Living in Canada allows us the freedom to bet on our favourite hockey teams whenever we want. (Photo credit: s.yume / Foter / CC BY)
Canadian sports bettors have it good.
We have access to fantastic sportsbook funding methods, relaxed laws on Internet gambling and access to the best online sportsbooks which cater to Canadians.
The following tidbits are designed to help Canadians put more cash in their pockets.
1. Avoid Proline and provincial sports lotteries
Proline and other provincial sports lotteries are the absolute worst way to try and make a profit in Canadian sports betting. The provincial sports lotteries require you to bet on at least two games (three in most provinces) and get all the games on your ticket correct in order to win. It’s difficult enough to pick winners on a regular basis, let alone needing to pick three winners and not get one wrong in order to get paid.
Not only that, but in the rare event you might win your Proline ticket, you won’t get paid even close to what you should. Winning a three-game wager at an online sportsbook (known as a parlay) will pay you as much as two times the amount you would receive from Proline. Bet four, five or six games on a ticket, and the disparity between online sportsbook and Proline odds grows even more.
There are rare occasions when the odds Proline offers are better than what you’ll find at online sportsbooks. These are the only times you should even consider purchasing a provincial sports lottery ticket.
2. Avoid paying fees
Paying unnecessary fees only cuts into your profits. Many of the top sportsbooks will pick up your deposit fees on methods like Moneygram, Western Union or credit card if you deposit a certain amount. Keep in mind that they want your business, so make them earn it.
The same goes for withdrawal fees. Use sportsbooks that allow at least one free withdrawal per month to avoid giving back some of your earnings when you take your cash.
Exchange rate fees can also quickly add up, since Canadian sports betting often involves exchanging currencies from Canadian to American and vice versa. Try to keep as many accounts in the same currency as possible, and the same goes for your payment processors such as Instadebit. If you are going to pay fees on exchange, it should only be at the bank as you’ll get the best rate.
Check out our deposit method reviews to determine which is the best payment method for you.
3. Get the best lines
Sportsbooks often offer different lines on games, and it’s crucial to get the best one. Whether it’s having to bet a little less on a favourite, standing to win a little more on an underdog or getting an extra half-point on the point spread, every little bit helps put a bit more money in your pocket. We advise opening accounts at several different sportsbooks so you always have access to the best betting line on a game.
If you’re just starting out, Pinnacle Sports should be your first account.
4. Take advantage of sportsbook bonuses and promotions
An excellent way to build your bankroll is by taking advantage of the bonuses, loyalty programs and other sportsbook promotions. Sportsbooks want your business, so they’re constantly offering generous signup and reload bonuses to earn it. By joining as many reputable sportsbooks as possible, you can make a substantial profit through the cash and free play bonuses alone.
Many sportsbooks also have loyalty programs, rewarding your business with the occasional free bet, free payout or free products. And promotions like reduced juice days or free half-point days will often enable you to get better odds than you normally would, helping your bottom line even further.
5. Money management
Other than picking as many winners as possible, proper money management is the biggest key to your success as a sports bettor. Even the best sports handicapper will eventually go broke if he constantly varies the sizes of his bets or bets too much money on any particular game. Those who are successful at sports betting treat it as a marathon, not a sprint. Grinding out small profits on a weekly and monthly basis is the way to come out ahead, not by trying to make a quick big score by wagering more than you should on any one game.
Determine your bankroll (money you can afford to lose without compromising other areas of your life) and place your wagers accordingly. Never bet more than 5% of your bankroll on any particular game, no matter how strongly you feel about the wager. Most successful bettors risk 1%-2% of their bankroll on each game. That way, the losing streak that all bettors occasionally encounter won’t wipe you out.
6. Track your bets
Tracking your sports bets will help you understand what sports or types of bets you are good at. It might sound a little nerdy and even makes for a bit of extra work but keeping a record of each and every bet you make will pay off in the long run.
For example, you might find you are great at picking who will win the game but that you aren’t so good at predicting over/unders. This knowledge could help you limit or even eliminate the over/under bets you make, helping you make more money.