Sports betting is a favourite pastime for many Canadian players. The country has several teams participating in top leagues like the NHL, NBA, MLS, and NBA. But betting in sports entails more than just supporting your favourite team at the competition. Sometimes, you may need to back a rival team after analyzing the fact sheets and team stats.
If you’re entirely new to the gambling scene, this article serves as the perfect guide you need to make informed sports betting decisions. Keep reading to learn more!
Is sports betting legal in Canada?
It is crucial to make sure that the activity is legal in your province. In August 2021, Canada’s legislature passed bill C-218 to legalize single-game betting nationwide. But this didn’t make nationwide betting legal. Instead, the law allowed each province to formulate their own gambling laws.
Many provinces wasted no time adopting legal sports betting, with Ontario leading the charge. In April 2022, the country legalized online sports betting, allowing the Alcohol and Gambling Commission of Ontario (AGCO) to approve up to 40 online sportsbooks. However, players in provinces like Alberta and Manitoba have limited options. Punters in these provinces can bet online on PlayAlberta and PlayNow.
Interestingly, Canadian national laws don’t criminalize online gambling, leaving some wiggle room for offshore bookmakers to accept Canadian players without repercussions. But if you want to bet on sport on an international bookie, ensure it’s legal in the US, UK, Malta, Curacao, Gibraltar, and other safe gambling jurisdictions. But clearly, joining a local bookmaker in Canada is always the best.
Know the sports, teams, and markets
Successful online sports betting involves gathering a load of information regarding the leagues, teams, players, form, and other vital statistics. To begin with, know the type of sports offered by top online sportsbooks in Canada. Fortunately, Canadian bookies offer odds in hundreds of competitions, including baseball, football, basketball, tennis, rugby, hockey, and much more.
With that done and dusted, research and learn about the popular markets offered by these bookies. Many novice bettors will jump in to bet on moneyline, totals (over/under), and double chance. But most bookmakers offer other player-friendly betting options like parlays and props. For example, parlay bets allow bettors to create a single bet slip with several markets.
Also, sign-up on multiple Canadian sportsbooks and compare the odds. You’ll realize that an online bookie might offer slightly better odds on moneylines and worse odds on parlays.
Another thing to look out for is the betting lines. If you want to record more wins than losses, always follow how the betting lines move. For example, if you notice the odds of France lifting the World Cup in Qatar are gradually reducing, it might be time to change your mind and try out another prediction.
Practice bankroll management with a betting system
If you indulge in sportsbetting in Canada or any other form of gambling, then bankroll management. As a standard, always have money specifically for gambling or betting online. This money should differ from the amount for settling school fees, house rent, utility bills, health insurance, etc. And if possible, don’t borrow money to create a gambling budget because nothing is certain.
After creating a budget, divide the money into smaller daily or weekly units. For example, a C$3,000 monthly budget should give you a maximum of C$100 daily. This means calling it quits after using the entire daily budget. It’s also advisable not to use more than 5% of the daily unit on a single bet. Remember that even the favourites disappoint after sticking your neck out for them.
Don’t stop there; learn about popular betting systems like Martingale, Fibonacci, and Paroli. These systems control how you place your wagers, ensuring you never leave empty-handed in the long run. For instance, the Martingale system advises bettors to double their stake after losing a bet. The objective is to recover losses and add something to their bankrolls with a win or two. But gamers might need a big budget to get the most from these sports betting systems.
Sports betting bonuses in Canada
Nothing puts a smile on the face of a Canadian gambler like free betting opportunities. Many online sportsbooks in Canada offer players free bet credits for completing the sign-up process or showing loyalty. These can be deposit bonuses, no-deposit bonuses, risk-free bets, cashback, reload bonuses, etc. Use these incentives to bet on sport events and keep the winnings if you’re lucky.
But betting bonuses come with strings attached, whether on a local or international sportsbook. The bookie will often include the wagering requirement, which is basically the number of times a bettor must bet with the amount before withdrawing the bonus. This condition should be realistic, preferably less than 30x.
The bonus terms can also have conditions like validity period, minimum odds, qualifying sport, and more. So, read the sportsbook bonus fine print and ask questions if you doubt any clause.
Don’t bet with emotions
This is a common mistake among most Canadian bettors. Understandably, it can be tempting to back Canada in their first 2022 World Cup Group F match against Belgium. But successful sports betting is not about being a patriot. The chances of Canada beating the highest-ranked team in Europe and number two in the world are slim, although football is full of surprises. So, bet with facts instead of emotions.
Another mistake that sports bettors often make is chasing losses. You’ve probably felt the next wager might be successful and cover for the losses. However, the chances of your next bet losing are high, which might only compound the losses. Belgium can be the favourites, but Jonathan David can score during a stoppage-time winner or force a draw.
Sports betting can be hugely unpredictable because the results can go either way. This is especially true in high-profile matches like rivalry events where the “surprise factor” can determine the outcome. But if you do proper research and leave emotions out of the activity, a couple of payouts can come your way. Bet responsibly!