The NHL has a very loyal fan base that loves their fantasy hockey leagues and even more so, betting on NHL games. And while NHL betting is big and continues to grow in Canadian and American markets, of North America’s major sports, the NHL is a distant fourth behind the NFL, NBA, and MLB as far as ratings and overall popularity go.
However, NHL betting Canada can attest, hockey odds are in high demand which makes spotting the earliest NHL betting lines and the fastest line moves critical. Because there is less action and thus less need for oddsmakers to ensure hockey betting lines are razor-sharp, many believe that NHL betting odds can be more favourable in hockey sports betting.
Hockey Betting Odds Explained: Types of Bets
Hockey fans have several betting options available when it comes to NHL betting. The most popular bet types for hockey bettors include wagering options such as:
- Moneyline
- Totals
- Puckline
- Props
- Parlays
- In-Play
- Futures
Moneyline Betting: Pick a Winner Straight Up
With NHL betting, a moneyline bet is when you wager on an NHL team to win a hockey match straight up. Let’s say Toronto is playing Montreal. You pick the team that you think is going to win. For example, moneyline odds at Betway might look something like this:
Toronto Maple Leafs -120
Montreal Canadiens +130
The minus (-) sign indicates the Leafs are the favourites here, and Les Habitants, as indicated by the plus (+) sign, are the underdogs. You’ll notice that these symbols are universal across all online betting sites. If you bet $100 on the boys in blue to beat the Habs, you would win $183.33. You get your $100 back plus your winnings of $83.33. If you bet on Le Bleu-Blank-Rouge to beat the Maple Buds, you would win $230. You get your $100 back plus your winnings of $130. The higher the risk, the higher reward. By betting on the dog, you’ll almost always net a bigger payout.
Puckline: Point Spread Betting
A lot like baseball’s runline, the puckline in NHL betting is hockey’s version of a point spread. And because NHL games are usually a lower scoring affair, this type of bet only uses a spread of 1.5 goals. NHL teams typically average a little under three goals per game, with the most common score being 3-2. Puckline betting could net you more profit when there is a strong appeal in betting on the favourite, and there is little value in betting on the underdog. If you wager on the favourite to win by two goals or more, you can get the favoured team to win at a lowered price. Sportsbooks such as Betway offer puckline odds that look something like this:
Edmonton Oilers -1.5 (-185)
Calgary Flames +1.5 (+140)
In this case, Calgary needs to win the game straight up or not lose by more than two goals. Edmonton has to win by two goals or more in order to cover. If you bet $100 on the Oilers and they find a way to win by at least two goals, you would win $154.05. You get your $100 back plus your winnings of $54.05. If you bet $100 on the Flames, and they win or not lose by more than two goals, you would win $240. You get your $100 back plus your winnings of $140.
Totals: OVER/UNDER NHL Betting
An OVER/UNDER hockey bet is when you wager on the total number of goals scored for both teams in a game. If you think the final score will be greater than the oddsmaker’s set number, you bet the OVER. If you believe the final score will be lower than the oddsmaker’s set number, you bet the UNDER. Action on totals isn’t always available at every NHL betting site, but when they are, they typically don’t exceed 6.5 goals. The OVER/UNDER is usually set at 5 or 5.5.
Props Betting
An NHL prop bet is a wager on NHL player or team milestones that don’t directly correlate with the outcome of the match. They range from which team will score first, whether a particular player will score a goal, the number of shots a player takes in a period or even where a free agent signs next. Because there is more at stake, bigger hockey games like the NHL playoffs and the Stanley Cup Final usually have additional prop wagering options as there is more opportunity for fun finishes such as shootouts and overtime.
Futures Betting
An NHL futures bet is when you wager on a hockey event that has yet to occur. You can wager on things throughout the NHL season like which team you think will win the Stanley Cup, which teams will win the Eastern and Western Conference, who will win the Conn Smythe Trophy or the Hart Memorial Trophy. Other popular NHL futures include:
- Best Defenseman (James Norris Memorial Trophy)
- Best Goaltender (Vezina Trophy)
- Rookie of the Year (Calder Memorial Trophy)
- Most Outstanding Player (Ted Lindsay Award)
- Coach of the Year (Jack Adams Award)
Parlay Betting
Parlay bets consist of two or more individual wagers into one large bet. You can add a puckline wager on a team to win by two goals or more plus any other type of NHL bet. NHL bettors can pair hockey bets with other sports too like the NFL, NBA, and MLB. The most important takeaway here is that your parlay bet wins only if all wagers on the ticket win. If even one wager on the slip doesn’t win, you can’t cash out your parlay bet.
Live NHL Betting
If you’re looking to make live bets throughout the course of an NHL game, in-play wagering affords you that opportunity. With live NHL betting, you’ll see NHL odds fluctuating as the game develops. You can bet live during any point of the match, and can wager on things like who will score next or whether there will be a penalty assessed.
NHL Betting Tips
Before you start betting on the NHL like you’re Rick Tocchet (see Operation Slapshot scandal), be sure to study up on all the stats, standings, schedules, reports, and betting trends in advance. It’s important to try and keep track of how particular teams perform on national television, the strength of their goaltender or how often a team wins in regulation as opposed to overtime.
Ready to Make Your NHL Picks?
Now that you have a better idea of how to handicap hockey betting and know how to understand hockey betting lines, you don’t need to be the hockey betting version of Sidney Crosby or Connor McDavid in order to make smart NHL betting predictions.
