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British Columbia’s gambling regulator has stepped in to make its position clear on prediction markets.
Last Friday, the Independent Gambling Control Office (IGCO) announced that event contracts tied to sports or entertainment outcomes are not financial products but gambling, and must be regulated under the Criminal Code of Canada and provincial gaming laws.
The update follows guidance issued a day earlier by the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO), which stated that sports and entertainment contracts should not fall under securities or derivatives legislation.
IGCO said it supports that view and reminded residents that only the British Columbia Lottery Corporation (BCLC) is authorized to conduct and manage gambling in the province.
BCLC’s PlayNow.com remains the sole regulated online gambling site permitted to operate in BC, meeting standards for integrity, age verification, responsible gambling, and advertising. The regulator warned that all other online platforms offering sports or entertainment event contracts to BC players are illegal and should be avoided.
It noted that “products based on sports or entertainment outcomes are considered gambling by the IGCO and must be regulated in accordance with the Criminal Code of Canada and provincial gaming legislation.”
The IGCO is the second regulator to speak out after the CSA/CIRO guidance. Hours after its initial release, the Alberta Gaming, Liquor and Cannabis backed the stance and said it is reviewing what the guidance means for its own oversight of online gambling in the province
