AS the saying goes – “hockey is Canada’s game”.
Ice hockey is the most popular sport in our beautiful country and it’s common to bet on the National Hockey League (NHL) and other local and international leagues.
The problem is bettors often don’t understand hockey markets and how to bet on them, but that’s about to change with our in-depth guide.
That’s about to change, as this guide will explain the ins and outs of betting on hockey.
Hockey odds – learn how to read NHL lines
Chances are, that as a Canadian hockey fan you’ve bet on a Sport Select product (IE: Pro-Line or Sports Action). Those that have bet on Pro-Line or an equivalent product will have been introduced to decimal odds already.
Decimal odds example: Maple Leafs 2.41 vs. Canadiens 1.64
In case you don’t know how to calculate your potential payout, you multiply your bet amount by the odds and then subtract your bet from the total. A $100 bet on the Leafs would payout $241, or $141 profit (100 x 2.41 = 241 – 100 = 141).
Decimal odds are available at most bookmakers, although some still only provide “American odds”.
American odds example: Maple Leafs +141 vs. Canadiens –156
American odds may look foreign, but here is an explanation as to why:
You may have noticed that the Leafs’ odds are positive and the Canadiens odds are negative. With (-) odds, a bettor has to risk what the number is (IE: 156) to win $100. With (+) odds the bettor will win the number (IE: 141) based on a $100 wager.
The calculations to determine the profits on a bet using American odds are as followed: (100 / Negative Odds) * Stake and Positive Odds * (Stake / 100). For example, a $40 bet on the Leafs would pay $56.40 (141 * (40 / 100)).
Hockey bet types – What wagers can I place on an NHL game?
Everyone knows they can bet on the winner of a hockey game (money line) and a lot know they can bet on goal totals (over/under), but many people are unaware that they can bet on the first goalscorer or the over/under for shots on goal in an NHL game.
Now we’re going to take an exhaustive look at the bet types offered in an ice hockey game.
Money line
The most common of wagers – bet on the team that you predict will win a hockey game. This bet includes overtime and a shootout, which means there is no chance of a tie (push).
Example: Blackhawks –155 vs. Senators +135
3-Way Money Line
The 3-way money line adds the tie (draw) to the mix. With this market you’re either picking a team to win in regulation time (no overtime), or on the game being tied after three periods.
Example: Canucks +190 / Penguins +100 / Tie +300
Regulation time
Here is another win market – this time featuring a –0.5 / +0.5 spread or handicap. The favourite has to win by –0.5 (IE: 1+ goals), while the underdog (+0.5) will cash if they win the game or are tied after regulation time.
Example: Blues –0.5 (-120) vs. Capitals +0.5 (+100)
Puck line
This market is a great way to bet on heavy favorites at a better price – albeit with more risk. The favorite (-1.5) has to win by 2+ goals to cover the puck line, while the underdog (+1.5) can lose the hockey game by one goal and cover the line.
Example: Kings –1.5 (+180) vs. Sharks +1.5 (-220)
Game total
The game total or over/under market allows you to bet on how many goals will be in a hockey game. In the NHL most games have an over/under of 5.5 goals. You have to predict whether the both teams will combine to score over or under the total.
Example: Over 5.5 Goals (-110) vs. Under 5.5 Goals (-110)
Team total
Have a hunch that the Panthers will be shutout in their next game? The team total market allows you to bet on whether a team will score over or under the posted total. In most cases team totals are 2.5 goals, but that number does vary frequently.
Example: Panthers Over 2.5 Goals (+135) vs. Panthers Under 2.5 Goals (-155)
Single period markets
Some bookmakers offer the option to bet on single periods in a hockey game. The markets offered include money line, spread and over/under. Some bookies are even offering the option to bet on the first 5, 10 or 15 minutes of a period.
