Odds & Betting

Gone are the days when an online casino would only offer casino games such as slots, video slots, poker, and other table games. Today, a casino incorporates casino games and other products, including a sportsbook and a racebook. This makes it possible to play different genres of games on one website, eliminating the need to create multiple player/betting accounts.

Whether you choose to bet on casino games or sports, the procedure is the same. Yet, there is a slight difference, as you are about to find out in this article. We will cover odds and betting and see out how they compare to casino games.

Best sites for odds & betting

Bonus
1200
Freespins
200
Wagering
35
35
Great Game Variety
Choice of Welcome Offers
Mobile Apps Available
Claim Bonus
Bonus
5000
Freespins
125
Wagering
50
50
Offers Sports Betting
Rewarding Tournaments
User Friendly
Claim Bonus
Bonus
500
Freespins
0
Wagering
40
0
Excellent Mobile App
Licensed by MGA
Frequent Slots Tournaments
Claim Bonus
Bonus
1000
Freespins
200
Wagering
25
0
Excellent Mobile Experience
Fully Regulated and Licensed
Extensive Range of Games
Claim Bonus
Bonus
300
Freespins
25
Wagering
40
0
Over 1,200 Games
Choice Of Welcome Bonus
VIP-Club
Claim Bonus

Odds and betting at online casinos

You have probably come across online casinos that did not originally offer other forms of betting that now have a section for sports betting. Casino companies have realized that players want variety, want to mix gaming experiences, and always have something new to try. This has resulted in these mixed gaming sites. First and foremost, it shows that the companies want to adapt to the players’ needs and wishes and offer as much gaming entertainment as possible.

If you are thinking of starting to mix the products of your gaming experience at online casinos, this guide will walk you through concepts such as betting, odds boosting, and betting bonuses. We will also go through the differences these concepts have from the equivalent in casino games. Of course, we also help you find the right type of odds and explain how the different variants work. 

The basics of odds

How is the term odds used in betting? Odds is a term that explains probability. The term is not only used in mathematical statistics but also in betting. A simple explanation for odds in betting is that it describes the ratio between profit and bet. When the odds are higher, it is less likely to occur, but it produces an attractive dividend when it does. Lower odds are the opposite, i.e., more likely to occur, and therefore there is also a lower dividend when it occurs.

So who decides the odds on matches and events? The betting companies or commercial betting companies, called bookmakers, are responsible for creating odds on matches. Like slot machines that have fixed payout algorithms, odds can be fixed. This means that they are predetermined based on a solid assessment of how likely the different scenarios are. Unlike traditional slots with fixed payouts, there are floating odds in sports betting. These odds can change before the match has started depending on how many people are betting on the match, or if news about some line-up changes are released. When the sporting event is live the odds are very unstable and can swing heavily when a team scores a goal or gets a penalty.

Sports are not the only thing you can bet on

A prejudice when it comes to betting is that it only happens in sports. Of course, the biggest part of betting is on sports. There are many sports to bet on, from the world’s most popular sport, football, to hockey, curling, wrestling, cycling, and much more. In sports, you can place odds on cup games, club games, championships, or other special events such as international matches. Some betting companies offer games in both top leagues and lower divisions in different countries. The concept of sports betting has been around for a long time, and the range has been processed and adapted to new trends. Whatever sport you are interested in betting on, it is most likely available at any online gaming company that has a section for odds. 

When casino players take the step to place their first bet, starting on sports is the most common but it’s also possible to bet on all kinds events in the world or maybe even your favortie TV-program. We have seen some really fun events that Canadians have bet on over the years. Besides TV shows, players can place bets on politics and esports.

In summary, it is possible to bet and place odds on many different things. As mentioned, betting companies have made an effort and adapted so that more people will want to take part in the excitement and charm that is at odds.

Betting on Hockey

As you are most likely aware of hockey is the biggest sport in Canada, and one of the top four most popular sports that Canadians bet on. Thus, you will find most casinos posting lines on National Hockey League (NHL). Before you start betting on hockey, you must understand the money line as it is the most common betting method in the NHL.

Usually, you will find sportsbooks using 20-cent lone on NHL. This means there is a 20-cents difference in odds for a favorite team and the underdog. For example, the odds on an NHL game may look like this:

Calgary +110
Vancouver -130

That means that bettors betting on Vancouver have to risk $130 to win $100, while those betting on Calgary have to risk $100 to win $110. Some of the games will have a bigger odd. For example, Calgary +250, Vancouver -300.

Other than money line, the punk line is a popular way of betting on hockey. This form of bet allows bettors to lay 1.5 goals with the favorite or take 1.5 goals with the underdog. For example, the odds would look as follows:

Calgary +1.5 (-240)
Vancouver -1.5 (+200)

Other bets on NHL include Grand Salami and betting totals.

