Best Sports Betting Odds and How-To Guides
Canadian provinces are now welcome to regulate commercial online sportsbooks, and Ontario was the first to take that leap. The market in Ontario is officially live and thriving. Learn more about sports betting odds in Canada so you’re prepared to place your first bet as more apps become available.
The Best 3 Online Sportsbooks In Ontario
The following online sportsbooks are live in Ontario.
- Why We Like It: Great mobile app
- DraftKings Code: None – Learn more here
- Why We Like It: Great overall betting experience
- BetMGM Code: None – Learn more here
- Why We Like It: Best for player incentives
- PointsBet Code: None – Learn more here
What Types Of Sports Bets Can I Make In Canada?
Let’s start with some of the most popular (and basic) bets available in the sports betting market. Sports bettors can wager on the spread, moneyline, and total for each game.
At BetRivers, betting odds for a previous NBA game between the Milwaukee Bucks and Philadelphia 76ers were:
|Milwaukee Bucks||+1 (-112)||-106||O 232 (-110)|
|Philadelphia 76ers||-1 (-109)||-113||U 232 (-110)|
If you thought the 76ers would have won by more than 1 point, you could have bet $109 to win $100 on the spread. If you thought the Bucks could have pulled off an outright victory, then your $106 bet on the moneyline would have resulted in a $100 win. The total for this game was 232 points. The combined number of points between the two teams would have had to exceed 232 for the game to go OVER.
It’s important to note that bettors don’t have to wager $100 on every game. That unit is just an easy way to measure how much you would win from a given bet.
The following boxes show the best odds available for the Toronto Blue Jays in the MLB, Toronto Raptors in the NBA, and Toronto Argonauts in the CFL. This showcases moneylines, spreads, and totals that will return the most money for the bettor. If the sport currently isn’t in season, the box will not be available.
Parlay Bets And How To Make Them In Canada
Another popular wager can be found in the parlay bet. This was legalized for years prior to single-event wagering in Canada. Very simply, you can bet on the outcomes of two or more games and the odds of winning will decrease, but your payout will be larger if the wager is successful.
Here’s an example. Let’s say a bettor selects the Toronto Raptors to win by the spread of -3 over the Los Angeles Lakers at -110 odds. They pair that with the Brooklyn Nets to win by -6.5 against the New York Knicks, also at -110 odds.
|Type of Parlay||Odds|
In our example, a $100 parlay ticket would have earned you $260 if the Raptors and Nets had both covered their respective point spreads. Some bettors naturally enjoy the higher payouts that come with these wagers, but it’s important to note that every pick has to be correct for you to win. That’s somewhat realistic and achievable with smaller parlays. However, if you’re playing an 8- or 10-team parlay, that’s akin to buying a scratch-off lottery ticket.
What Are Future Bets And How Do I Make Them In Canada?
These types of wagers revolve around outcomes that are determined in the future. Makes sense, right? In Canada, one of the most popular future bets involves betting on which NHL team will win the Stanley Cup Championship. Odds are available on every team in most cases and they will fluctuate over the course of the season based on a team’s performance. Here are the latest Stanley Cup futures odds:
Stanley Cup Outright Betting
Odds are typically available for all 32 NHL teams at most sportsbooks until teams start being mathematically eliminated. Then available teams will drop as the playoffs advance. Here’s an example on how futures betting works.
Let’s say the Toronto Maple Leafs are +1200, or the equivalent of 12-1, to win the championship. Thus, a $100 bet on the Leafs on this day would have brought back $1,200 if they won the Stanley Cup. A reminder here is to see what other books are offering because these are dynamic odds that can swing wildly over the course of a season.
Prop Bets Have Become Another Popular Sports Betting Option
You’ve most likely encountered the term prop bet around the Super Bowl each year. Do you want to bet the coin-toss result or how long the national anthem will last? Those are two exotic examples of a prop bet.
