Finding the best betting odds in Canada may not be as straightforward as it sounds when delving into the world of online sports betting. Whether you’re new to sports betting or are a seasoned veteran, finding the best odds, bonuses, and sportsbook sites is a must.
At Bonusninja we want to make the search as easy as possible for you. That’s why we have provided a breakdown of what to look for when searching for the best betting odds and bookmakers around.
Also, check out our list of top sites with the best betting odds in Canada
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Sites with the Best Betting Odds in Canada
Betting on Sports in Canada
If you’ve read some of our other articles about real money Casinos in Canada online then you may already be familiar with some of the gambling laws within Canada. However, Sports betting is a slightly different matter.
Similar to that of online casinos, there is no law forbidding Canadian residents from betting on foreign or offshore bookmaker sites.
However, with the passing of Bill C-218 in August of 2021 provinces within Canada can now regulate sports betting as they see fit. This bill has also legalized betting on single-game sporting events.
While the laws previously limited residents to parlay bets, this is no longer the case.
Regardless of the finer details of legislation, rest assured that you are operating within the confines of the law. Just be sure to choose a reliable gambling site that accepts Canadian residents and offers a viable deposit and withdrawal method.
Different Types of Sports Betting Odds
While there are nearly limitless possibilities within the world of sports betting there are a few key details that are worth being aware of when it comes to odds
Betting Odds formats
Firstly it is good to familiarize yourself with the three basic formats that betting odds are presented in-
Decimal Odds
- Decimal Odds tend to be more popular in areas such as Canada and Europe
- To calculate the payout the wager is multiplied by the odds
- For example: If the odds of a given bet are 1.5 and you wager $100 then the payout is $150. (1.5 x 100 = 150) This yields a profit of $50
Fractional Odds
- This format of betting odds is more popular in the UK
- The number portrays the fraction of a dollar that would be won on a $1.00 wager
- For example: If the fractional odds are ½ this would mean you would $0.50 for every dollar wagered. $100 bet = $150 payout
American Odds
- As the name implies this format is widely used in the United States. It is also sometimes referred to as money line odds
- Being quite different, American Odds uses $100 as a baseline and portrays odds using either a +/-
- A negative number would represent the amount that needs to be bet to win $100, while a positive number would represent the amount that would be won from a $100 bet
- Following the above examples, the odds would be expressed as -200
- This means you would need to place a bet of $200 to win $100
Now if all of this seems a bit overly confusing don’t be too concerned. The main takeaway is that the payout is not different based on the odds format, it’s just expressed differently.
One of the more important aspects of odds aside from the format is understanding that it reflects the probability of a bet or outcome of a sporting event.
Bookkeepers will take into consideration the ability of the team or athletes involved and this will be reflected in the odds.
For instance, if your favorite NHL team is highly likely to win their upcoming game and you would like to place a bet, the odds will probably be quite low meaning the payout will be smaller.
On the other hand, if you’re team is the underdog but you’ve got a good feeling about game day, then the odds will be much higher on any wagers that you make.
Types of Sports Odds
As we mentioned earlier we could rant on for pages about the different types of bets that can be placed and the various odds that come along with these wagers. But we won’t bore you, let’s just focus on the more popular forms of sports odds.
Point Spread
- One of the most common forms of bets made in sports gambling especially within NFL and NBA games
- When a team is favored to when by a certain amount of points this is referred to as a spread
- A bettor can wager on the favored team to win by more points than the spread, or wager on the underdog to either win or lose by fewer points than the spread
Total Line Bets
- Likely the second most common bet made in the world of sports gambling also referred to as game total bets in some regions
- A number is set that portrays the predicted combined score of both teams
- A bettor then places a wager that the real score will either be over or under the stated amount
- It is common practice for some sportsbooks sites to allow total line bets for each half of a game
Moneyline Bets
- One of the oldest and simplest forms of betting which many people prefer
- Simply place a bet on the team you expect to win outright
- There are no point spreads involved
- Odds can vary substantially between the underdog and the favorite
Parlay Bets
- Parlay bets are made by two or more picks into a single bet
- Sportsbooks usually set a limit of between 10-12 picks per parlay bet
- The odds can increase exponentially as more picks are added to the parley
- All of your picks must win for you to claim a payout
Futures Bets
- As the name implies, this is a bet made on something to come in the future
- They are usually made in reference to entire seasons, championships, and big sporting events
- A futures bet works the same as a money line bet however the odds tend to be much higher as you are betting on something far in the future
Most Popular sports to bet on in Canada
While you may be thinking hockey, hockey, and more hockey, well you wouldn’t be wrong. BUT many other sports have grown in popularity over the years in Canada.
