History of Horse Betting in Canada
Betting on horses in Canada started in 18th century. The game gained its popularity in the early years of the 1800s due to the creation of the first organized races in Quebec City. Already during the late 19th century, horse racing had taken a foothold as an established sport throughout the country, marked by the 1867 founding of the Canadian Jockey Club.
The industry was revolutionized in the early 20th century by the introduction of parimutuel betting. This system consisted in pooling all bets of a certain type and thus allowed for standardized odds and a process of betting that was much fairer. This was followed by a legalization that year of betting at race tracks, further solidifying the hold which horse racing had over the nation’s pastime traditions. In fact for the many generations to exist after, from 1860, the Queen’s Plate iconic races have been such pronounced cultural touchstones that they delivered tremendous attention and investment to the game.
Economic Contributions and Revenue Generation
What’s more, horse gambling has an economic impact on Canada’s equine industry as it contributes to the national economy annually, in terms of billions. As in estimation from 2019, the horse-racing industry contributed more than $5.6 Billion to Canada’s economy; most of the contribution being from betting activities.