People Mentioned
Partner, Corporate, Calgary
The current landscape in Canada for prediction markets is similar to the challenges regulators faced with cryptocurrency trading, says Matt Burgoyne, partner and Chair of the Digital Assets and Blockchain practice, in an interview with The Globe and Mail.
In the case of cryptocurrency trading, Matt says regulators were ultimately forced to adopt a framework similar to other nations because Canadians would otherwise access international platforms operating outside of Canadian regulation.
U.S-based prediction markets are already a multi-billion-dollar industry. They offer participants the ability to wager on yes/no contracts on a variety of subjects, including financial markets, the weather and the economy. These markets have recently come to Canada.
The Canadian Securities Administrators issued a notice in 2017 prohibiting binary options to deal with rising fraud related to unregulated binary options on online platforms — essentially contracts involving yes/no outcomes. “At the time, crypto prediction markets likely were not on regulators’ radar,” says Matt. “But the types of contracts traded on crypto prediction markets do fall squarely within the definition of a binary option.”
Prediction markets also pose a challenge for Canada’s fragmented regulatory system because they seemingly straddle two activities: investing and gambling, which involve separate regulatory frameworks.
For prediction markets to offer similar exposures as in the U.S. — and appeal to more Canadians — “you would likely need permission not only from securities regulators but also the blessing of the provincial gaming commissions,” says Matt.
If you subscribe to The Globe and Mail, you can read the full article by Joel Schlesinger posted on April 20, 2026.
People Mentioned
Partner, Corporate, Calgary
