Hockey Betting In Canada
Betting on ice hockey games is as old as the sport itself, having originated in Canada during the 19th century. In 1917, the National Hockey League (NHL) would form and give Canadians the opportunity to bet on professional hockey league games.
Today, hockey is the official winter sport of Canada, and betting on the NHL is the most popular wager in the country. We want to provide Canadians with the best legal betting sites for the NHL this season, so you won’t have to keep your bet on ice any longer.
Is It Legal To Bet On NHL Hockey Games In Canada?
Offshore: Yes! It is legal to bet on the NHL in Canada as long as you use a licensed online sportsbook that operates offshore and not within the country. Each of the betting sites we recommend to Canadians is legally licensed, safe, and secure.
Domestic: Sports betting is legal at some physical locations depending on what province you reside in but domestic online options for betting on the NHL are not good due to the types of bets and how much CAD can be placed for a single wager being limited by the federal and provincial governments.
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Types Of NHL Bets, Lines And Odds
Before dipping your toes into the ice water and placing Canadian Dollars on NHL games, it’s important to know what you’re betting on and how much you could win/lose on a given wager. Here an explanation of the different types of hockey betting lines and the odds accompanying them that you’ll see at any of our recommended sportsbooks.
Known as a point spread, where the favorite is typically set at -1.5 and means the favorite must win by 2 goals or more. The underdog is set at +1.5, meaning the underdog can lose by no more than 1 goal or win the game outright. Be sure to examine the odds, since the underdog will typically have better odds than the favorite in a puck line, which means even though the favorite is more likely to win outright, the underdog is more likely to not lose by more than one goal.
A much simpler bet that requires money to be placed on which of the two teams will win the game, regardless of goal differential. The favorite has much higher odds and the underdog is given lower odds because the outcome is solely based on who wins and who loses.
A betting line given on the number of goals scored in total by both teams and a bet must be placed on whether the total goals scored will be over or under a set amount.
A unique but simple betting line where a bet is placed on whether the total goals scored by both sides will be an odd or even number.
Another bet unique to the NHL where the betting line takes in every game being played in a specific time frame, usually for the day, and you must wager on whether the total goals scored for all the games will go over or under the set number.
First To Score
A bet on which NHL team will score first during a hockey matchup with odds favoring teams that tend to score first in their games.
Go To Overtime
A betting lines with odds on whether the game will go to overtime. Most games do not go to overtime, so this is a risky bet make since the odds are typically favored heavily toward not going to OT and if a game does go into OT, then it means losing a large sum of money.
Hockey is divided into three 20-minute periods and a betting line will give odds on which team will win the 1st, 2nd, or 3rd period.
Highest Scoring Period
A bet on one of the three periods and which one will contain the most goals scored by both NHL teams.
Picking Exact Score
One of the hardest bets on the NHL to win is predicting the correct score of a game. Odds are typically very good because of this reason, but again, betting on this line requires more research and time invested to win the bet routinely.
NHL AND STANLEY CUP BETTING GUIDE – TIPS AND STRATEGIES
If this is your first-time betting on the Stanley Cup, then it’s important to develop a strategy to not only increase your chances of winning but also make a profit over time. Here are some tips to get you started.
- Limit Your Deposit: There’s a saying in sports betting: “Only bet what you’re willing to lose.” If you can only afford to deposit 100 CAD based on your current real-life situation, then only do that much. Betting is a leisure activity and should not directly affect whether you can pay for important things like rent or food.
- Make a Projection Model – The best way to find value in betting lines in first creating your own mathematical model on how well you think each NHL team will do this season and compare it to the odds in the betting line at the sportsbook you choose. Adjust the model after each day as well, since even the pros don’t pick every team correctly and new information requires an up-to-date model.
- Determine Unit Size: Once you’ve figured out how much you can afford to deposit, the next step is knowing how much you should wager on a betting line. The standard rule is to bet 1-3 percent based on how confident you are in the bet itself.
- Bankroll Management: In addition to using a small percentage of the bankroll on any betting line, it’s important to not put all your goose eggs in one basket i.e. don’t bet your entire bankroll in one day or week. Spread your bets out by determining the best value and set a limit of 10-20 percent of your entire bankroll for a set of games. Doing it this way ensures you lose only a little when not betting right but gain profit over time when routinely betting correctly.
- Play it Safe: Keep bets simple in the beginning at least. The puck line and money line are simple bets that will typically net you small gains or losses depending on the outcome of your bet. Betting on futures and Grand Salamis sound enticing, since they offer good odds, but are much harder to win. The goal is to incrementally increase the bankroll over time and the puck line, money line, and even the over/under are good at doing that and require much effort when determining value from your projection model.
Canadian Hockey Betting Summary
This guide is a good starting point if you are a beginner in Canada, or if you’re experienced in the betting circles but have never bet on the NHL. Using this guide and choosing any of the sportsbooks we recommend is the best way to legal bet on hockey this season.
For information on how to deposit at an online sportsbook or to find out the laws regulating sports betting in Canada, check out our Legal Online Sports Betting In Canada page.