Moneyline Betting Guide Canada 2026American Odds Explained — Positive & Negative
The moneyline is the simplest sports bet — pick who wins. But American odds notation (+/-) confuses many Canadian beginners. This guide explains everything: how to read odds, calculate payouts, and find value on moneylines for NHL, NBA, CFL and more.
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How to Read Moneyline Odds
📊 Moneyline Odds Explained
Negative odds (−) = Favourite
-150: Bet C$150 to win C$100 profit. Total return: C$250.
Positive odds (+) = Underdog
+200: Bet C$100 to win C$200 profit. Total return: C$300.
Even odds
-100 or +100 (also written EVEN): C$100 bet wins C$100 profit.
Quick formula: Positive: (stake × odds/100) = profit. Negative: (stake × 100/|odds|) = profit.
| Game | Favourite | Underdog | Notes |
|---|---|---|---|
| TOR vs MTL | TOR -145 | MTL +125 | Bet C$145 on TOR to win C$100 |
| EDM vs CGY | EDM -110 | CGY -110 | Near-even match — juice at -110 each |
| TOR vs BOS (NBA) | BOS -200 | TOR +170 | Heavy favourite — value on upset play |
| TFC vs NYCFC | TFC +130 | NYCFC -155 | MLS moneyline three-way market |
Moneyline Betting in Canada – How to Read and Bet Moneylines in 2026
The moneyline is the simplest and most fundamental bet type in sports wagering: predict who wins a game, and collect your winnings if you're right. No point spreads, no handicaps, no conditions beyond the final result. For beginners and experienced bettors alike, the moneyline is the foundation of intelligent sports betting — and understanding how to read moneyline odds accurately is the single most important skill in the Canadian bettor's toolkit.
Reading American Moneyline Odds — The Complete Explanation
Canadian sportsbooks display odds in American format by default. The system is built around a C$100 reference point:
Positive odds (underdog) — a + sign indicates the underdog. The number tells you how much profit you win on a C$100 bet: +200 = bet C$100, win C$200 profit (C$300 total return); +450 = bet C$100, win C$450 profit (C$550 total return).
Negative odds (favourite) — a − sign indicates the favourite. The number tells you how much you must bet to win C$100 profit: -150 = bet C$150 to win C$100 profit (C$250 total return); -300 = bet C$300 to win C$100 profit (C$400 total return).
Implied Probability — The Key Concept for Finding Value
Every moneyline has an implied probability — the likelihood of winning built into the odds. From positive odds: Implied probability = 100 / (odds + 100). Example: +200 → 100 / (200 + 100) = 33.3%. From negative odds: Implied probability = (-odds) / (-odds + 100). Example: -150 → 150 / (150 + 100) = 60.0%. If you genuinely believe a team has a higher probability of winning than the implied probability suggests, you have found a value bet.
Moneyline Betting by Sport — Canadian Examples
NHL Hockey: Moneylines typically range from -250 to +200 for most matchups. See our hockey guide. CFL Football: CFL moneylines tend to be tighter than NFL; -150 favourites are common. See our football guide. NBA Basketball: NBA moneylines can extend to -600 or beyond for dominant-form favourites. See our basketball guide. Soccer (1X2): Soccer moneylines present three options (Home Win, Draw, Away Win). See our soccer guide.
Moneyline vs Point Spread — When to Use Each
Backing a heavy favourite: The point spread (or puck line / run line) typically provides better returns. Backing an underdog to win outright: The moneyline is far preferable — it wins on an outright win at any margin. Soccer: The moneyline three-way market is the standard entry point.
The Vig — What the Sportsbook Always Takes
No moneyline pays out at true probability. The sportsbook adds a vig (also called juice or margin) on every market — typically 4–6% on two-sided moneylines. Comparing moneylines across multiple Canadian sportsbooks before placing your bet is the simplest way to reduce the impact of the vig. A difference of +10 to +20 on a moneyline is meaningful over a full season. Use our sportsbook reviews to identify which operators consistently offer the sharpest lines.
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Moneyline Betting FAQ — Canada
-150 means you must bet C$150 to win C$100 in profit. If your -150 bet wins, you receive C$250 total (C$150 stake returned + C$100 profit). The minus sign always indicates the favourite. The larger the negative number, the bigger the favourite.
+200 means you win C$200 profit for every C$100 bet. If your +200 bet wins, you receive C$300 total (C$100 stake returned + C$200 profit). The plus sign always indicates the underdog. The larger the positive number, the bigger the underdog.
American odds (-150, +200) show how much you win relative to your bet. Decimal odds (1.67, 3.00) show total return per unit staked. To convert: American positive +200 → decimal 3.00 (200/100 + 1). American negative -150 → decimal 1.667 (100/150 + 1). Most Canadian sportsbooks let you toggle between formats.
The juice (also called vig or vigorish) is the sportsbook's commission built into the odds. If both sides were exactly 50/50, odds would be +100/-100. Standard juice is -110 on both sides of a spread bet — meaning you must bet C$110 to win C$100. This gives the sportsbook a ~4.5% edge over bettors in the long run.
Value betting means finding odds that underestimate a team's true probability of winning. If you calculate a team has a 60% chance of winning but the odds imply only 50%, the moneyline has value. Sharp bettors use statistical models to calculate implied win probabilities and compare them to the sportsbook odds. Start by tracking your own records and comparing predictions to outcomes.