How to Develop a Value Betting Strategy with Canadian Sportsbooks
It's well known that sportsbooks have the edge in the odds they offer. As a result, many Canadian players are always looking for ways to shift the advantage in their favour. That's where value betting comes in! Value betting involves identifying mispriced odds and exploiting situations where the betting site has underestimated the chance of an outcome. With the continuous rise of online sportsbooks across Canada, value betting has become a key strategy for bettors to maximize their bets.
That's why we've created this guide to help you spot value bets and develop a long-term strategy. You'll also find a list of the best Canadian sportsbooks to play value bets and how to avoid common mistakes.
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By LiveScore Desk, Editorial team for sports, betting and casino Last updated: 28 July 2025, 08:34AM
What is Value Betting?
Whether you're betting on the CFL, NFL, or NBA, value bets work the same across all sports. Value betting is a betting strategy where you bet only when the odds offered by the sportsbook are higher than the true probability of the outcome.
You play value bets when the odds on the betting site appear more favourable than your calculated true probability. This means that the sportsbook’s odds are more generous than the expected chance of the event occurring, thereby creating value in the odds.
For instance, let’s say a sportsbook gave +200 odds for the Montreal Canadiens to beat the Toronto Maple Leafs, giving a 33.3 chance of winning. However, your analysis estimated the Leafs to have a 45 chance of winning. It means the betting site is offering larger odds on the Canadiens than the actual probability suggests, indicating a value in the odds.
Why Value Betting Matters in the Canadian Sports Market
Online betting in Canada is still in its early stages, with many sportsbooks emerging. This increases competition in the betting space, leading to more mispriced odds. Most betting sites try to stand out to attract more players by offering promotional odds boosts. As a result, players tend to open accounts with multiple platforms to compare odds before placing bets.
Additionally, provincial sportsbooks, such as OLG Proline+ in Ontario, tend to offer lower odds compared to private betting sites. They usually provide fewer promotions and price boosts, resulting in lower value odds. They also set more conservative odds to protect provincial revenue. Moreover, prices are not updated often, leading to stale and underwhelming odds. Therefore, many bettors prefer using private or offshore sites to find better value.
The sports culture in Canada differs from that of other countries. For instance, the CFL is a unique Canadian sport, and many sportsbooks occasionally misprice its odds. This creates opportunities for sharp bettors to exploit the market. Furthermore, players can get higher winnings on parlays. Combining two or more games with value odds offers the potential for more payouts.
How to Spot Value Bets with Canadian Sportsbooks
While value betting helps you maximize your wager, you must do your due diligence to find them. Here is how to spot value bets!
Compare odds across sportsbooks: Open accounts with different betting sites and review their odds for the game you're betting on. You'll likely notice the variation in odds. We recommend betting with platforms like NorthStar Bets and Bet99, which offer the highest odds.
Calculate implied probability: Another approach is to determine the implied probability from the odds. Use the formula Implied probability = 100 / (Odds + 100). You'll find the probability that the sportsbook has given to the team. Compare it with the actual probability from your research. If the implied probability is lower than your estimate, then the odds offer value.
Use betting tools: Software such as OddsJam, BetBurger, and RebelBetting helps you scan the markets across different sportsbooks to spot variance and value in odds. We recommend these tools to help you track performance over time. Tools like OddsPortal and Betstamp also work for odds comparison. They enable you to measure performance and monitor profit over time.
Key Tools and Resources for Canadian Bettors
Life as a bettor has become easier, and you no longer have to do everything manually. If you want to find value bets, you can use various tools. First, value bet finders like BetBurger, OddsJam, and RebelBetting can help you scan multiple sportsbooks and identify value odds.
Second, use odds comparison tools, such as Flashscore and OddsPortal.com, for line shopping to spot variance in odds. Additionally, you should use sharp bookmakers like Pinnacle and Matchbook Exchange to see the real odds. This way, you can quickly notice differences in odds at a glance.
Like any betting strategy, it's best to track your bets to monitor profit and loss. Use betting tracking tools like Betstamp, Google Sheets, or Excel.
Developing Your Value Betting Strategy
As specialists in placing value bets, we aim to help you get started. You can follow our simple approach below.
Research: The first step is to do research. Let's say you want to bet on the game between the BC Lions and the Edmonton Elks. Use statistics like head-to-head records, injuries, and team news to help you decide whether to bet on the game.
Line shopping: The next step is to do line shopping. Use software tools for odds comparisons across multiple sportsbooks to spot value odds.
Bankroll management: It's best to set a budget for each wager. We encourage betting only what you can afford to lose.
Bet tracking: The last step is to track your bets. Input the sports, game, team backed, odds, wagered amount, date wagered, and result into an Excel spreadsheet or Google sheet to track your wins and losses, as well as your profits.
Managing Your Bankroll
Managing your bankroll is the most important betting strategy. It not only allows you to have fun but also helps prevent problem gambling.
For proper bankroll management, set aside the money you plan to use for betting. The aim is to ensure you don't dip into funds meant for other expenses. We also advise against chasing your losses.
If you're a beginner, we suggest using strategies like flat staking to keep things simple. Wager the same amount on every bet, regardless of odds or the game. For example, if your bankroll is $100, you can wager $10 each time you place a bet.
Common Mistakes to Avoid When Value Betting
Like other betting strategies, value betting does not eliminate the risk of making mistakes. While expert bettors tend to make fewer errors, beginners often make more common ones. Here are some mistakes to avoid.
Overbetting: Value bets don't always lead to winning, so it's vital to take caution. Betting too much on a single wager could wipe out your entire bankroll. Stay disciplined and keep a long-term strategy in mind.
Misjudging odds value: If you make an inaccurate estimate of the actual probability, you might misjudge the odds value. Use tools to verify and ensure the value of the odds.
Relying too heavily on gut instinct: For a long-term plan of claiming profits through value betting, relying too much on your gut feeling is not a good strategy. If possible, avoid betting on the team you support to eliminate biases. Put statistics ahead of emotions or gut feelings.
Best Canadian Sportsbooks for Value Betting
With over 50 legal sports betting sites already in Canada, more sportsbooks emerge daily. We understand you cannot sign up with all of them in the name of finding value bets. That's why we've highlighted some of the top options below.
Bet99: The sportsbook owns a license from iGaming Ontario for Ontario users. Players from other provinces can wager on the version licensed by the Kahnawake Gaming Commission. It has a simple interface that makes navigation easy. Odds are available for the CFL, NBA, NHL, and MLB. Additionally, you can claim a bonus of up to $500 on your first bet.
NorthStar Bets: The betting site is also licensed by iGaming Ontario. New users receive a 100% deposit match bonus of up to $1,000. The user interface is soothing with a navy blue background. The available sports markets include the NHL, NBA, MLB, and CFL.
More Guides from our Canadian Betting Experts
https://www.livescore.com/en-ca/betting-sites/strategy/how-to-track-and-analyze-your-betting/
https://www.livescore.com/en-ca/online-casinos/strategy/how-to-use-casino-vip-and-loyalty-programs/
Responsible Gambling
Provinces in Canada are strict on responsible gambling. That's why Ontario mandates sportsbooks in the region to avoid promoting bonuses unnecessarily. The purpose is to ensure players don't develop addictions.
If you need help, use the deposit and time limits on your sportsbook. You can also set up self-exclusion to temporarily or permanently restrict your access. Please contact GameSense and Connex Ontario if you need further assistance.
Additionally, you must be of legal age to place bets in Canada. You'll be asked to submit a copy of your ID to verify your age and identity.
FAQs - Value Betting for Canadian Players
