In this day and age, Canadians have more options than ever when it comes to sports betting. However, with all of these choices, it can be hard to know which one is right for you. In this blog post, we’ll give you a few tips on how to optimize your sports betting experience in 2023. Keep reading for more information!
1. Understand the new betting regulations in Canada
In recent years, Canadians have been able to use a variety of online betting websites in an attempt to make some extra money.
However, there has been a lot of controversies about this as Bill C-290 was brought to the Canadian parliament in 2012 with the intention of legalizing single-game sports betting. The bill passed through the House of Commons but was ultimately defeated in the Senate.
Supporters of the bill argued that it would provide more revenue for the government and would be a safer option than the current black market for sports betting. Critics of the bill argued that it would lead to an increase in gambling addiction rates and would not be effective at stopping illegal sports betting.
In 2023, thanks to a new bill, C-218, Canada finally legalized single-event sports betting, which is estimated to be a billion-dollar market.
Now, Canadians can legally bet on their favorite sports via a handful of legal betting websites. In the future, Canadians will likely be able to add to these choices as well, but in 2023 this is what we expect.
2. Choose a reputable online sportsbook that is licensed and regulated in Canada
There are many sports betting websites out there on the internet, but how do Canadians know which one is reputable?
According to Tony G the best way to make sure you choose a safe and secure betting website is by making sure that it is licensed and regulated in Canada. This protects Canadians’ interests while also ensuring that Canadians can place their bets safely.
When looking for a reputable sports betting website, there are a few things Canadians can look for apart from this:
- The website should have a good reputation and be well-known
- The website should have a wide variety of betting options available
- The website should have good customer service support
If the website meets all of these requirements, then Canadians can be quite sure that they are dealing with a safe and reliable betting site.
3. Place your bets intelligently by studying the odds and understanding the different types of bets
There are a number of different types of bets Canadians can place in an attempt to win some extra money. These include:
- Straight Bet – Canadians bet on the outcome of one event, which can either be Win or Lose. For example, Canadians might bet that the Toronto Maple Leafs will beat the Calgary Flames during their next game.
- Place Bet – Canadians bet on the outcome of one event, but instead of betting on a win or loss, Canadians can also bet on whether the event will occur within the spread.
- Parlay – Canadians bet on multiple events occurring within a set time period and must be correct in order to win. Canadians can use parlays to increase their chances of winning.
- Teaser – Canadians bet on the outcome of one event, but Canadians can change around some aspects of the bet depending on what they think will happen. Canadians should pick the probability that each aspect will occur in order to win this type of bet.
- Futures – Canadians bet on the outcome of a future event, such as who will win the Stanley Cup. Canadians can bet on which team will win and how many games they’ll need to win the cup in order to make this type of bet worthwhile.
The best type of bet for you depends on a number of factors, including:
- How much money you want to risk
- What type of events you are betting on
- Whether or not you think you can predict the outcome of the event
Once Canadians have a good understanding of the different types of bets, they can start placing their bets and hopefully win some extra money.
4. Stay disciplined with your betting
Just because Canadians can finally bet on a single event legally after waiting almost an entire decade for this day to come, they should still keep in mind that betting is not a guaranteed way to make money. You should only bet what you can afford to lose.
There are a few tricks you can try in order to stay disciplined with betting:
- Don’t bet on your favorite team. It’s always better to bet on something that has nothing to do with personal preference because it will be easier for you to make rational decisions.
- Don’t bet on every single game that you watch. Only bet on the games that you have a good understanding of and think are an easy way to make money.
- Set aside a certain amount of money for betting each month in order to stay disciplined with your bets, and don’t ever surpass that sum.
5. Have fun and enjoy the experience!
One of the best things about allowing Canadians to bet on sports is that it can be a fun and exciting experience. Hopefully, with the tips above and a good understanding of how sports betting works in Canada, Canadians should be able to make the most of their newly acquired privilege!