The Super Bowl’s Most Valuable Player award is a more standard prop bet. This is a common option that is selected for those interested in wagering on the NFL’s biggest event.
Super Bowl Most Valuable Player
Back in Super Bowl LV, Tom Brady and the Buccaneers routed the Chiefs to a 31-9 victory. Brady threw for three TDs and a modest 209 yards, but it was good enough to win the Super Bowl LV MVP award. With a $100 prop bet on Brady, you would have doubled your money with a profit of $200. A $500 wager would have netted you $1,000.
With the expansion of sports betting across North America, prop bets have certainly increased in popularity.
Player props are typically available for any game you watch. Here are three examples of player props from Game 1 of the 2021 World Series between the Astros and Braves. Here is the prop bet FanDuel Sportsbook offered and correctly predicted for Astros starting pitcher Framber Valdez:
Total Hits Allowed Over 4.5 (-108)
If you had bet $108 on this prop bet, you would have won $100 – and it didn’t take long to cash this ticket. Valdez got shelled for 8 hits (and 5 earned runs) in just two innings before being pulled for a relief pitcher.
In-Game Betting Odds Are Available In Canada
Don’t feel bad if you didn’t get your bet in before the opening tip of that NBA game. Just because the ball was raised to start the contest doesn’t mean you are shut out of the action.
Major sportsbook operators allow bettors to place in-game wagers on the eventual outcome for winning side, total, and more. Instead of pre-flop, wagers made before the game, sometimes it’s prudent to watch the beginning of a game to get a feel for how each team is playing and whether it looks to be a high- or low-scoring affair. These “live” bets can be made on games in the NFL, NBA, NHL, MLB, and more, depending on the sportsbook.
You need to understand that bookmakers will be closely following the action, too, and adjusting the lines accordingly on a real-time basis. If you’re just starting out as a novice bettor, give it some time before you delve into this type of wagering.
How Sports Betting Odds Work
Who creates betting odds for sports? Sports betting odds are created by oddsmakers and/or sportsbook directors at each respective book.
The sportsbook posts an opening line with the hope that it will attract an even number of bets (and money) on each side of the bet. Bettors make their wagers on the opening line, and the sportsbook adjusts the line to ensure equal action. This process continues until the game begins.
Let’s use the example of a game that attracts even money on both sides. Hypothetically, the Dallas Cowboys have been installed as a TD favorite against the Miami Dolphins as reflected in the chart below.
In both betting instances, you would have to wager $110 to win $100, whether you bet on the Cowboys or Dolphins, based on the spread. From the sportsbook’s perspective, having even money bet on the Cowboys and Dolphins protects them from having any liability on the game.
If Dallas ends up beating Miami, 24-10, that would easily cover the 7-point spread. The sportsbook would take money from those who bet on Miami and give it to those who bet on Dallas (this is why a sportsbook theoretically hopes for equal money to be wagered on both sides of a bet.) However, the sportsbook makes its money on the -110 vigorish, aka the vig or juice, on the wagers from every bet on the losing side of Miami. The vig is really the cost charged by the book to facilitate your bet.
Bettors on the Cowboys who wagered $110 would win $100. They would avoid paying the vig by winning the bet and would receive the original $110 back). Unfortunately, Miami bettors would have to pay the 10% vig for losing the bet.
When you consider that millions of dollars are placed on NFL games each week, that 10% adds up quickly for sports betting establishments across North America.
Betting On The NFL In Canada
The NFL attracts the most amount of money and eyeballs across North America. The 17-game regular season (one game was added in 2021) ensures plenty of opportunities to bet on football. The NFL added more teams to the playoffs as well, making it six Wild Card games in the first round, four Divisional Playoff games, two Conference Championships, and the culminating Super Bowl event.
What are some general tips for betting on the NFL? If you’re regularly watching one team every weekend, whether your favorite or not, follow beat reporters and/or websites that cover that team closely. Knowledge can truly be power when it comes to any type of sports betting.
