Beginner’s Guide to Sports Betting
New to sports betting? You’re not alone. With legal online sportsbooks now widely available in Canada, more people are placing bets than ever before. This beginner’s guide will help you understand how sports betting works, how to read odds, and how to place your first wager with confidence.
What Is Sports Betting?
Sports betting is the act of wagering money on the outcome of a sporting event. If your prediction is correct, you win the bet and receive a payout based on the odds. Sports betting covers everything from major leagues like the NHL, NBA, and NFL to niche sports like MMA, darts, and esports.
Understanding Betting Odds
Odds represent the probability of an outcome and determine how much money you can win. There are three main odds formats:
- Decimal (e.g., 2.50): Common in Canada and Europe. Multiply your stake by the odds to get your total return.
- American (e.g., -150 or +200): Negative numbers indicate favorites; positive numbers show underdogs.
- Fractional (e.g., 5/2): More common in the UK, these show potential profit relative to stake.
Common Types of Bets
- Moneyline: A straight bet on who will win the game or match.
- Point Spread: A bet that includes a handicap. You win if your team covers the spread.
- Totals (Over/Under): A bet on the total points scored in the game, either over or under the set number.
- Parlay: A combination of multiple bets in one ticket. All legs must win for a payout.
- Props: Wagers on specific outcomes like a player scoring, number of rebounds, or team stats.
- Live/In-Play: Bets placed while the event is ongoing, often with dynamic odds.
How to Place a Bet
- Choose a reputable sportsbook (see our guide here).
- Create an account and verify your identity.
- Deposit funds using a secure payment method.
- Navigate to the sport or event you want to bet on.
- Select your bet type, enter your stake, and confirm the wager.
Bankroll Management
Before placing any bets, set a budget and stick to it. This is called bankroll management. Never chase losses or bet money you can’t afford to lose. A good rule is to risk no more than 1–5% of your bankroll on a single bet.
Responsible Gambling
Betting should always be fun — not stressful or financially harmful. Use self-exclusion tools, deposit limits, and time reminders if needed. For more info, read our full Responsible Gambling Guide.
Tips for Beginners
- Start with small bets while you learn the ropes.
- Stick to sports you know well to make informed picks.
- Compare odds across multiple sportsbooks for better value.
- Track your bets to analyze performance and spot trends.
- Read expert previews and betting insights before wagering.
Get Started Today
Ready to try your luck? Visit our sportsbook reviews section for a list of trusted betting sites with exclusive welcome bonuses for Canadian players. Whether you’re in Ontario or elsewhere in Canada, BettingEdge.ca has you covered.
