Understanding Sports Betting Odds in Canada: A Beginner’s Guide

Edna Boykin
December 15, 2024

Canadians have always been combining their two favorite hobbies, sports and betting, into one by wagering on various sports betting events. Every year, Canadians are excited to bet on and win millions of dollars in competitions like Super Bowl, NHL, NBA, NFL, and more.

However, many newcomers into the industry are still finding ways to have a strong understanding of how betting odds work and how they can be used to determine potential winnings and predict the outcomes of the game.

This article mainly focuses on the sports betting odds Canada, the types of odds available, understanding the relation between probability and odds, and how they can be used to maximize returns from sports betting.

What Are Sports Betting Odds?

Sports betting odds refer to the probability of any sports event occurring along with the potential payout if the event occurs. Sports betting sites offer odds in various formats, including decimal, fractional, and American, which we have discussed in the next section.

Canadian sports betting sites set the odds depending on individual and team statistics, public opinion, and recent team performance.

Modern sportsbooks use special algorithms and analyze huge amounts of data to develop the odds that give them a slight advantage on the bets that players place. If you are new to the world of sports betting, you need to understand how betting odds work.

Whether you are playing a casino game or betting on sports or any other event, you must learn how to read and interpret betting odds to place smart bets.

Types of Betting Odds Commonly Used in Canada

There are three main formats of betting odds that Canadian bettors encounter while wagering on sports –

Decimal Odds

Decimal odds, also known as European odds, are slowly becoming popular in Canada and are expressed in a decimal format. It represents the amount of funds that the bettor can take home for every $1 bet, which includes the total payout instead of just the profit. So, in the decimal number, the stake amount is already included, making the calculation much easier.

In the Canadian sports betting market, decimal betting odds have become quite popular as it is the easiest format to remember, and it can be interpreted in the following way – For a decimal odds of 1.333 if a bet is successful, the amount that the bettor will get back is 0.333 of his $1 stake amount.

The main advantage of using the decimal format is that they are much easier to express than other betting odds we have mentioned below.

Fractional Odds

Fractional odds are the traditional format widely used in the United Kingdom, and hence, they are sometimes known as the UK betting odds.

As the name suggests, the odds are represented in fractions, where the denominator is the amount that the player would have to bet to win the amount in the numerator.

For instance, for fractional betting odds of 1/3, if a player wants to win the match, he would have to bet $3 to win $1. The fractional system is the best format for many punters in Canada who are comfortable handling fractions of small numbers because it can get complicated when we start working with odds like 85/40 or 27/11.

In such cases, play may want to switch to using decimal odds.

American Odds

The third sports betting odds in Canada are the moneyline or American odds, which are less common but still widely available in Canada. These betting odds are unique in the sense that they are represented with a plus or minus sign.

For instance, if the betting odds are represented with the minus figure (-300), it shows the amount that a bettor would need to bet to win $100 by wagering $300. For a positive figure (+800), it is equivalent to 9.0 in decimals, and 8/1 in fractional.

Understanding Probability and Its Relation to Betting Odds

The chance of an event occurring can be expressed either as odds or probability. There is no specific reason why one should prefer one over the other.

However, it is important to know how to convert them, which is a matter of custom and training and not logic. The following will show you the relation of probability and betting odds across different formats –

How to Calculate Probability Using Odds

American to Decimal –

American to Fractional –

Fractional to Decimal –

Fractional to American –

Decimal to Fractional –

Decimal to American –

How to Read and Interpret Betting Odds

The three formats of betting odds, namely, Decimals, Fractional, and American, can be read and interpreted in the following way –

Reading Decimal Odds

Decimal odds are represented as a single number – the amount that a winning bet will collect on a $1 bet. If decimal odds are defined as 6, then the winning bet will get a profit of $5 and the original bet of $1. Any odds between 1 and 2 will be the favorite bet, while 2 will be an even money bet.

Reading Fractional Odds

Fractional odds are represented as a fraction with the numerator and denominator. For a fractional odds of 9/5, the numerator (9) shows the number of times that the bookie expects an outcome to fail, and the denominator (5) indicates the number of times the outcome is expected to succeed.

Reading American Odds

American betting odds are represented with a + and – sign, indicating both the potential payout and whether players are betting on the favorite or underdog in moneyline or American odds. Negative numbers indicate the favorites, while the positive number means the underdog.

The Importance of Understanding Betting Odds for Canadian Bettors

Canadian bettors should be able to comprehend betting odds for successful sports betting. Mastering odds will allow them to make well-informed decisions and evaluate risks and rewards accurately while identifying potential value bets.

Canadian players can gauge an event’s probability of occurring and make strategic bets based on their analysis.

So, whether you are a serious gambler or a recreational player, having a good understanding of the concept of betting odds can enhance your betting experience and increase your chances of winning.

Tips for Beginners in Canada on Understanding and Using Betting Odds

Squeezing every drop of value from your budget set aside for sports betting in Canada requires some savvy and smart betting moves.

Below are some essential tips for beginners in Canada that will help them understand and use betting odds in a better and more effective way –

Start with Simple Bets

Canadian sports betting markets have plenty of betting options but not all are suitable for newcomers. Beginners should start with simple bets like match winners and learn as you go.

Research all the betting options available and choose straightforward bets to build foundational knowledge with which you can develop strong chances of winning.

Practice with Free Bets

Many Canadian sportsbooks also offer free bets as a welcome offer or as subsequent promotions. Using these free bets can help beginners gain experience without risking their real money.

Compare Odds Across Bookmakers

There are multiple sports betting sites available in the market but not all have the same offerings when it comes to betting odds and markets available.

Compare different sportsbooks in Canada and choose the best platforms offering the most competitive betting odds for higher and better returns from sports betting.

Conclusion

If you are on your journey to master sports betting odds Canada, having a clear understanding of how betting odds work will give you an edge in the highly competitive betting industry.

The lively scene of sports betting requires smart betting strategies to enhance the overall betting experience in Canada. Note that experiencing success in sports betting will require continuous effort and learning of different betting odds available to Canadian punters. Additionally, the growing popularity of crypto sports betting in Canada offers players new opportunities to explore innovative wagering options.

This approach will make betting more fun and simultaneously open doors to more successful bets and higher returns, marking the success of wise players.