Also, stay current on injuries for NFL players. Developments can have a dramatic effect on a team’s fortunes for the season and the game spread on any given weekend. If you’re a Bills fan, learn how to place bets on the Bills here.
Betting On The NHL In Canada
Hockey is king in Canada. It’s fair to say that old cliché holds true for hockey betting in Ontario. OLG cited a poll of its customers when single-event wagering first began, and more than 60% responded with hockey being the favorite sport to bet on. As with any sport, it pays to stay abreast of league and player developments as the NHL season rolls along. Here’s one other tip: If you’re betting on a game total, always confirm that overtime counts in your wager.
Betting On The NBA In Canada
The course of an NBA season begins sometime in October and carries through the fall and winter months. Teams play an 82-game regular season before heading into the playoffs in the spring. The NBA Finals are held throughout the month of June.
Betting On MLB In Canada
America’s favorite pastime also has a significant following in Canada. Major League Baseball’s 162-game regular season spans eight months from April-October. Then the playoffs begin and conclude with the World Series in late October.
Here’s a betting tip: Starting pitchers are a key factor in-game odds for MLB. You should make sure to examine them, along with a team’s offensive production against left- or right-handed pitchers. A popular prop bet involves the OVER/UNDER on the number of strikeouts a starting pitcher will have in a game. You can also wager on the total number of hits a pitcher will yield in a game. Similar to first-half bets in the NFL, you can bet the spread, moneyline, or total for the first five innings of any MLB game, including the Toronto Blue Jays.
Betting On The CFL In Canada
The Canadian Football League traditionally begins at some point in June and concludes with the Grey Cup in November. Nine teams are split between the West and East Divisions. Each team operates with a 21-week regular-season schedule with a few bye weeks. There are some major differences between the NFL and CFL. These include the length of the field, the number of players on the field, and the number of downs in a possession. You can read about all the differences between the two leagues here.
Betting On Golf In Canada
The PGA Tour basically operates on a year-round basis with a wrap-around schedule, meaning the new season starts this year and ends next year. In a word, betting on golf is fun. Each week, there will be betting markets for the tournament winner, top-five finishes, top-10 finishes, top-20 finishes, and more. You can even find action on the top US, European, or Australian player finishes in some tournaments. And of course, there are PGA prop bets, such as, “Will there be a hole-in-one during the tournament?”
The major tournaments begin with The Masters in April and follow with the PGA Championship, US Open, and Open Championship later in the year. The season concludes with the FedEx Cup Playoffs, a three-tournament postseason run that ends with the Tour Championship.
Where To Find Sports Betting Calculators Online In Canada
Sports betting calculators can be valuable tools when it comes to your handicapping of sports. There are calculators for futures betting, fair odds, and more.
Canada Sports Betting Odds FAQ
Betting lines are determined by oddsmakers or sportsbook directors at various books across North America. They include the moneyline, spread, and total for each game.
You can find these by downloading the sports betting apps we’ve recommended in this article. They include BetMGM, PointsBet, BetRivers, and more.
Both are available in Ontario. Both were approved by the AGC) and iGO in the spring of 2022. Ontarians should be excited by the development, since DraftKings and FanDuel are two of the highest-regarded apps in the industry.
Oddsmakers establish opening lines for games with the aim of attracting even money on both sides of the bet. Bettors respond to the opening number by betting on their chosen side. Sportsbooks then adjust the odds accordingly until the game is played. Sportsbooks always try to ensure even money on both sides of the bet to avoid liability.
Live odds are available when a game or event is in progress. These odds are available as part of “in-game” wagering, which is available at all major sportsbooks. Instead of placing a bet prior to the start of a game, you can wait and see how it unfolds and make a wager up until the end.
Ontario now features a robust selection of privately-run mobile sportsbooks as the legal market opened up in April 2022. Over a dozen options are now available for wagering, and you can view more information on all of them here.