Understanding Canadian
Betting Odds
Canadian online sportsbooks use two distinct odds formats: American (moneyline) odds — the standard on regulated apps like DraftKings and BetMGM — and Decimal odds, common in provincial lottery systems like Proline. Understanding both formats, and the implied probability they encode, is essential for identifying value in the Canadian betting market.
Key Takeaways
- ▸American odds (e.g. -110, +150): negative = favorite (stake required to win $100); positive = underdog (profit on a $100 bet).
- ▸Decimal odds (e.g. 1.91, 2.50): multiply your stake by the decimal to calculate total return including original stake.
- ▸Implied probability converts any odds format into the sportsbook's estimated likelihood of an outcome — the foundation of value betting.
- ▸A value bet exists when your probability estimate exceeds the sportsbook's implied probability for the same outcome.
The Dual System in Canada
A unique aspect of the Canadian betting landscape is the use of two distinct odds formats. If you learned to bet using provincial systems (like Proline), you are accustomed to Decimal odds. If you use regulated commercial apps like DraftKings or BetMGM, the default is always American odds. Knowing how to read both is essential for finding the best value.
Need a refresher on basic bet types before diving into the math? Read our Beginner's Guide to Sports Betting.
American Odds [-110 / +150]
The gold standard in North America. Negative values indicate favorites (amount to bet to win $100), while positive values show underdogs (amount won on a $100 bet).
Decimal Odds [1.91 / 2.50]
Simple international format. Multiply your stake by the decimal value to see your total payout (including original stake). Popular for rapid-fire calculation.
Implied Probability: The Secret to Value
Professional bettors don't just look at payouts; they calculate Implied Probability. This is the percentage chance that the sportsbook believes the outcome will happen based on the listed odds.
If your personal handicapping model gives a team a 60% chance to win, but the sportsbook's implied probability is only 50%, you have found a “value bet.”
| Odds Format | Formula | Example Calc |
|---|---|---|
| Positive American (+) | 100 / (Odds + 100) | Odds of +150: 100 / (150 + 100) = 40.0% |
| Negative American (-) | Odds / (Odds + 100)** | Odds of -200: 200 / (200 + 100) = 66.7% |
| Decimal Odds | (1 / Decimal) * 100 | Odds of 2.50: (1 / 2.50) * 100 = 40.0% |
If you want to apply this math in practice, read our advanced guide on Betting Systems and Strategy, or apply it locally with our CFL Betting Strategy Guide.
Live Betting Pro Tip
In live (in-play) betting, odds update in real-time as the action unfolds. Utilizing Decimal odds is significantly faster for instantaneous mental math when the lines are shifting rapidly.
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Calculations are based on standard American odds formulas. Always verify odds with your sportsbook before placing a wager.
Frequently Asked Questions
What are Canadian betting odds?
Canadian betting odds appear in two formats: American (moneyline) odds, used by regulated commercial platforms like DraftKings and BetMGM, and Decimal odds, used by provincial lottery systems like Proline and SPORT SELECT. Both formats express the same probability and payout — they simply present the information differently.
How do I convert American odds to Decimal odds?
For positive American odds (+150): divide by 100 and add 1. Example: +150 → (150/100) + 1 = 2.50. For negative American odds (-110): divide 100 by the absolute value and add 1. Example: -110 → (100/110) + 1 ≈ 1.91.
What is implied probability in sports betting?
Implied probability is the percentage likelihood of an outcome as priced by the sportsbook. For American odds of -200, the implied probability is 200 ÷ (200 + 100) = 66.7%. For Decimal odds of 2.50, it is (1 ÷ 2.50) × 100 = 40%. Professional bettors compare implied probability against their own estimates to identify value.
Which odds format do Canadian sportsbooks use?
Most regulated Canadian sportsbooks — including DraftKings Ontario, BetMGM, PointsBet, and theScore Bet — display American (moneyline) odds by default and allow users to switch to Decimal in account settings. Provincial lottery apps (OLG, SPORT SELECT, Proline+) default to Decimal format.
What is the difference between a favorite and an underdog in betting odds?
In American odds, a negative number (e.g. -150) indicates the favorite — the team or outcome expected to win. A positive number (e.g. +130) indicates the underdog. In Decimal odds, the outcome with the lower number is always the favorite; a decimal below 2.00 means the bettor risks more than they stand to profit.