Example: Canadiens (-165) vs. Blue Jackets (+145) – 1st Period Only
A lot of the ice hockey betting markets listed above have alternative markets available as well. Most bookies have alternate puck lines and over/under markets. For instance, you can bet on a team to win by –2 goals or on a game to go under 4.5 goals.
Your options are limitless when it comes to betting on a hockey game.
What is a hockey parlay?
A parlay or accumulator is a bet that combines multiple single wagers into one wager. If you’ve bet on Pro-Line, you have bet on a parlay, as you have to bet on 2+ selections on an NHL Pro-Line ticket, which is exactly what a parlay bet is.
Let’s take a look at an example.
Example: Leafs –190 + Predators –250 + Penguins –300 (Payout = +185)
Let’s say you like three big favorites in the NHL, like in our example. Rather than betting them separately, a lot of handicappers will bet them on a parlay. What’s the difference? Well, on a parlay bet every leg (selection) has to win or else the entire bet loses.
If the Penguins and Predators win, but the Leafs lose – the parlay will lose. If all three win, the payout price is +185, which means you would win $185 profit on a $100 bet. You inherit additional risk, as each team needs to win, but you lower your outlay.
Betting on a 2-team or 3-team hockey parlay with favorites is acceptable. However, we recommend that you consider your options carefully before betting on underdogs or adding more than three selections on a parlay. You can bet money lines, puck lines and game totals on a parlay with no restrictions.
Hockey futures markets
Hockey futures are wagers that end at the end of the season or tournament. Bettors can place futures bets before a season starts and throughout most of the season before the markets are taken down. Here is a list of some hockey futures bets.
-What team will win the NHL Stanley Cup?
-What team will win the Eastern or Western conferences?
-You can bet on players winning NHL awards (IE: Vezina Trophy or Art Ross Trophy).
-What country will win the Olympic ice hockey gold medal (Men/Women)?
Certain markets will be available at some bookmakers and not at others. That’s why we BetCanada recommends you find multiple sports books, so that all of your individual betting requirements are met.
Hockey props markets
If the ice hockey betting markets explained earlier in this guide weren’t enough, there’s more.
Bookies have always offered props on hockey games, but the number of markets is at an all-time high.
Props are for a single game and can be categorized under a team prop or player prop. Let’s take a look at some examples.
-Will Sidney Crosby score a goal against the Flyers?
-Leafs vs. Canadiens will have over or under 55.5 shots?
-Predict the final score in an NHL game.
-Pick which team will score first or last.
-Predict the margin of victory for a team.
Live and mobile betting
Did you know you could bet on an NHL game live as it’s being played? Well, you can! The best way to learn how to bet in-play is to watch a game and follow along on a live betting interface. Watch how the odds move in various markets based on what’s happening.
There are a lot of live betting markets ranging from which team will score the next goal to adjusted money lines and goal totals. In the last few years mobile betting has been huge for the betting industry. Bettors can now bet on hockey from their mobile device.
In some cases iPhone, iPad and Android users can install a native app to their smart phone or tablet. If you prefer to not download an app, that’s fine as well. You can access every mobile sportsbook from your browser by typing in the correct URL.
Most popular ice hockey events to bet on
NHL Stanley Cup Playoffs
The entire NHL playoffs are a popular time to bet on hockey. Casual fans become more interested in betting at this point because they know every game is important. The playoffs culminate with the NHL Stanley Cup.
Olympic Ice Hockey
Unfortunately, the Winter Olympics are only once every four years. However, when the Olympics are here the men’s and women’s ice hockey tournaments are extremely popular to bet on, especially in countries represented in the event.
IIHF World Junior Hockey Championship
Bookies even offer betting markets on the IIHF World Junior’s. You can bet on every game plus a variety of futures. The most popular market for fans is betting on which country will win the tournament.
Outdoor Hockey Games
Numerous leagues have jumped on the outdoor bandwagon, as outdoor games have proven popular since the “Cold War” event in 2001 – an outdoor hockey game between the Michigan Wolverines and Michigan State Spartans.