Sports betting in Canada has seen a significant surge in popularity in recent years, with bettors placing wagers across various sports. Understanding the different types of sports bets available is crucial for both newcomers and seasoned bettors alike.
From hockey to football, basketball, and beyond, there are numerous betting options to explore both in-person and online. Some sports fans enjoy placing wagers on game day in person however a growing number of fans enjoy the ease and convenience of wagering online from home. In fact, online betting in Canada is quickly gaining popularity. Not only is wagering online convenient, but as betting expert and author Neil Roarty explains, most online sportsbooks also offer punters big bonuses and unbeatable odds.
Whether sports fans are placing their bets in-person or online, they have a variety of bets to choose from. Let’s explore.
- Moneyline Bets
Moneyline bets are one of the simplest and most popular types of wagers across many sports. In a money line bet, the bettor is simply choosing which team or individual athlete will win a game or event. The odds are presented in two formats: negative and positive. The negative odds indicate the amount you need to bet to win $100, while the positive odds show how much you can win on a $100 bet. Moneyline betting is popular for its simplicity and ease of understanding, especially when betting on matchups where there is a clear favorite and underdog.
- Point Spread (Spread Betting)
Point spread betting is common in sports like football and basketball. This type of bet involves a handicap placed on the favorite team, making the game more balanced from a betting perspective. The favorite is required to win by a certain number of points, while the underdog can lose by a specified margin and still win the bet.
For example, if the Calgary Stampeders are favored by 7 points in a CFL game, they must win by more than 7 points for your bet on them to win. If you bet on the underdog team, they can lose by 6 points or fewer, and you will still win the bet. Spread betting is especially exciting because it levels the playing field, making even mismatched games more intriguing for bettors.
- Over/Under (Totals)
Over/Under betting, also known as total betting, is based on predicting if the combined score of both teams in a game will be over or under a specific number set by the sportsbook. This bet is not concerned with which team wins, but with how many points or goals are scored overall.
For example, if the over/under for an NHL game between the Ottawa Senators and the Winnipeg Jets is set at 5.5 goals, you can bet on whether the total goals scored by both teams will exceed 5.5 (over) or fall below 5.5 (under). This type of bet can be especially thrilling during high-scoring games, as bettors are focused on the total output rather than the winner.
- Parlays
A parlay is a combination of multiple individual bets into one larger bet. The key to parlays is that all bets included in the parlay must win for the entire wager to pay out. Parlays are popular because they offer the potential for higher payouts compared to individual bets, though they are riskier since a single loss will cause the whole bet to fail.
For instance, you might combine a money line bet on a hockey game with an over/under bet on a basketball game in one parlay. If all of your selections win, you’ll receive a higher payout than if you had placed each bet individually. Parlays are popular among bettors who enjoy higher stakes and the thrill of combining different bets into a single wager.
- Prop Bets
Proposition bets allow bettors to wager on specific game outcomes beyond the standard point spread or moneyline bets. These bets can be made on anything from the number of goals scored by a specific player to the first team to score.
For example, in an NFL game, a prop bet might involve predicting the distance of a throw. For example, if a bettor had predicted Baker Mayfield’s record-breaking 70.5-yard pass in 2020, they would have won big time. Prop bets are popular because they allow for a more personalized betting experience and offer bettors the opportunity to place wagers on a variety of unique events during the game.
- Futures
Futures betting involves placing a wager on an event that will happen in the future, such as the outcome of a season or tournament. These bets typically require bettors to predict the winner of a league, tournament, or competition long before the event concludes.
An example of a futures bet might be betting on which team will win the Stanley Cup at the start of the NHL season or who will be crowned MVP of the NFL season. Futures bets are often placed on high-profile events like the Super Bowl or World Series, and they can offer large payouts, especially if placed early in the season. Bettors enjoy futures bets because they can hold onto their wagers for an extended period, adding excitement as the season progresses.
Conclusion
Whether you’re betting on hockey, football, basketball, or any other sport, there are a variety of bet types available to suit different preferences and strategies. From simple moneyline bets to more complex parlays and futures wagers, sports betting in Canada offers a wide array of options for those looking to add excitement to their game-day experience.
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