Sports has taken on a whole new meaning as betting becomes prevalent in the sport – the rush of your favourite team winning combined with the rush of nailing the bet is hard to match. And Canadian companies like Soft2Bet ideas put forward make it easier than ever to get in on the action, offering plenty of unique opportunities for fans to get even closer to their favourite sports.
For those looking to wade into the world of sports betting, we’ve built a guide to all you need to know before placing your first bet.
Sports Betting 101
- Betting on the favourites vs. the underdog: The favourite is the team more likely to win, and they will have negative odds. The underdog will have positive odds, and the payout is usually higher if you bet on the underdog and that team wins.
- Betting on the moneyline: You can bet on the moneyline, which means you can just pick which team you think will win the game. That uses the odds above to calculate the payout. If the favourite has -200 odds, for example, you need to bet $200 to win an additional $100, or bet $20 to win an additional $1 and so forth. But if you bet the underdog, the moneyline is more lucrative: if you bet on the team that is +200, your winnings double. If you bet $50, then, you win an additional $100.
- Betting on the spread: Instead of betting on a team, you can bet on the spread – essentially the difference in the points scored by each team. For example, if you bet the Toronto Maple Leafs to win +1.5, the Maple Leafs must win by at least two goals in order for you to make the bet. If you bet the Maple Leafs -1.5, they must lose by two goals in order to make the bet. If the Leafs win by one goal in the first scenario, those who bet on the other team win.
- Betting the over/under on point total: This concept feels relatively simple. You can bet whether a team will get more or less points than the total oddsmakers have put forth. For example, if you bet the Maple Leafs over 2.5, it means you bet that the Leafs will score more than 2.5 goals. If you bet under 2.5, it means you think that Toronto will tally less than that total.
What is a parlay?
A parlay means you combine more than one wager to increase your potential payout. You can parlay two bets, three bets, or even as many as ten bets. If even one of the bets misses, though, you forfeit all of the money you’ve wagered. It lowers the cost of the original bet – you can make one $10 wager for three teams to win instead of a $10 bet per team – but it presents a higher risk, because all teams must win in order for the bet to hit.
What is a prop?
Prop is short for a proposition bet, which means that you can bet on something not listed above. For example, you can bet that Vladimir Guerrero Jr. will have more than 2.5 hits in a game by betting on a Guerrero +2.5 prop bet. The odds – displayed like the moneyline – will tell you which scenario is more likely and then determine the price and the payout. You can also bet who will hit the ball first using the same odds, for example, with a bet like Springer to hit first +150. This bet in particular means that Springer has been deemed likely to hit first, meaning that the payout will be lower.
What is the difference between sites like Sports2Bet and others?
Different companies, platforms and sportsbooks offer different prices and different prop bets. Some, like Sports2Bet, offer unique features like a Canadian-themed interface, tournaments and challenges, but they all have a certain set of uniform qualifications to follow. In Ontario, every sportsbook must:
- Have a license and abide by the rules set forth by the government.
- Be transparent in the way it builds relationships with players.
- Have a trustworthy local partner.
It’s most important, though, to make sure that you play within your means, and place wagers based on your strengths. Don’t place bets on the NBA if you don’t understand basketball, and make sure you are always conscious of how much money you are spending. Bet safely and responsibly, and have fun.