Sports betting is now legal federally across Canada beyond just parlay betting, for provinces to regulate as they see fit. It’s been a great year for sports fans, since the rule came into law in August of 2021. So, now that betting on sports is legal, it’s a good idea to familiarize yourself with how it all works properly. This way, you can avoid making any rookie errors and losing your hard earned money from a simple mistake.
But before we dive into our guide, we feel it’s worth pointing out that picking the right betting site shouldn’t be a haphazard process. Our suggestion is to look out for betting sites that offer more bang for your buck. Many providers offer some of the most lucrative promotions, including free bets, where you can wager on your favourite sports match and win real money, with minimal risk.
When you open a sports betting site you’re likely to be overwhelmed by the sheer number of sports on offer. There’s hockey, baseball, football, basketball, golf, boxing, cricket, even Aussie Rules football. Basically, if there’s a professional league sport then you can bet on it. Not only that, but many sites also offer eSports to place bets on as well—that’s video games for the uninformed.
So, how do you pick where to start? The best approach for someone who isn’t familiar with betting is to choose your favourite sport and league—the game and the players that you know the best. It’s also best practice to be able to watch the actual game that you’re going to place a bet on, whether you are in the stands, at home comfy or the couch, or out at the bar with friends. This way, you can have the excitement of seeing whether you’re going to make a win in real time, in real life.
Placing a bet
So, let’s say that you want to place a bet on the NHL, on an Ottawa Senators vs New York Rangers game. Under your Main Markets you have a wide variety of betting options available as well as the odds of each listed. These include:
- Win/Draw/Win: Betting on either side winning or a draw (aka a three-way Money Line), with the winning payouts listed
- Money Line: Betting which side will win (in the event of a draw, you lose), with the winning payouts listed
- Total Goals: Listed for each team, with over 3.5, over 4.5, over 5.5, over 6.5, over 7.5, and over 8.5
- Puck Line: Listed for each team, with -3.5, -2.5, -1.5, and 1.5
- Double Chance: Senators or a draw, Senators or Rangers, Rangers or a draw
- Both Teams to Score: Yes, No
- First Goal: Senators, Rangers, No goal
- Overtime: Yes, No
- Correct Score: Guessing the final score of each team
You may then be able to place other bets on the First Period, the Second Period, and the Third Period.
As you can see there is a lot to process! So, let’s choose the simplest bet type here, the Money Line.
Placing a Money Line bet
So let’s say the Money Line bet here has the Ottawa Senators at 2.45 and the New York Rangers at 1.57. What this means is that the Rangers are the favorites. If you were to place a $100 bet on the Rangers, you would receive $57 in profits – so you’d get back $157 into your account. However, if you chose the underdogs, the Senators, you’d receive $145 in profits, returning $245 into your account.
However, because you’re betting on hockey, where a draw outcome is possible, you might choose the Win/Draw/Win instead, as it can offer better odds. In fact, in the Win/Draw/Win, the Senators are at 3.10, the Rangers at 1.87, and a draw at 4.33. If you are confident in your pick, then the Win/Draw/Win offers you a better return rate over the straight Money Line bet.
Each sport is different
Obviously, this is just one example of betting on one sport. Because there are different rules and odds in each sport, you’ll have different bets available. Master the Money Line bet in each sport that you’re interested in betting on before you branch out into more complex bets. They will likely have better odds, but you want to make sure you’re getting pretty good at the basics first. Even if you can’t watch the game yourself, betting sites offer real time score updates and some even offer the game streaming live in certain cases. Shopping around to find a site that fits your needs can be rewarding in itself.