Odds bonuses are similar to regular casino bonuses

Gambling bonuses are a fun addition to the gaming experience, and an odds bonus is relatively similar to a casino bonus. A bonus on casino games is usually about extra money or a welcome spin on a bunch of slots or a specific slot machine. It is not possible to spin odds in the same way as on slots, which is clear in this context.  

However, a common bonus on odds and betting is that the player is awarded some money to play with. Many gaming companies have a hundred bucks extra for the players when they make their very first deposit to that brand or its gambling platform.

Risk-free betting bonus and free games

One aspect that distinguishes the casino bonus from betting is that the latter can be given risk-free. A risk-free odds bonus means that you do not risk losing your bet in bonus games. If you win, you get the win, and if you lose you get your money back. Betting companies can also offer so-called free bets. The difference between risk-free play and a free bet is that the company offers the bet in the latter concept. Players can not lose their money when betting with any of these game types.

Betting bonuses and wagering requirements

Like the bonus on casino games, the odds bonus comes with several terms and requirements. These are for bonus games to take place in a nice way and for it to be worthwhile for the gaming companies to give out gifts. A good example of this is that a deposit is required for the betting company to activate the bonus. Both casino and odds bonuses come with a wagering requirement.  A wagering requirement is the number of times the bonus winnings must be wagered to pick out the winnings.

The wagering requirement for odds bonuses is usually significantly lower than for casino games. It could be that the sums can be higher on betting bonuses than the actual amount that must be wagered between odds and casino.

A really good odds bonus is risk-free

A really good odds bonus is defined by how low the risk of losing your own money is and how many times you have to wager the bonus profit. It is not certain that a biggest bonus is the best bonus. Another characteristic of a good odds bonus is can be used on the events that you like to bet on.

Oddsboosts can give you an advantage

An odds boost has a completely different starting point. An odds boost is a benefit where the betting companies raise odds on a selected event or selected match. It’s very simple; a bookmaker or the betting company sets original odds for upcoming matches or events. The betting company raises the odds on a selected match through a campaign for all players or a unique gift to individual players. The increase can be any amount, but usually the odds get boosted 25% or up to 50%. If the odds are locked, a larger payout will be made than the original odds. If it does not go all the way, it also does no more harm to you as a player who has made an original effort.  

This type of promotion, which we can still call an odds boost, you get through the betting companies. Not all betting sites use this concept and then settle for the original odds that are set. Gambling sites that use odds boost can offer this in several ways. Some run with a “Game of the Week” where they select a match played during the week and raised the odds on this particular event. Other companies may send out personal promotions, which may go to individual players that are loyal to the casino.  

The intention of the oddsboost is for players to be able to pick out higher winnings. This is provided that players then win on their bet, and then players can benefit from the promotion.

An odds boost can also help you take a risk if you choose a boosted odds that you would not otherwise choose. So even here, it is always important to think about playing responsibly.

There is no direct equivalent to what oddsboost offers in the casino. It could be a multiplier in a slot machine where each win is multiplied by a specified or randomly selected number. This can make it exciting to try sports betting and odds.

Betting at a place of your choice

Just as you can go to a pub or a casino, it is possible to bet on odds both online and in a physical location. You have probably walked into a grocery store and seen their gaming corner. In these stores, agents as they are also called, players can buy a note which is then filled in with their bet and the person then pays for the line at the checkout. In some cases, a bet is placed immediately before the event, and the player stays in the small shop to see the entire event and hopes that his bet went through. It is rumored that there is a good mood among these spectators. Which is very nice if a player wants to have a good time with fellow bettors.  

Internet betting – a good option

For those of you who do not have the opportunity to go to a betting shop, these games are also available on the internet or gaming sites. There are hundreds of betting sites that accepts players from Canada.  Each of these sites offer something slightly different in betting and range of fixed or floating odds. If you play odds at online casinos or betting companies, you also get the opportunity to bet wherever you are while you play on mobile. 

Choose a place where you feel safe

There are many places to play, both physical and virtual. We suggest playing where you are comfortable, can follow the event, and feel safe. Different players also need different things. Some love to discuss on the spot with the agent, while others take help on online forums from a comfortable position at home on the couch. Others want to calculate and analyze the conditions before the event begins. Some people instead want to go for gut feeling or their personal favorite. In summary, it is important to find a good place for you as an individual player and make choices that feel right for you.

Who sets the odds?

As mentioned, there are mainly two types of betting; those set directly by the gaming company or that which a bookmaker or a commercial company sets. Employees at these companies value a match or an event based on probability and other factors. The factors can vary between companies, but they usually check previous seasons, the team or the competitor’s background, and later performances. When it comes to sports, companies look at players’ absences due to injuries and suspensions. They also look at where the match is played; some teams perform significantly better at home than away. Of course, the teams are compared against each other.

Events other than sports, such as TV shows and politics, obviously have other factors. It varies greatly due to the type of event it is. For example, if it’s a political bet, the politician’s status and popularity are considered. Journalists and other critics can make other types of evaluations that may contribute to the odds. Of course, this is also a factor in how good the odds will be. The odds for a new politician can be worse if the politician opposes a popular politician.

