The most important reasons to compare CFL betting odds – Better for your bankroll
There are so many CFL odds to choose from out there with operators popping up regularly, just as already established bookmakers continue to add different markets and odds for their users to choose from.
So why should you compare CFL betting odds if there are so many? Well, your chosen operator doesn’t necessarily mean they are the best and have the best odds. Ultimately, operators will constantly battle against each other to have the best odds to entice you to play, and some will have better odds on other sports, so it’s important to compare and see which odds are the best.
But, are the odds really that different? Yes. Odds can be determined through databases, history within the area you’re betting on, the current climate of the sport/occasion, and the bookmaker themselves. So, yes, it is pretty important to compare CFL odds because without knowing, you may just be getting a better price elsewhere.
How do bookmakers determine their odds? – How it all works
The betting world is very complex and it is not just a case of operators picking certain odds because they believe that outcome will or will not happen. In fact, odds will go through a very strict process and calculation before they go live and it isn’t up to a sole person or department within the operators’ team, that is the job of oddsmakers .
Ultimately, the last thing a bookmaker will want when putting their odds live is, ironically, gamble on one outcome. The role of the
oddsmaker explained
in very simple terms, is to ensure that the odds set will attract bettors, but at the same time ensure a profit for the bookmaker.
So for example, within CFL odds, if the Saskatchewan Roughriders play the Hamilton Tiger-Cats, an operator will make sure the calculation on the probability of either side winning is completed, but at the same time, ensure the odds are not too ridiculous so they can attract a player.
So how do they calculate everything? Firstly, an operator will set a margin and then set the odds for the various outcomes they are after putting on their database. The operator will then calculate the probability of each outcome listed happening, and then they will subtract the margin. So, for example, if the real probability of the Tiger-Cats winning is +200, they will then subtract their set margin and the real odds will then be formed.
A complicated process, but a quick and simple one that the operators use to find and conclude their odds.
Why do odds vary between bookmakers?
Bookmakers will often have the same odds as another by the simple fact that their calculations and belief in certain outcomes remain the same. Nevertheless, completing a
bookmaker odds comparison
before you place a bet is a good habit to get into.
At the end of the day, bookmakers will always have their profit margin in mind, and if this means having the exact same odds as one or possibly more bookmakers out there, they won’t change it if they believe their profit margin could be affected. This doesn’t, however, mean each bookmaker won’t do something different to change their odds from another and in some cases, bookmakers will increase certain markets to entice more players on a one-off occasion.
This is where overround comes into play. To simplify the definition of overround, remember it as the practice of factoring in the profit margin against the competition that a bookmaker faces and the number of outcomes a market has. From a bettor’s standpoint, markets that have a lower overround are preferred as they have higher rewards.
As betting is popular in many places on earth, there are bound to be various ways in which people bet and how each market is determined and listed by a bookmaker. Ultimately, nothing really changes but the math you need to do to work things out and when comparing different odds formats. You can do this using a
betting odds converter, but it’s important to have some knowledge of each odds format too.
Decimal odds are also known as European odds, digital odds, or continental odds, but we know them best as decimal odds. As these odds are more popular in Europe, Australia, New Zealand, and Canada, you won’t find that many decimal CFL odds, however, they are a bit easier to understand than others as the underdogs and the team that is favoured can be spotted easily by simply the numbers within the odds.
The decimal odds number will represent the amount you will win for each dollar you wager as your stake is already included in the decimal number, which makes its calculation for the profit much easier.
Fractional odds explained
Fractional odds are perhaps the most popular choice of betting odds out there, simply because they are some of the oldest to date.
You won’t find many bookmakers in America that display their current CFL betting odds in fractions, as you might need to manually change this due to it being more of a European thing.
An example would be placing a bet on the CFL odds at 2/1 for $5. Should this win, you would then receive $10. 1/1 bet would mean you just get $5 from $5 and so on. Fractional odds often confuse people due to the change in numbers, as the CFL fractional odds can look something like 9/4, 8/11, and so on, but as long as you remember, for example, the fractional listing of 6/1 would mean that you win $6 against every $1 you wager, plus your dollar back, you will be fine.
