe and Mail, the Canadian Lottery Coalition (CLC) – which represents publicly owned lottery and gaming organizations in seven provinces – has registered to lobby provincial officials on the issue.
