Which Sports Can I Bet On?
You can bet online on hundreds of top sports gambling sites in Canada. You'll find sports such as hockey, horse racing, football, and basketball. You can also try your hand at live betting, where you wager on events in real time.
What Are Favourites and Underdogs?
In sports betting, the favourite is the team which is most likely to win the match, whereas the underdog is the team that has the highest chance of losing the match. When looking at a betting line for any match at a sportsbook, you’ll notice who is a favourite to win based on the odds.
How To Read a Betting Line
The most common ways of how US sportsbooks display odds are as numbers (moneyline odds). The British use fractions (fractional odds), whereas decimals (decimal odds) feature in European sportsbooks. In Canada, you’ll find different options depending on the sportsbook. In all cases, the odds show who is most likely to win or lose in a match. Keep in mind that betting on favourites poses less risk, but you’ll get lower profits.
With moneyline odds, you’ll find positive and negative numbers always in relation to the number 100. Favourite teams are marked with negative numbers, and the underdogs with positive numbers. So, if a team has -110 odds, it means that you have to bet $110 to win your original $110 bet back plus a $100 profit. If a team has +120 odds, you bet $100 to make a profit of $120.
In fractional odds, 1/4 odds mean the favourite has four more chances of winning than losing. This means that for every $1 bet, you’ll only make a profit of $0.25. 4/1 odds mean the team is four times more likely to lose than to win, and you’ll get $4 for every $1 wagered, plus your starting $1 bet (i.e. a total payout of $5).
Decimal odds are easier to understand, since the decimal simply represents the amount you can win for every $1 bet. So if a team is set to win by 5.5, it means you’ll get a total payout of $5.50 for a $1 bet. Higher decimals and hence payouts show underdogs since they have fewer chances of winning.
What Different Sports Bets Are There?
Some common options at online betting sites include moneyline wagers, spread betting, and over/under betting.
Moneyline: Simply bet on the outcome of the match, i.e. which team you think will win. You’ll be able to see the bookmarkers’ favourite through the odds, since negative odds show lower risk but smaller profits.
Spread betting: Beyond betting on which team you think will win as in moneyline wagers, you’ll also need to bet on by the amount of points the team will win by. So, in a point spread of +7.0 for the New England Patriots and -7.0 for the Kansas City Chiefs, the sportsbook shows the Chiefs are favourites to win (negative number). If you bet on the Patriots, they’ll have to either win the match outright or lose by less than 7 points for you to win. If betting on the Chiefs, they have to win by 8 points or over for you to win.
Over/under: Also known as a totals wager. The outcome of the game or winning team doesn’t matter here. Rather, you’re betting on the combined total score during a match. Taking soccer as an example, if you bet on a total score of under 2.5 points, you win if the match total doesn’t go over 2.5 (like a 2-0 score).