Sports Betting in Canada: All You Need to Know
Unsurprisingly, sports betting is one of the biggest industries in the world. It is enjoyed by millions of people globally, including Canadians, mostly as a hobby. If you live in Canada and you wish to start betting on sports, but you’re unsure about where to start, you should read the rest of this article.
Some common questions that Canadian residents have about sports betting in this country are: Is sports betting legal? What are the best places for sports betting? What are the best tips and tricks on how to do it with the least fuss involved?
Our team of betting experts will answer all these questions below, so stay with us.
The Legality of Sports Betting in Canada
The laws surrounding sports betting in Canada are strange and outdated, to say the least. However, the important thing to mention is that Canadian residents can feel free to place bets on sports without any worries of legal repercussions.
The laws in Canada strictly state that any casino or sportsbook operating in the country needs to have a government issued gambling license, such as the Kahnawake Gaming Commission license. However, the law does not state that Canadian residents can use only the services of such gambling businesses. Therefore, Canadians can freely use the services of offshore sportsbooks as well.
There are plenty of online sportsbooks that are registered in places such as Cyprus, Isle of Man or Gibraltar, that accept Canadian players without any exceptions. One thing to keep in mind when gambling on an offshore website is to make sure they have a valid license. This will protect you and your money in case of any wrongdoings.
Best Tips for Sports Betting in Canada
If you are new to betting on sports in Canada, you might need some help on how to stay safe out there and increase your chances of winning. Check out our expert team’s list of the best tips and tricks for sports betting in Canada to keep in mind when placing a bet next time.
- Choose the sportsbook wisely
Choosing the online sportsbook where you’re going to make your bets is definitely the most important step. Your ideal sportsbook website should accept players from Canada and have a decent choice of payment methods for them. Moreover, the sportsbook you’re frequenting should be licensed by a reputable gambling authority, such as the Kahnawake Gaming Commission, Malta Gaming Authority, or the United Kingdom Gaming Commission.
Before signing up for an online sportsbook account, make sure to check out their available betting markets. You should also verify that they support the sports that you are knowledgeable about and prefer betting on. If they don’t, keep searching.
- Avoid sportsbooks that accept players from the USA
Sports betting in the USA is legal only in some states. Unfortunately, it’s still not legal everywhere. Therefore, some sportsbooks that accept players from the United States are operating illegally because of that.
If you play in such a sportsbook, you are risking losing your money if the website gets taken down. This is less like to be an issue today than it was several years ago before PASPA was terminated, but it can still be a problem.
- Manage your Bankroll
Before starting to do sports betting, you should learn how to do bankroll management. You should first determine how much money you are comfortable working with. Your bankroll should be the amount of money you are willing to spend on a daily/monthly/yearly basis. If you want to control your potential losses and ensure a positive balance, make sure to never exceed your limits.
- Avoid paying fees
The number of online sportsbooks is growing by the day. That means that you have a large choice of websites where you can register and play. Avoid registering on those that have very steep fees. Depending on the payment method you’re using, you might not be able to avoid paying a fee here and there. But, don’t let it turn into a habit.
Some sportsbooks offer free withdrawals, while others don’t. Try to play on those sites that offer at least one free withdrawal per month, which is enough for you to make regular free payouts. Finally, exchange fees for Canadian players can quickly add up. Try to find a site that supports Canadian Dollars or you might end up paying more than you need.
- Take advantage of bonuses and promotions
Sportsbooks worldwide, including Canadian sportsbooks, often offer exciting bonuses and promotions that you should always try to take advantage of. They frequently come in the form of first deposit bonuses, loyalty programs, cash-backs, and so on. By signing up for them and meeting their requirements, you can earn extra bonus cash that you can turn into real cash with a bit of luck.
If you make the most out of your sports bets in one online sportsbook, you can benefit from their loyalty program, which will reward you for it. Therefore, it’s a good idea to stay loyal to one business because of that.
Best Deposit Methods for Canadian Players
If you are a Canadian resident, making a deposit or a withdrawal can be either difficult or easy. It all depends on the payment method you are using. You might be inclined to use a Visa or a MasterCard because of the protection banks offer. However, that might not always be possible.
Unfortunately, some Canadian banks have banned gambling-related transactions for different reasons. Some of them do not want to facilitate gambling, others do not want to deal with the risks involved with chargebacks.
Online Sports Betting Explained
Sports betting is almost as old as sports. Betting on sports involves staking a certain amount of money on the outcome of a sporting event and trying to guess correctly what it will be. Bettors usually try to predict the winner of a sports match, the number of goals or points, the number of fouls, and so on. If they do it properly and win, they will make a profit.
To determine how profitable a bet is and how probable an outcome is, bettors need to consider the betting odds. Simply put, betting odds basically represent probability. The higher the odds for a particular outcome, the lower the probability that it will happen and the larger the profit if it does happen.
Canadian sportsbooks use decimal odds. So, for example, a 2.00 odd means that a particular outcome has a 50% probability of happening. A 1.5 odd implies a probability of 66.7%, and so on. To determine your potential profit, just multiply the value of the odds with your stake.
Different Types of Bets
Sports bets can be as simple or as complicated as you want to make them. You can place single bets or accumulator bets and make your own strategy. You can place a money line bet, which is predicting that a certain team or a player will win the match. On the other hand, you can place total bets, which lets you predict the number of goals/points to be scored in the game.
There are also spread bets, otherwise known as handicap bets, which bet on the outcome of the game after a penalty. During competitions, you can place outright bets and try to guess the winner of the whole competition.
How to Place Sports Bets
Placing a sports bet is quite simple. All you need to do is fill in your bet slip with the bets you want to make and choose the amount you want to bet. If you’re betting online, your potential profit will be calculated straight away.
Why Choose Canadabetting.com for Sports Betting
Canadabetting.com is the obvious choice for Canadian players when it comes to sports betting for numerous reasons.
First of all, we cover a large number of sports, including all the most popular ones in Canada. By visiting Canadabetting.com, you’ll learn the latest info presented by our team of experts regarding CFL, NFL, Basketball, Tennis, Horse Racing, Cricket, Soccer, Ice Hockey, Baseball, and so on.
We also cover marginalized, but still very popular sports, such as Greyhound Racing, Formula 1 Racing, Golf, UFC, Boxing, and more.
Canadabetting.com is also the place where you can find the best betting odds in the whole country. Our betting experts analyze all the most popular online sportsbooks to present you with the best possible odds on an event.
Moreover, we present additional information about some of the top betting brands in Canada, such as:
Our team of betting experts provides in-depth reviews regarding sports betting on a regular basis. You can learn about the best sportsbooks, their pros and cons, the best payment methods, and a lot more.