Whether it’s for your love of the sport or you’re looking for the biggest events with the best odds, it’s important to know which sports are trending in the sports betting world of Canada.
Hockey
Without a doubt, hockey is one of the most popular sports in Canada, and hockey betting is a crowd favourite. The country’s passion for the NHL is without question and it’s reflected in the gambling scene.
Given there are 10 months of NHL games to bet on it can keep you entertained year-round.
Money line and total line are two of the most common types of wagers placed on hockey games. The Stanley Cup is also a great opportunity for a solid futures bet if you know your teams.
Basketball
Basketball is nothing new to Canada and it has only continued to grow in popularity over the years. Additionally, with the rise of many Canadian basketball stars, it’s easy to see why the fan base in Canada is growing.
Betting against the point spread and money line bets are among the most common bets in basketball but it’s also a great sport for parlay bets as well. As long as you know about more than just the Toronto Raptors
Baseball
While the NHL can keep you going for a lot of the year you may find some of the summer months lacking in the sports division. Although it’s called America’s pastime that doesn’t mean you can’t place a few bets on the MLB here and there.
Since the games tend to be quite low-scoring and relatively close, money line bets are a good place to start when it comes to baseball. It can also be a good chance to place a futures bet for the world series champions but don’t let your love of the Blue jays cloud your judgment.
Football
The NFL is likely the second most popular sport to bet on in Canada and for good reason. Not only do fans love watching the games but it is perfect for placing various types of bets throughout the season.
The season and the scoring criteria make it a great place for all types of bets including point spread, money line, total line, parlay, and even futures has its place in the Superbowl.
When to Find the Best Odds
While sportsbooks are constantly competing for your bets and offering better odds than their competitors, there are certain times, events, and situations throughout the year that can yield better odds.
As soon as possible
One of the best times to place a bet is as soon as the lines are released. This means as soon as the bookie begins accepting the type of bet for the event you will wager on.
As more bets begin to come in, odds can begin to change. There can be a dramatic difference by the time the game starts.
Live in-game betting
This type of betting can take place after the game begins at the sportsbooks discretion. As the game gets under way and scores vary the odds may change in either direction.
This can also open the opportunity for new bets that previously did not hold much value but can now have a large potential payout.
Many of the betting opportunities you will find are the same as pre-game bets but with different odds. However, some bets are only possible in live game betting.
Live game betting is a new development, and is evolving fast. Bettors already have the ability to bet on updated odds as the game progresses, and sportsbooks can account for comebacks and game changers in order to make the opportunities more creative.
If you are the type of person who likes the thrill of being in the action, live in-game betting will certainly be something you want to check out.
Additional Factors
There are certain events and situations, some of which are unforeseen, that can dramatically affect odds at any time. These can include-
- Last-minute Injuries
- Key players in question
- Singings or trades
- The amount of money being bet
- Draft picks
- Climate
How to maximize betting odds and experience
While it may be tempting to bet on your favorite team to win this may not be the best approach if you want a nice payout.
Be sure to approach sports betting with a level head and see what’s available before betting blindly. Here are a few tips:
Research
Doing the correct research is priceless when it comes to finding the best odds and placing the best bets.
Before game day, be sure to see what teams are trending through power rankings, potential injuries, or questionable players that may affect the outcome of the game, and find which events have the most favorable odds for you.
It is also important for bettors to do proper research into what sort of bets they can make, and what sort or payouts are expected. Getting familiar with the sportsbook platform is essential in being able to maximize its potential.
We encourage our gamers to take advantage of some of the betting bonuses on sportsbooks sites to familiarize themselves with the platform and the types of bets offered. This strategy will build confidence and minimize risk later on. It’s also the responsible thing to do.
Compare Sportsbooks
Sportsbooks want your bets and they will compete with each other to get it. Lucky for you this usually means offering better odds, bonuses, and promotions.
Before you sign up to any specific gambling sites be sure to search around and see which ones are offering the best odds in the sports you will be betting on.
Also compare features such as available payment methods, geographical restrictions, and the fastest paying sites.
