How to Build a Betting Strategy from Scratch in Canada

Step 1: Define Your Betting Goals

Whether you want to start placing bets for the first time or are after a way to apply a method or strategy to your betting, the best thing you can do is think about “why”. Why do you place bets? Why do you choose the markets you do? Why are you looking for a new way to bet? Why do you want to get started? Understanding the motivation behind your betting habits is the best way to begin developing your own betting strategy. Once you can answer these questions, you should have more of an idea of how to build your plan.

Step 2: Understand the Canadian Betting Landscape

A key thing to keep in mind when betting in Canada is that the laws are different in each region. Since 2021, it has been down to each province to regulate sports betting, so while single-game betting is legal in the country, where you reside will determine what odds, markets, and sports betting site options are available. 

In Ontario, private operators can be found, such as bet365 and Betway, where a larger variety of odds, promotions, and markets can be available to bettors in comparison to government-run sites in other provinces. Despite the different sportsbooks available, bettors can expect to find the most popular sports and leagues, including the NHL, Soccer, NFL, and NBA, across them all. There will also be the same recognized and secure payment methods, including Interac, Visa, Mastercard, and more.

Step 3: Bankroll Management Basics

To help you keep track of your bankroll and manage it effectively, set yourself a total. This is an amount that you know that you can afford and stick to, money you can afford to potentially lose.

When placing bets, it is important to remain aware of your habits and avoid certain things. This includes steering clear of placing certain bets, such as ‘all-in’ bets, which can be risky and costly, and not chasing any losses. As much as it may seem like a good idea to track your wins and losses on a spreadsheet or an app, we also do not recommend this as it can potentially pose a negative threat to your gambling. 

Step 4: Develop Your Edge (Pick a Sport or Market)

It is also beneficial to focus on particular sports or markets as opposed to betting randomly. Choose sports that you are familiar with, know, follow, or understand. If you follow a certain soccer team or regularly keep track of the NFL, we advise you to look at how the odds are set for these sports specifically and how the markets move to get the best out of your bets. Focus on value betting and the timing of your bets, and do your research before placing any old bets, avoid just picking any winners and explore stats sites, line movements and more to develop your edge.

Step 5: Test, Track, and Improve

Trial and error is a big part of helping bettors with finding their ideal betting strategy. It requires long-term thinking, recording, and planning to allow for continuous improvement. Developing a betting strategy is a process and involves plenty of testing and trying things out to determine what works. We recommend trialling recording all of the bets you place, including the stakes, odds, and outcomes and analyzing your most profitable bets versus the ones that were less so. Adjust your stakes accordingly, focus on different betting markets and review your timing in particular, patience can be golden when it comes to betting and evolving your betting strategy. It is unique to you, as well as your betting habits and preferences. 

Conclusion

Building yourself a betting strategy from scratch is not only about placing smarter, more informed bets, it is about having control over your betting habits, remaining disciplined, and making your betting experience the best it can be. By understanding your goals, motivations, and habits, you can help to tailor your approach to your bets, setting yourself up with the best possible chances of success and not leaving things purely to chance. Are you ready to place the most informed bets and see your best possible outcomes? Take the first step to building your betting strategy today!

Here Are Some More Helpful Guides...

• How to Manage Your Bankroll Like a Pro: A Guide for Canadian Bettors

• How to Use Statistical Models in Sports Betting (Beginner-Friendly)

• How to Avoid Common Betting Mistakes Made by Canadian Players

Responsible Gambling 

It is important to practice responsible gambling wherever possible while at Canadian betting sites. One of the ways this can be done is by setting yourself a budget you can afford and stick to. Each site also ensures that responsible gambling is addressed by vetting sign-ups thoroughly prior to letting them create an account. This includes identification checks and document uploads to confirm funds. Players can also use various tools to set limits on their betting activit, such as deposit limits, time limits, and self-exclusion tools.