What is a Canadian bet and how does it work?

The total amount of money you intend to bet on an event is the amount you will win if you are correct. If the event has a payout of 100%, you will win double the amount of money you bet. At the same time, the odds of an event are the likelihood of a certain outcome occurring.

The odds of an event are calculated by taking the total amount of money bet on that event and dividing it by the total amount that could be won. The higher the odds, the higher the amount you need to risk. Conversely, the lower the odds, the lower the amount you need to risk. Your bankroll and your risk tolerance should determine the amount you risk.