Making sure you are getting the best possible odds on every single bet you make is crucial to being a winning sports bettor. The difference in the payouts on the same bet between different sportsbooks may surprise you and could be the difference between being a winning and losing sports bettor.
Breaking Down the Logistics
A lot of people tell me that they don’t bother opening multiple sports betting accounts because the difference between the odds isn’t enough to go through all the effort. Well let me me take you through a couple scenarios…
Scenario 1 – Compounding Wins
You have an account with Sportsbook A. They are offering odds of 1.70 for the Ottawa Senators to win tonight’s game. Looking around the internet you notice that Sportsbook B is offering odds of 1.75 on the same outcome. Now that’s only $0.05 on the dollar, so you can’t be bothered to open an account. Let’s say you have a $2000 bankroll and you’re betting 5% of the roll on each bet. That means you are betting $100 on this game. Say the Sens win and you win $70 from Sportsbook A. This brings your bankroll to $2070, which means your next bet will be for $103.50. If you had of opened an account with Sportsbook B and won that bet then your roll would be at $2075 and your next bet would be for $103.75.
What I’m trying to show is that small differences can compound quickly. Even if it was just for 1 bet that extra $5 could turn into much more down the road if you are a winning bettor.
Not to mention that once you have an account at Sportsbook B you will be able to take advantage of every time the selection you want pays out more there than at Sportsbook A.
This was also a very conservative example. There are times when the odds are drastically different between sportsbooks. This is especially true on less popular betting markets where there isn’t the liquidity to even out the odds across sportsbooks. For these markets it’s not uncommon to see 20 cent differences in odds between books and there are even arbitrage opportunities in some cases.
Scenario 2 – Another Way To Look At It….Money Left On The Table
Here is another way to think about it that may be more persuasive. Let’s say you are a $100 bettor with an account at Sportsbook A and you make and average of 3 bets a day throughout the year. That’s 1095 $100 bets over the course of the year. Then let’s conservatively say that Sportsbook B has better odds by 5 cents on the dollar than Sportsbook A for one-third of those bets. That means that for 365 of the $100 bets you could potentially win $5 more. Now let’s say that you are a completely average bettor, so you win 50% of your bets. That means that you are leaving $912.50 (365 bets * 50% * $5) in the hands of the sportsbooks by not opening an account at Sportsbook B.
This doesn’t even take into consideration the $100 – $200 in added bonus funds you would receive by opening the extra account.
Continuing with the first scenario of the article, if you were an over 50% sports bettor then you would also be able to compound your added winnings into even more money like I showed in the example above.
Now let’s look at a real live example…
Odds Comparison Example
Here is an example of the differing odds between the betting sites using the main event of UFC 256. These odds were taken the day before the fight:
Odds for Deiveson Figueiredo
- 1.30 @ Sportsbook A
- 1.31 @ Sportsbook B
- 1.24 @ Sportsbook C
Odds for Brandon Moreno
- 3.50 @ Sportsbook A
- 3.50 @ Sportsbook B
- 3.90 @ Sportsbook C
As you can see the odds can vary quite a bit between betting sites. Sportsbook A and Sportsbook B are offering similar odds, with Sportsbook B giving the best return on Deiveson Figueiredo at odds of 1.31. Sportsbook C has a very different line for the fight. They are paying much less than the other two sportsbooks for bets on the favourite, but they are paying significantly more for bets on Brandon Moreno. Sportsbook C is offering odds of 3.90 on Moreno while Sportsbooks A and B are offering odds of 3.50.
The differences may not look like a lot, but they add up quickly. If you bet $100 on Figueiredo you would win $7 more at Sportsbook B than at Sportsbook C. And if you bet $100 on Moreno you would win $40 more at Sportsbook C than either of the other sites.
I decided to screen capture myself comparing odds between our three recommended sportsbooks for one of my picks posts. If you prefer a visual check out the video here:
Recommended Sportsbooks for Canadians
I hope by now you realize the benefit of owning accounts at more than one betting site. If you’re ready to expand your horizons I suggest first opening an account at each of the three sportsbooks dedicated to Canadians that I recommend.
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- Licensed and regulated in Canada
- Easy deposits & withdrawals including Interac
- Competitive betting lines
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- Licensed and located in Ontario
- Entirely focused on Canadian betting market
- Easy deposit/withdrawal options, including Interac
- Most popular betting site worldwide
- State of the art live betting platform including streaming of several events
- Fixed odds for horse racing
There are only advantages to having accounts at multiple betting sites. Not only do you have the advantage of being able to compare odds between the sites, but you can also take advantage of the each of the sign up bonuses and the different promotions that each site offers.