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ARTICLE · 13 OCTOBER 2026

Prediction Markets And IGaming Update: Forecasting More Developments Ahead

Borden Ladner Gervais LLP
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Canadian securities regulators have drawn a clear line excluding sports and entertainment prediction markets from securities regulation, leaving provincial gaming authorities to develop frameworks for these emerging platforms. Meanwhile, Quebec's political landscape suggests a potential opening of its iGaming market, and the Supreme Court prepares to rule on whether Ontario operators can legally connect players internationally through pooled liquidity arrangements.

CanadaCorporate/Commercial Law
Galen Flaherty
Galen Flaherty
Cameron A. MacDonald
Cameron A. MacDonald
Julie Mansi
Julie Mansi
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What you need to know

  • In Canada, prediction markets do not fit in one regulatory box. In Joint Staff Notice 91-307 (the Joint Notice), the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) have made clear that, unlike the U.S., sports- and entertainment-related event contracts should not be regulated under Canadian securities and derivatives legislation. The Joint Notice draws a line in the sand that securities regulators won’t pass. It now rests with provincial gaming regulators to develop a regulatory pathway for such contracts.
  • Will Québec follow in Alberta and Ontario’s footsteps? Recent comments from leadership of the Parti Québécois and the Québec Liberal Party have created optimism that Québec may soon open a new iGaming market for regulated operators, similar to the model adopted in Ontario and Alberta.

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