Safety and Security
Find a reliable sportsbook site that has good reviews and security measures in place. The last thing you want is to run into any issues when trying to collect a big payout.
Here at Bonusninja we do our best to ensure all of our recommendations are reputable operators who have the best interest of the customer in mind. We rate our casinos based on their legality, their customer service, their safety and their bonus incentives.
The review feature of our website allows gamers to leave reviews (good or bad) in order to keep others informed. Safety and security are a top priority for us, and we believe that this attitude should extend to each of the best Canadian sportsbooks.
See our list of the best Sportsbook sites for some recommendations and vetted bookies.
Bonuses
Betting bonuses through sportsbooks are a great way to maximize your profits. These bonuses can range from everything including signup bonuses, seasonal promotions, match bonuses, or even free bets.
While betting bonuses can be a great way for bettors to get used to the platform and minimize their initial risk, it’s important to note that the terms and conditions that come along with these bonuses are not always crystal clear.
We encourage all gamers to read the terms and conditions closely to avoid any problems, such as the ability to withdraw your money whenever you wish to.
Be sure to find the best betting bonuses in Canada before committing to a sportsbook.
Most Frequently Asked Questions
Is betting on sports legal in Canada?
The short answer is yes. While online gambling can fall into a bit of a grey area pertaining to Canadian gambling laws, it is perfectly legal for Canadian residents to bet on sports.
This is either done through a registered and licensed sportsbook in Canada, or more frequently the gambling site is registered offshore and licensed through another governing agency.
Just be sure to choose a licensed sportsbook that accepts Canadian residents to avoid any issues when collecting payouts or withdrawals.
What are the most popular sports to bet on in Canada?
Hockey is by far the most popular sport to bet on in Canada but the list does not stop there. Many Canadians also bet on-
- Basketball
- Baseball
- Football
- Golf
- Tennis
- UFC
- Soccer
Are betting lines and betting odds the same thing?
Many people mistakenly use the term betting lines and betting odds interchangeably but this is not correct.
The term betting lines is used in reference to the point spread and the margin set by the sportsbook.
These are also sometimes referred to as sports lines and are used to make the playing field a bit more even between teams when it comes to betting.
What are the different types of sports betting odds?
Betting Odds are expressed in three different formats depending on where you are in the world and which sportsbook you use.
- Decimal Odds-
- The bet is multiplied by the odds to calculate the payout
- Fractional Odds-
- The number portrays the fraction of a dollar that would be won on a $1.00 wager
- American Odds-
- A negative number would represent the amount that needs to be bet to win $100, while a positive number would represent the amount that would be won from a $100 bet
What are the different types of sports bets?
There are various types of bets that can be placed on sporting events. Each type of bet may be more appropriate for a certain sport given the situation.
The most common types include-
- Point Spread
- A bettor can wager on the favored team to win by more points than the spread, or wager on the underdog to either win or lose by fewer points than the spread
- Total Line Bets
- A number is set that portrays the predicted combined score of both teams, you bet on the actual score being either higher or lower than the prediction
- Moneyline Bets
- Simply place a bet on the team you expect to win outright
- Parlay Bets
- Parlay bets are made by combining two or more picks into a single bet which can increase the payout substantially in some cases
- Futures Bets
- This is a bet made about a future prediction such as next season’s Stanley cup winner or Superbowl Champions
Final Verdict
Whether you’re a sports fanatic, a gambling enthusiast, or both, you should constantly be on the lookout for the best betting odds available. And with so much new development coming to the industry, there are always exciting updates to the types of bets that can be made.
While it’s nearly impossible to tell you which bets are the best for you, we can put you on the right track to finding the best odds and sites that will suit you.
When it’s all said and done, which odds, bets, and sportsbooks you choose to use is going to be down to you and your preference. But hopefully this article has helped to provide some clarity on understanding the process and making a decision.
Here at Bonusninja we work to ensure that not only do our readers get reputable sportsbook recommendations, but also the best betting odds and lines. We rate our partnerships by quality, trustworthiness, and the best bonuses, odds and lines. WIth our review feature, gamers can comment on different sportsbook operators, and give us feedback so we can improve our recommendation process.
As always, we encourage responsible gambling, and do our best to recommend sportsbooks who have this same attitude of play. Finding the best betting odds is a great way of having some fun, feeling some thrill and potentially reaping rewards in a safe and secure gaming environment.