Odds are usually calculated well in advance

It is worth considering that odds are usually set well in advance, a few weeks or sometimes months. These are then based on previous achievements, background, and conditions to win in the event. However, some odds will be updated close to the event. This is in case something should happen, an important player is injured, or a contribution to the said event changes a day or few moments before it happens. Then, of course, the probability and odds change.

Five different types of odds

There are several different types of odds that are all calculated in the same way, but they differ slightly in their expression and where they are used. It can be a bit daunting for a beginner in betting to see the different forms of odds, but here we go through the five most common variants in detail.

The European decimal odds

Decimal odds are one of the most common types of odds and something you will encounter as a Canadian player. The type is mostly used in Europe and is therefore also called European odds. This type is printed as a decimal number, indicating how much the player gets back per unit wagered. If a player bets $100 on an odds of 2.5 and wins, he gets back $250. That is the original bet of one hundred dollars and another 150 dollars in profit.

The traditional British troublemakers

Quarrels are relatively common in Europe but originate in the United Kingdom. That is why they are also called British odds or traditional odds. Canadian players have a relatively high probability of encountering these if decimal odds do not exist. The odds are shown as a fraction, for example, 3/1 or in one of the forms 3: 1 and 3 to 1. This means that the player wins three dollars for each dollar wagered and gets it back together with his bet.

American odds

American odds are usually found in the United States, just as the name implies, but the odds can also be called “Moneyline odds”. These odds are displayed as a number with either a plus or minus sign in front of it. The plus sign indicates the amount that the player wins if he bets $100. For example, if you win at an odds of +200, you get back the bet of $100 and win another $200, a total of $300. If there is instead a minus sign in front of the odd/sum, it means that the player must bet the sum to win $100. For example, -200 means that you must bet $200 to win $100. If you win, you will also get your bet back, totaling $300 will be awarded.  

Fixed vs. floating odds

We have already been in the field of fixed and floating odds. A simple explanation of these types of odds is that they are predetermined, e.g., fixed or change after the chosen event, so-called floating. A somewhat more in-depth explanation of fixed odds is that the betting companies set odds before the event starts, and the payout is the same regardless of what happens before or during the event. Betting companies cannot withdraw or edit fixed-odds. This type of odds works best for well-trained players who can define good odds. If we were to explain floating odds more deeply, it would be the opposite of fixed odds. An original bet can be changed if the event’s results are different from what the bookmaker predicted. It can change drastically or nothing, depending on what happens during the event.

Choose from different types of betting markets

As a player, you need to choose the type of betting you want to play. The basic format of the odds, whether it is decimal odds or fractional odds, you cannot control, but the player can control what market they want to bet on. A market is the specifics you bet on. Below we describe some of the most common betting markets.

Over / Under

One of the most common odds markets is Over / Under. This is common in sports, and the player bets on how many goals there will be in a match. The betting company decides the line, i.e., the number of goals a team can score. Then, bettors must decide if they think there will be more or fewer goals in the match. In football, it is common for the line to be 2.5 goals. In an example where the line follows the traditional setting, a player who bets under the line would win if the final result is 0-0, 1-0, 0-1, 1-1, 2-0, or 0-2. So there will be no more than two goals from the team in this match. If a player bets over the line, i.e., more than two goals in the match, it wins on results of 2-1, 3-0, 1-3, and so on.

Choose between three outcomes with 1 × 2

Another common odds market is 1 × 2, also called “Result after full time” or “win-draw-win”. This type gives the player a choice between three outcomes, and it is common in sports. If the player picks “1”, he thinks the home team will win, while if he bets on “2”, he thinks the away team will win. If the player bets on “x”, it means he believes that the match will end in a draw. This betting game is at stake where there are three different outcomes on an event, and then home and away wins are exchanged for other alternatives. 

Close the game before deciding with Cash Out

The betting game “Cash Out ” is less common also the above but more and more betting companies now offer this type. CashOut means that you can close a game before it is decided. This opens up opportunities to stop an event when the result suits you and withdraw a profit before the event is over. The winning amount in CashOut depends on how your bet stands and whether it is becoming a win or loss. Players with a good gut feeling have great opportunities with Cash Out.

CasinoGuide is a review and comparison site for online casinos. The information on the site is intended for entertainment and information purposes only. In Canada, the legal age for gambling is 19, with the exception Alberta, Manitoba and Quebec where the legal age is 18+. Any hyperlinks, banners or other images leading to online casinos from the site are advertisements. Third parties may change or cancel offers or modify their T&Cs at any time, therefore CasinoGuide cannot be held responsible for incorrect information. Always read the terms and conditions before creating an account with an online casino. Gamble responsibly.

This site contains affiliate/advertising links

Copyright © 2021 thecasinoguide.ca
In order to give you a great experience when visiting our site, we make use of cookies at TheCasinoGuide.ca. By pressing OK or using our site, you agree to this. Read more about cookies here