We’ve put together a detailed overview about sports betting in Canada. This page goes over the main points of sports betting and gives you a good idea as to what it involves. If you’re after some of the top betting sites in Canada, you’ve come to the right place because we can help you find the ideal one for you.
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What Is Sports Betting?
Sports betting is simply the act of placing bets on sporting events. You spend some money placing a bet and if the conditions of your bet are met (i.e. if your chosen team wins), you’ll be given your bet back and will receive some winnings.
There are many online sportsbooks available in Canada that let you place sports bets. Most of these sites also let you bet on things such as current events, entertainment and virtual sports.
Different Types Of Sports Betting
There are many different types of sports bets you can place at online sportsbooks. Here are some of the most common ones:
Single – This type of bet covers one individual selection. The selection needs to satisfy the conditions of the bet in order for you to get paid.
Accumulator – This is a bet that’s made up of more than one selection and all selections need to win their respective events for you to get paid. The winnings from the first selection’s bet are used as the stake for the second selection’s bet and so on. A double is made up of two selections and a triple is made up of three.
Combination – This is any bet that contains a mix of singles and accumulators. Combination bets typically cover a few selections and a lot of the time, you’ll get paid so long as just one of your selections wins its bet. Examples include the trixie, which covers three selections and is made up of four doubles and one triple; and the Canadian, which covers five selections and involves a huge twenty-six bets altogether, including ten doubles, ten triples, one four-fold accumulator and one five-fold accumulator.
Live Betting
Live betting is when you place bets on a sporting event as it’s taking place. Most online sportsbooks let you do this, though it’s often available for the major events only, such as high-level matches and international tournaments. Many punters find live betting exciting because the progress of the game or match can affect what bets they decide to place. Bets that aren’t live are called pre-match bets.
Exchange Betting
The traditional way of betting on sports is to bet against the bookmaker (i.e. a sports betting site). With exchange betting, you’re not doing this. Instead, you’re betting against other punters. You get to set your own prices and take prices that other punters are offering. The odds at betting exchanges can be more competitive than the ones at sports betting sites. Exchanges make money by charging a small commission on all winnings.
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Types Of Odds
Odds give an indication of how likely something is to happen. They also let you know how much money you’re going to be paid if you place a bet and win. There are three main types of odds:
Fractional – This type is most commonly used in the UK and Ireland. Odds are listed as fractions, e.g. 5/2, with the number on the left representing the winnings and the one on the right the stake.
Decimal – Decimal odds are what most Canadian online sportsbooks prefer. They’re also used in Australia, New Zealand and continental Europe. As their name suggests, they’re expressed as decimals, e.g. 2.00.
American – Also known as moneyline odds, American odds are favoured by US sportsbooks and betting shops. They can be represented as positive or negative whole numbers. Positive numbers show how much you win with a bet of $100; negative numbers show how much must be wagered to win $100.
How To Convert Odds
Online sportsbooks let you switch between odds whenever you like. If you want to work out for yourself how to convert odds, instructions are given below:
Fractional to decimal – Convert the fraction into a proper number, add 1 and represent as a decimal. For example, for odds of 2/1, you do 2/1 = 2, then add 1 to this, which equals 3. This works out as 3.00.
Fractional to moneyline – If the fraction is a number above 1, multiply it by 100. For example, 7/4 = 1.75, multiply this by 100 = +175. If the fraction is a number below 1, divide the right number by the left then multiply by -100. So, for odds of 4/5 you do 5 divided by 4, which equals 1.25, then multiply this by -100, which gives you -125.
Decimal to fractional – For this, you take away 1 and convert the result into a fraction. For example, 2.50 take away 1 = 1.50. As a fraction this is 3/2.
Decimal to moneyline – If the decimal’s above 2, you take away 1 and multiply the result by 100. So, odds of 4.00 become 300. If the decimal’s below 2, you take away 1 and divide -100 by the result. For odds of 1.20, for example, you do 1.20 take away 1, which equals 0.20. Then, you do -100 divided by 0.20, which equals -500.
Moneyline to fractional – If the odds are positive, divide them by 100 then convert them into a fraction. For example, odds of +600 become 6/1. If the odds are negative, you do -100 divided by the odds. So, for odds of -600 you do -100 divided by -600, which gives you 1/6.
Moneyline to decimal – If the odds are positive, you divide them by 100 and then add 1. Odds of +400, for example, become 5.00. If the odds are negative, you divide 100 by the odds and add 1. For odds of -400, for example, you divide 100 by -400, which gives you -0.25. Then you add 1 to get 1.25.
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Sports Betting For Beginners
What’s great about sports betting is that it’s very accessible to beginners. If you’re new to sports betting, getting started is easy enough. Here are some quick questions about some of the basics of placing bets at online sportsbooks.
How do you place a sports bet? – Select a market from the options listed on the site, then you’ll see all the available options listed with its odds. Click on one to add it to your betslip, then enter your stake and click to confirm.
Value Bet – A value bet is any kind of bet that has a better chance of winning than what the odds imply.
Hedging a Bet – If you hedge a bet, you reduce your risk and minimise your losses by betting on an outcome different to the original wager.
