For those planning to engage in some good old sports betting in Canada, there are a couple of things to keep in mind. From tips and best practices and all the way to its legality, we’ve composed a list of what we believe to be the top 6 most relevant takeaways on the subject:
1. Don’t be afraid to shop around
The Canadian sports betting market has its fair share of competitors, and you’d be doing yourself a disservice if you simply jumped aboard the first opportunity that crossed your path. When choosing where to bet, safety is one of the most important things to look for and the top providers will always display some form of licensing (Source: https://www.safebettingsites.com/ca/).
Odds are another thing to check before betting, and not all sports betting operators are created equal in this regard. To make the most of your experience, don’t forget to check how lucrative of a bonus they offer to earn your business and attract you as a customer.
Also, it doesn’t hurt to check if they have a dedicated mobile app for the sake of convenience. Last but not least, double check to make sure their customer support is always willing and ready to respond should you run into any problems down the road.
2. Know the tax regulations
In short, your sports betting winnings won’t be taxed in Canada, which is good news! The same holds true for earnings gained from other forms of gambling such as casinos and lotteries. However, do keep in mind that, in case you are earning interest on your winnings, you are obligated to report it to the tax authorities. The declaration can be made through a T5 form. Everything considered, Canadians are at a massive advantage when compared to those who gamble in the US. The reason being is that the US is known to take away a massive chunk of your winnings, which, in some instances, can be about half of everything you’ve won.
3. Stick to your guns
Are you particularly knowledgeable about certain popular sports, much more than a typical fan would be? Then it’s best to capitalize on your knowledge and make the kind of bets you’re more likely to gain something from. At the same time, you don’t want to be putting all your eggs into one basket, so instead of going after a single large-size bet, it’s better to spread them out into smaller chunks to mitigate the risk. Of course, this all depends on the time you have available and the research you’ve put into it, so take this advice with a grain of salt and develop a strategy that works best for you.
Your knowledge is your greatest asset. Use it.
4. Familiarize yourself with the local laws and regulations
The short answer is: yes, sports betting is legal in Canada. In Spring 2021, a Bill going under the name of C-218 was passed. Thanks to this, several provincial lotteries have now started offering various sports betting products. In pretty much every region of Canada, access to it is incredibly simple, not to mention the countless online offerings. Prior to the country legalizing it, Canadians used to spend roughly $10bn a year on single sporting events in the black market, as estimated by various sources. But thanks to the new rules, not only will Canadians no longer have to worry about potentially breaking the law, but also enjoy a safer betting environment that’s fully regulated.
5. Bet with your head
It’s almost a cliché to say you should bet with your head and not based on emotion, but it’s true. If you’re anything like the rest of the betting enthusiasts, you’re more than likely to have a team you’re rooting for. Throughout the years, you’ve been with them through thick and thin, watching their triumphs from the sidelines and cheering them on. But no matter how much of an emotional bond you’ve developed and fostered or how much you identify yourself with their brand, you should approach the art of betting with a cold and rational mindset. Look at concrete data such as recent trends, results, and any active injuries and see where it points to. In practice, you’ll often find that betting on teams that are considered to be heavy favorites in a given match gives poorer odds than betting on the underdog. What you’ll do with that information is up to you.
6. Operate within your bankroll
Establishing a tight bankroll and sticking to it ensures that you will maximize the enjoyment you get out of betting on sports. At the same time, it prevents you from blowing your entire savings to chase a loss or trying to rectify a streak of bad luck. Not even the most skilled industry professionals can make the right call all the time, so don’t think you’re invincible in this regard. So what’s the optimal size of a bankroll? While the rules are not set in stone, ideally, it should be something you’re prepared to potentially lose without it making a dent on your finances.
Conclusion
When everything is said and done, Canada is a great place to be if you consider yourself a fan of sports betting. It’s a permissive and tax-friendly environment with plenty of operators to choose from, so what’s not to like?
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