Once again, unlike fractions and more similarly to the decimal odds, American odds are a little bit easier to work out given how you can calculate it a little easier. Simply put, depending on the negative or positive sign before the number, you can indicate the amount you must wager to win a certain amount. For example, +600 would be the same as a 6/1 in fractions and mean a $50 wager would return $350.
In terms of finding the underdog and the favourite straight off the bat, remember that the lower the number in the minus, the more they are favored and the higher on the positive side, the more of an underdog they are.
The expected value is something everyone is going to want to know when placing a bet as it is essentially the equation to know if you’re going to be comparing the best CFL odds. This is used to predict how much you can win per bet if you were to bet on the same CFL odds regularly. It’s quite likely you will use a
betting odds calculator
for this task, but it’s always handy to understand how to calculate manually. Should the need arise, this is the equation you would use:
probability of winning x amount won per bet – probability of losing x amount lost per bet
If we put this into perspective with the odds on CFL games, such as Ottawa Redblacks vs Saskatchewan Roughriders and you bet on the Redblacks at 2.5. Then, you would have to average the Redblacks winning, and the average of the draw and the Roughriders winning added up.
For this case, let’s say you put on $20 and the probability of the Redblacks winning is 0.126 and, the probability of you losing the bet is 0.872, this is how it will all look in the end:
(0.126) x (50) – (0.872) x (20) = -11.14
With this formula, you will see how you would be losing an average of $11 for each time you place a $20 wager, so you may want to take this calculation forward with you.
Why loyalty doesn’t always pay – Explore new pastures!
Long term betting
Long term bets are popular amongst bettors. It’s important you have a look around if you’re betting on futures odds because this can change depending on the season.
Different markets
Some people may only want to bet on one market, and that is fine! But others want an array of options and some bookmakers do it better than others, so don’t stick to just one as they may not have what you want all the time.
Different odds
Simply put, have a look around to see what there is. Keep your eyes open for
enhanced odds offers
and always compare bookmaker odds, because your favorite sportsbook may not offer the best CFL odds on any given day or for a specific event.
Other factors to consider when comparing odds – Keep these in mind
Bonus offers
When comparing odds of different bookmakers, take a look around and see what your sportsbooks have with regards to bonuses, because their best odds may also come with a bonus.
Customer service
Given how gambling can be complex, you may need the help of customer service. Make sure that when looking at other odds if they have a customer service line that can help if you need it.
Are there similar markets?
Yes, some places may have better odds, but do they also have more markets? You’ll want to see what else they have on offer before jumping into potentially placing odds on just one or two markets, unless this is all you’re after.
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Odds comparison vs live betting – Some helpful pointers
It can be hard to follow the odds comparison during live games and if you want to take a bet on the game while it’s going on, how do you know you’ve got the best bang for your buck? We’ve put together some pointers to help you out:
Halftime
When it comes to betting, halftime is one of your friends! Betting during halftime gives you a chance to mull over your options and see what is going on.
Timeouts
Just like when betting or surveying your options during halftime, you may be able to do so during the timeouts.
Offense v defense
As you’re able to bet on offense and defense with the CFL odds, why not take a bet on the offensive team during the defensive play? This way you’re able to judge the odds ahead of time a little easier.
Conclusion – Time to make the most of the best CFL odds
We’ve reached our final stop. Now that you know
how odds work
and where to find the best CFL betting odds, it’s time for you to get signed up and begin betting on the CFL with one of your favourite bookmakers. Just be sure to take into consideration the different markets and the expected value for this sport, as you don’t want to bet with a sportsbook that is only going to offer you one or two markets.
This is unlikely in itself, but we’ve done all the work for you with our guides and reviews to get you set up on the right bookmaker so you can enjoy betting on the CFL.
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CFL Odds FAQ
❓ Where can I find the best CFL betting apps?
Betting on an app is sometimes better because of how easy it is. We’ve made sure that everyone can find the best CFL apps with us through our reviews and guides.
🤔 Who has the best CFL odds?
Great question! It depends on what markets you want, but ultimately, we make sure we find all the best CFL betting odds right here at Betting.net, so be sure to read our comprehensive reviews right here.
❔ Can I bet on the CFL in my state?
Online gambling laws have changed rapidly in the last few years and each state has different laws on it, so be sure to check with us across this site to see if you’re able to bet on CFL games where you are.
