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May 08, 2026
How to stay in command of your game
No matter how much you know about the game, sports betting always involves an element of chance. Did you know that both skill and chance play an equally important role in sports betting? Read on for tips to stay in command of your game such as how sports betting odds works, understanding the difference between skill and chance, and how much you should bet.
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Betting odds explained
1. Betting odds show two things at once.
How likely an outcome is and how much you could win if it happens. Lower odds mean an outcome is more likely, but also pays less. Higher odds mean it’s less likely, but the payout is bigger if it happens.
2. Odds aren't predictions.
They don’t tell you what will happen – only how the betting market sees the chances right now. Unexpected things happen in sports (weather, injuries, a bad call), which is why even “sure bets” can fall apart!
3. Knowing how odds work helps you stay grounded – and in control of your game.
They’re a tool for understanding chance, not a guarantee of profit. No matter how well you know the sport, chance always has the final say.
Skill versus chance
Following sports, knowing the teams, and understanding stats can feel like a skill and it can help you make more informed choices. But in sports betting, skill only goes so far.
Chance always plays a major role
Injuries, weather, referee decisions, last‑minute plays—many factors are out of anyone’s control. One unexpected moment can change the outcome, no matter how much research you’ve done.
You can’t outplay chance
Even seasoned sports bettors experience losing streaks, because outcomes aren’t guaranteed. Over time, chance and the way odds are set mean results are unpredictable.
Understanding the balance between skill and chance can help keep expectations realistic and betting in check.
Frequently Asked Questions
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Read our quick guide on how to bet on sports with tips on how to create a safer game plan, how to choose a market, bet types, and rules of play.
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It’s easy. Start with deciding how much money you’re going to be betting with and how much money you are comfortable losing. Many players find it helpful to set up a weekly limit and plan for breaks before placing a bet.
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It takes a few simple steps to create a gambling budget.
First, determine your monthly income and expenses (subract your essential expenses from your total monthly income). Then, decide on your limit. This is the amount you decide to set aside for gambling, from the leftover amount after expenses.
Next, check in with yourself. Use tools such as PlayPlanner or PlayNow's Manage Your Play tools to help you stick to your limit before you start betting.
Lastly, don't forget to reflect on your play and track your spending, to help keep the fun going.
Check out our full guide for a breakdown on how to set up a gambling budget.
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Brushing up on the basic concepts of gambling can help you stay in command and ultimately, play better.
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If gambling is starting to feel out of control, we’re here to help.
Three ways to connect with a GameSense Advisor:
- Virtually: Use the Live Chat function at the bottom of the website or via the chat bubble on the right side of the page
- Over the phone: Call 1-866-815-0222 and press 3
- In person: Visit a GameSense Info Centre at your local casino.
Advisors are available daily from 7 a.m. to 12 a.m. PT.
