Sports betting in Canada has seen an incredible surge in popularity over recent years, particularly with the legalization of single-event sports betting in 2021.
For many newcomers, the world of sports betting can seem a bit intimidating, with a variety of different bets, odds, and strategies to consider.
This beginner’s guide will help you get started by explaining the basics of sports betting in Canada, popular bet types, and tips to increase your chances of success.
The Basics of Sports Betting
At its core, sports betting is simply the act of predicting the outcome of a sporting event and placing a wager on that prediction. When it comes to sports betting in Canada, players can now legally bet on various sports, including hockey, football, basketball, baseball, and even more niche sports like MMA, tennis, and esports.
The introduction of single-event betting allowed Canadians to bet on individual games or matches rather than relying on multi-event parlays (which required multiple correct predictions to win). This change opened up new opportunities for both seasoned bettors and beginners to participate in the fun.
Basic Terminology
Before diving into your first bets, it’s essential to understand the key terminology commonly used in sports betting in Canada:
- Moneyline: A moneyline bet is the most straightforward bet you can make. You’re simply betting on which team or player will win a game or match. In a moneyline bet, the favorite (team expected to win) will have negative odds, while the underdog (team expected to lose) will have positive odds.
- Point Spread: The point spread is a margin set by the oddsmakers to level the playing field between two teams. When betting against the spread, you are wagering that a team will either win by more than the set margin (if they’re the favorite) or lose by fewer points (if they’re the underdog).
- Over/Under (Totals): An over/under bet is a wager on the total number of points scored in a game. Bettors predict whether the combined score of both teams will be higher (over) or lower (under) than the number set by the sportsbook.
- Parlay: A parlay bet is a combination of two or more individual bets into a single wager. To win a parlay, all of your individual selections must be correct. The appeal of parlays is that they offer a higher payout than individual bets, but the risk is greater since just one wrong pick results in a loss.
- Prop Bet (Proposition Bet): Prop bets focus on specific events within a game rather than the final outcome. For example, you can place a prop bet on which player will score the first goal, how many points a specific player will earn, or even whether a game will go into overtime.
How to Place Your First Bet
- Choose a Sportsbook
The first step in placing a bet is choosing an online platform for sports betting in Canada. There are many legal and reputable options to choose from, including Bet365, theScore Bet, DraftKings, and BetMGM. Make sure to select a sportsbook that offers a wide range of betting options, competitive odds, and secure payment methods. - Create an Account
Once you’ve selected a sportsbook, you’ll need to create an account. This process typically involves providing some basic information (name, email, date of birth) and setting up a payment method (credit card, PayPal, e-transfer, etc.). Many sportsbooks offer welcome bonuses, such as free bets or deposit matches, which can give you extra funds to bet with. - Make a Deposit
After registering your account, the next step is to make your first deposit. Most sportsbooks in Canada have a minimum deposit requirement, typically around $10 or $20. Once your deposit is confirmed, you can start browsing the available sports and betting markets. - Pick a Game and Bet Type
Now comes the fun part! Choose a sport you’re familiar with and browse the available games. Decide which bet type suits your style – whether it’s a moneyline, point spread, or over/under. If you’re new to sports betting in Canada, starting with a simple moneyline bet might be the best option. - Place Your Bet
Once you’ve made your selection, enter the amount you wish to wager and confirm your bet. Be sure to review all the details before hitting the “Place Bet” button, as most sportsbooks do not allow you to cancel or change a bet once it’s been placed.
Tips for Successful Sports Betting in Canada
While sports betting can be an enjoyable pastime, it’s important to approach it with a strategic mindset. Here are a few tips to help you increase your chances of success:
- Do Your Research
The more you know about the teams, players, and current form, the better your chances of making an informed decision. Look at recent performance trends, injuries, weather conditions, and any other factors that could influence the outcome of the game. - Understand the Odds
Odds not only determine the potential payout of your bet, but they also reflect the probability of an event occurring. Favorites typically have lower odds, meaning a smaller payout, while underdogs have higher odds, resulting in a higher payout. Knowing how to read and interpret odds is crucial to successful betting. - Manage Your Bankroll
Setting a budget and sticking to it is key to responsible gambling. Don’t bet more than you can afford to lose, and consider using a staking plan, where you bet a fixed percentage of your total bankroll on each wager (e.g., 1-5%). - Avoid Emotional Betting
One of the most common mistakes new bettors make is placing bets based on emotions rather than logic. It’s easy to get caught up in the excitement of cheering for your favorite team, but it’s essential to remain objective and only bet when you’ve done proper research. - Take Advantage of Bonuses
Many sportsbooks offer promotions, such as free bets or enhanced odds, which can boost your winnings. Be sure to read the terms and conditions of any bonus offers and use them to your advantage whenever possible. - Keep Records
Keeping track of your bets, including wins, losses, and the types of bets you’re placing, can help you identify patterns and improve your betting strategy over time.
Legal Aspects of Sports Betting in Canada
It’s important to note that while sports betting in Canada is legal, the rules and regulations can vary depending on your province. Ontario, for example, has a fully regulated online sports betting market, while other provinces may still rely on government-run platforms like PlayNow or Sports Interaction.
The introduction of single-event betting in 2021 was a major turning point for sports betting in Canada, allowing bettors to bet on individual games rather than being limited to parlays. However, it’s essential to gamble responsibly and understand the legal requirements in your specific region.
Conclusion
Sports betting in Canada can be a fun and exciting way to engage with your favorite sports, but it’s crucial to approach it with the right mindset and strategy. By understanding the basics, doing your research, and managing your bankroll, you’ll set yourself up for a more enjoyable and potentially profitable betting experience. With the expanding market and the availability of legal platforms for sports betting in Canada, there’s never been a better time to get started.
