Single-Event Sports Betting Online: A How-To Guide
Single-event betting, although illegal in Canada, is a product that appeals to bettors across the country as reflected in the yearly total wagered on single events, games and matches through offshore bookies. This increased competition from the internet and neighbouring countries is giving the Canadian gaming industry a rethink on whether to legalize single-event sports betting in Canada.
Currently, there is a bill regarding the legislation of single-event betting that has passed the first reading. However, efforts on that front have ground to a halt following the COVID-19 outbreak that has refocused the attention of the legislators. Hopefully it will be revisited soon and produce a favourable outcome.
Single-Event Sports Betting Breakdown
This, perhaps, is the simplest way to wager on any sporting event that also has a relatively high win percentage. The long and short of it is that bettors are allowed to wager on a single sporting event rather than parlaying a number of betting markets together. It is not limited to any outcome, as you can choose from any number of possible eventualities. All it means is that if you decide to bet on what team will win a game (a moneyline bet), or on the points spread, or on the total (over/under), or even on available props, then you will be allowed to make just that single prediction on your bet card.
How Single-Event Betting Works in Comparison to Parlay Betting
Parlay betting, which is legal in Canada, is a system where you will have to predict the outcome of multiple events on one card. The winning percentage in parlay bets is relatively low compared to single-event betting, as you will need all multiple predictions to be correct for you to record a win.
With single-event betting, one correct prediction guarantees your win. However, your single-event betting budget needs to be considerably large for you to make any substantial profit. This is probably the main reason people opt for the multiple-event betting system because it gives them a chance to win a whole lot more than their stake. But with single-event betting, the odds are lower, hence, lower rewards.
Single-event betting can be profitable, especially when greed is not in play. Granted, it can be a very slow process in gathering something substantial, but it can be very profitable. Also, a large betting budget can go a long way in your quest for increased profitability. With big-money stakes, the profit can be very rewarding regardless of how small the odds are.
Single Event vs Parlay
Let’s take a closer look at parlay betting compared to single-event betting.
Say, for instance, the moneyline for your favourite team — The Toronto Maple Leafs — to win the game is set at -330. A wager of $10 will give you a $3.03 profit, which might not seem like much. However, if you place a wager on the same outcome with $1,000, you will win a whopping $303.03 on that single-event.
With a parlay, a combination of six (6) events that totals odds of +1140 can give you a profit of $113.98 with a $10 wager. Winning a card that looks like this is high-risk as there is a common variable binding these six separate events. The success of one event does not guarantee the success of another. Also, if one of the six wagers goes against you, you do not get any reward for others predicted correctly.
Is Single-Event Betting Better Than Parlay?
It is not clear-cut and will be very difficult to point you in a direction that might be against your betting values. However, there are things you should know that will help you make an informed decision based on the type of bettor you are and your overall risk level.
Single-event betting is a low-risk venture compared to parlay betting. In single-game betting, you can conveniently place a bet on one of your favourites and be rest assured your prediction might be right. These favourites come with relatively low odds, so there is a higher likelihood of recording success. Parlay betting is a lot more complicated as these events run independently of each other with no linkage whatsoever. There is so much that can affect the conditions in these separate events that do not have any common variables.
Also, single-event betting is ideal for beginner bettors looking to bet on some favourites and get some wins. With parlay betting, a lot of technicalities and analysis go into the game selection process, which there is still no guarantee of you being 100 percent correct in all of the events. The probabilities do not favour parlay betting, but it is typically a straightforward 50-50 chance in single-event betting.
We can go on and on about the pros and cons, but it boils down to the type of bettor you are. Some people are high-risk bettors and would rather go for glory than settle. Some others will be interested in scalping and are content with whatever returns as long as it is a profit, no matter how small.
Can I Bet On Individual Games Legally in Canada?
No sportsbook based in Canada or land-based casino offers single-game betting, as it is illegal. The section that relates to sports betting and its regulation in Canada’s Criminal Code is clear on the rules of sports betting. Only parlay bets are allowed in Canada as anyone offering single-event sports betting is committing a crime. That said, it is worth pointing out that bettors in Canada can and have been betting on single events, but only through online offshore bookies.
The Criminal Code does not address this area, providing a loophole that Canadian bettors have exploited. As a result, an estimated $10 billion has been used in online single-event betting per year by Canadians. This goes to show how much Canadians yearn for single-event betting, as opposed to the roughly $500 million a year spent by Canadians in parlay bets on lottery games like Pro-Line or Mise-o-Jeu.
How to Bet on Single Events in Canada
Betting on single events in Canada is very simple. It is the same process for everyone making a wager on single events through an online bookie. For Canadians, the first thing you need to do is find an online offshore sportsbook that offers single-event sports betting. Choosing a sportsbook can be a daunting task but make sure you look out for trusted and reputable bookies. That is the first and most important factor to consider when choosing a sportsbook to cater to your single-event sports betting needs.
After you have found a reputable sportsbook, you can go on to create an account for access to their services. Afterward, you can fund and start your betting journey. For Canadians who are used to parlay betting, do not be tempted to select more than one outcome on one card. As a force of habit, it might be difficult for you to get used to single-event betting, but all you need to do is decide on an outcome of a match, select the odds, input your wager, and place your bet.
Where Can I Bet on Single Events in Canada?
No Canadian sportsbook or land-based casino offers single-event sports betting in Canada. The Criminal Code prohibits it and sees it as illegal. The good news is that there is a bill in the house that is for legalizing and regulating single-event sports betting in Canada. Until then, anyone looking to enjoy single-event sports betting will have to divert all of their attention to online offshore sportsbooks.