Arbitrage Betting – This is where you place bets on all possible outcomes of an event. Each individual bet guarantees you a profit and whatever the final outcome, you will be paid.
Why is it important to bet at the best odds? – If you’re keen to make money from sports betting, you should stick with bets that have the best odds. The better the odds are, the more money you stand to win if the bet’s successful.
What Sports To Bet On
Online sportsbooks give Canadians the opportunity to place bets on pretty much every kind of sport imaginable. The biggest sport in Canada is without a doubt ice hockey, so it should come as no surprise that this is the top option for sports betting in the country. Other sports that Canadians place bets on include basketball, baseball, soccer, golf, UFC and tennis, to name a few.
Bonuses For Sports Betting
Whenever you become a member of a betting site, there’s always some kind of bonus you’ll be entitled to. This can be bonus money to spend on bets, free bets to use, better odds on select markets and cashback on your losses. Most sites also have regular promotions with bonuses you’re able to claim once you’ve made the most of your welcome bonus.
Some even offer a loyalty scheme (the more you spend at the site, the better your rewards are) and a VIP club, which saves the best bonuses and perks for the most dedicated players.
Finding Your Ideal Sports Betting Site
There are loads of sites that let you place bets on sports. If you’re looking for one to sign up to, there are several factors you may want to take into account to help you decide which one to go for:
License – It’s important that you only sign up to a site that has a licence. If a site doesn’t have one, it may not be safe or trustworthy. A site should display its licence at the bottom of the page; if you can’t find one anywhere, it’s best not to sign up.
Safety and Security – All sports betting sites should do their best to keep players and their details and data protected at all times. They use advanced security software such as SSL encryption to do this.
Sports Betting Opportunities – Ideally, a site should offer betting opportunities for all the sports you’re interested in. These should cover events of all sizes, from large international ones to more localised, regional ones.
Bonuses – A good sports betting site should offer punters the chance to claim regular bonuses. These can include free bets, enhanced odds, bonus money and cashback. All sites give new punters a welcome bonus when they create their account and should have plenty of regular promotions with bonuses to claim.
Payment Methods – A site should accept a good range of payment methods, including credit and debit cards, prepaid cards, e-wallets, bank transfers and maybe even cryptocurrencies. Wait times for withdrawals should be short and if there are any fees for transactions, these should be small.
Customer Support – There should be a few ways of getting in touch. Live chat is the most convenient option; others include phone and email. Preferably, customer support should be available 24/7.
Other Betting Opportunities – Many sports betting sites have other betting opportunities, such as casino games, live dealer games, bingo and poker.
Mobile Betting
Practically every sports betting site has a mobile version that can be accessed on smartphones and tablets. To place bets while you’re on the go, simply visit the mobile site through your device’s web browser. Mobile sports betting sites offer all the same betting opportunities as the desktop site and are specially designed to be easy to use on mobiles. Many sites also have an app that you can download onto your device. Apps do take up space, but they tend to offer a better, more reliable sports betting experience overall.
Making A Profit When Betting On Sports
Sports betting is a form of gambling and there’s no guarantee you’ll make a profit. Having said that, it is possible to make some money from placing bets on sports, though you have to know what you’re doing and have some luck on your side. The more you know about whatever selection you’re betting on, the better. Read up on the latest news, look over player/team statistics and learn everything you can about the selection you want to bet on.
Having more knowledge can improve your decision-making process and help you place bets that are more likely to win. There’s still a chance your bet won’t win, of course, but it’s better in the long-run to make informed bets rather than just placing bets at random. You can make a profit, though you’re more likely to make a loss, so treat any profits you make as a bonus.
Pros And Cons Of Sports Betting
Here are some pros and cons of sports betting:
Pros
- Can be entertaining and fun
- Offers the chance to make real money
- Lots of sites offering many betting opportunities
- Place bets pre-match or while the event’s taking place
- Easily accessible to beginners
Cons
- Can be addictive
- No guarantee to win
- You may lose lots of money fast
Conclusion
Sports are huge in Canada and it should come as no surprise that sports betting is, too. Many Canadians regularly visit online sportsbooks to place bets on their favorite sports, hoping to score a win and make some money, you can also visit top online casinos since most of them also offer gamblers sports betting opportunity. Now you’ve got an idea of how betting on sports works, sign up to a top Canadian online sportsbook, and see what it’s like for yourself.
FAQ
Sports betting is simply the act of placing a bet on any kind of sporting event. Some bets focus on scores and results; others focus on individual players and competitors.
Not at all. It’s easy enough to understand how odds works. Sportsbooks convert odds for you and show you how much your bets will return if they win.
Generally speaking, online sports betting is very safe indeed. The vast majority of sites have a license and are reliable and trustworthy.
To start betting, you need an internet-connected device and a budget to spend. Sign up to a sports betting site, deposit your money and start betting.
No strategy can guarantee you a win, however knowing about the sport you’re betting on can help you place better bets - i.e. bets that stand a better chance of winning.
Yes, there are lots of options for Canadians looking to place sports bets online. There’s a very wide choice, with many of the world’s top sites available in Canada.
Sports betting can be worthwhile, though remember you’re not guaranteed to win. Even if you don’t make money, you can still enjoy it as a hobby.
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