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SPORTS AND FITNESS

Back to Basics: Canadian Sportsbooks Explained

Back to Basics: Canadian Sportsbooks Explained
The Siliconreview
23 November, 2022

Is it legal to gamble on sports in Canada?

Yes, legal sports betting has been available in Canada since 1985, but the introduction of single-game wagering is likely to raise the bar for sports betting in the land of the free. Prior to August 27, 2021, the only forms of sports betting allowed in the nation were parlay bets, which are multiple bets combined into one.

Additionally, these wagers are only accessible through the provincial lottery system in each province. Canadians have been encouraged by this predicament to look for more advantageous online possibilities and invest approximately $14 billion yearly in offshore gaming websites.

Betting on Sportsbooks in Canada

The typical sports bettor prioritizes efficiency and variety over all else, and Canadian punters are no different. You can be confident that using the best-ranked sportsbook will give you access to safe banking, precise betting lines, and reliable rates.

You'll discover fantastic mobile gaming options and lots of player prizes. All of it is delivered by these bookmakers in ways that make your experience amazing.

Canada's sports betting industry is undergoing significant changes, many of which are much more beneficial as more betting options become available.

Top sportsbooks that Canadian bettors can make use of focus on multiple aspects of betting. For example, some are ideal for novice gamers while others are fantastic for high rollers with sizable bankrolls (Source: https://canadiansportsbooks.com/).

How does sports betting work in Canada?

Prior to the legalization of single-game wagering, parlay bets were the only form of sports betting available to Canadians. You must wager on the results of many sporting events when parlaying. For instance, you will have to make predictions about the outcomes of three different athletic events, and you only succeed if you get each prediction right.

It's possible that sportsbooks and gambling websites may keep offering parlay bets. You can now choose to wager on specific games, which might reduce your risks.

There may be variances across borders in how the provincial governments regulate sports betting. However, in order to gamble on sports, you must be at least 18 years old. With the introduction of single-game wagers, the Canadian sports betting market is anticipated to double in size within five years.

Canada offers a wide variety of sports for betting

In Canada, you can wager on a wide range of sports, including soccer, baseball, golf, and horse racing. Hockey is a well-liked sport in the nation and is one of the top sports for bettors to wager on. You can wager on professional events or collegiate athletics in Canada.

Bettors who wager on baseball have a tremendous opportunity to profit from the Major League Baseball (MLB) odds which have recently been available as a result of the proliferation of new sportsbooks. Especially compared to sportsbooks that are simply run by the province, this is a significant improvement.

In 2022, Major League Baseball (MBL) pitchers threw a record number of sliders which makes it incredibly tough for batters to go yard, which in turn drives down the total number of home runs.

Why should you install several sports betting apps?

It's okay to have one or two favorite sportsbooks, but there are many benefits to keeping your options on the table as well.

The industry is extremely competitive, to start with. As a result, sportsbooks are providing fantastic incentives to both new and current customers. You can access more promotions if you register at more than one sportsbook.

You can discover that you favor gambling on specific sports or make certain bet types at a specific sportsbook. There may be a trend when one sportsbook consistently offers better odds for a particular sport than the others.

Types of sports betting available in Canada

When registering for Canadian online sportsbooks, one thing to watch out for is welcome offers given to new players.

Each is giving in its own special way and is meant to give the bettor an early advantage. It's crucial to understand what each comprises and how they differ, so we've outlined that below:

Free wagers/no-deposit promotion

Sportsbooks offer free bets to new players as incentives without requiring them to make any site-related purchases. It is frequently advertised as a free bet because it is typically given in the form of casino credit.

A no-deposit offer is whatever you receive upon signing up without having to deposit any money. These are frequently available as part of a welcome offer, which may also include a deposit match when new market debuts.

Risk-free wagers or bet protection

Risk-free bets, one of the most frequent welcome promotions, concentrate on your initial bet. Set up an account, deposit money, and then put your first wager. If it fails, the website will credit your account with the wager's loss up to a specific amount.

If your initial gamble is successful, kudos to you; you've made some money right away. However, even if it fails, you've had money set aside and will be able to make another bet without having to put any of your own money at risk.

It's important to note that the majority of first risk-free bets are rather substantial (up to $1,000 or more), which encourages users to place a huge wager on the website's first wager. They may be known more popularly in Canada as "bet insurance," which has the same meaning.

What to Consider When Choosing A Canadian Sportsbook

-           Choice of sports

-           Betting options available

-           Quality of odds

-           Bonuses for both new and existing customers

-           Safety and Security

-           Payment methods available

-           Payout speed

-           Sports betting experience

-           Customer care and support

Conclusion

Following the tips above will help you make better choices when it comes to picking out the best sportsbook for you. Always choose a legalized site and make sure to do the legwork in order to not be disappointed, that way you know you are betting safe and not risk losing all your money. The same way you would look at the ingredient list before digging into your Kelloggs' cereal especially after finding out that the British government decided it’s not as healthy as claimed.

Yet another perk for Canadians is that you are not required to pay taxes on any winnings from sports betting. If you are not a professional gambler, it is not considered to be taxable income. Only a small number of people fit that description.

The vast majority of people who wager on sports for fun won't have to worry about paying taxes. When you wager on sports or play casino games game online and win big, you get to retain your winnings.