Sports betting continues to expand in both popularity and availability, and the demand for wagering on the NHL is only increasing. Billions of users legally wager online year over year, so it stands to reason that professional hockey, one of the most popular sports in the world, sees plenty of action.
For new or returning users looking for a complete breakdown of how to bet on the NHL, this is the place to be. Follow along to find out everything you need to know, from important events to understanding hockey odds, different kinds of bets, and more.
How to bet on the NHL: A guide to betting on hockey
Reading hockey betting odds
The most important thing to know in sports betting is how to understand the odds. Hockey odds are pretty straightforward once you know the three basic terms:
- moneyline
- puck line
- over/under total
These are oddsmakers’ projections for how a game will turn out, including winner/loser, margin of victory, and final score combined goals. Let’s go into a little more detail before we proceed.
Moneyline
Moneylines are the most straightforward method of NHL betting. Each team will have a number, either positive or negative, indicating its odds of winning the matchup.
The negative number (usually -105 or greater) typically represents the odds for the favorite, which is the team that the sportsbooks are favoring to win. The positive number (typically +100 or greater) represents the odds for the underdog, or the team less likely to win the game.
With moneylines, the oddsmakers can set and tweak odds for games based on each team’s implied win probability, and provide bettors with an easy-to-understand market for taking action on those games.
How to read a moneyline
New users don’t need to stress, because understanding moneyline odds is very simple. Favorites have negative (-) odds, with the number indicating how much you would need to risk to profit $100 with a win. Underdogs have plus (+) odds, with the number indicating the payout you would net on a winning $100 bet.
Let’s say you have some interest in betting the Panthers over the Blackhawks. If Florida is listed as a -350 favorite, the bettor would need to risk $350 to bring back a profit of $100 if the Panthers win.
For underdog bettors backing the Blackhawks, a winning bet of $100 at +350 odds will produce a $350 profit in the event that the upset occurs.
Puck line
Another very popular way to bet on the NHL is through the puck line. This is the point spread for hockey, allowing oddsmakers to analyze both teams in a matchup, consider their strengths, weaknesses, and other factors, and assign a spread that predicts how much the favorite will win by.
The puck line is typically seen at -1.5 goals for the favorite and +1.5 for the underdog, because hockey is a lower-scoring sport. The favorite at -1.5 will have varying levels of odds attached to it, based on the multiple factors oddsmakers consider in the head-to-head matchup.
NHL betting on the puck line swaps out the moneyline odds for goals. The favorite will be giving (-) goals, usually (-1.5), and the underdog receives (+) those goals (+1.5).
If a team is projected to win (-1.5), that favorite must win by two (2) goals to cover the spread. Similarly, teams projected to lose can only cover if that underdog either (a) wins or (b) loses by fewer than two goals.
Let’s go back to the hypothetical Panthers-Blackhawks game. Florida would be listed as a -1.5 favorite with some juice, as the defending Stanley Cup Champions would be a heavy favorite. Chicago would be +1.5 with plus odds because it’s widely expected to lose the game.
If the Panthers win by two, they win and cash all the -1.5 puck-line bets on Florida. If Chicago wins—or loses by one, it rewards its +1.5 puck-line backers with a winning payout.
Over/under total
Hockey bettors who don’t have a particular team rooting interest in a game can bet on the over/under, also known as the total. Betting the total takes the win/loss outcome out of the picture. Instead, the sportsbook lists a projected total for a game, and you either bet on the two teams to finish with a combined score OVER or UNDER that total.
If the total combined score winds up higher than the projected total, then the OVER wins. If the final score total is lower than the projected total, then the UNDER wins.
Parlay betting
Parlays are wildly popular across all aspects of online sports betting. Parlays allow bettors to combine multiple bets (legs) from different games into one big ticket for a larger potential payout. The odds of winning are longer because all bets in the parlay must win for the entire parlay to cash out even a penny. And in accordance, the potential payout is greater.
NHL bettors only need to combine two legs from various games to make a parlay, but the most popular parlays tend to be in the range of 3-5 legs. With each additional pick that a bettor adds to a parlay, the risk becomes bigger, and therefore, the potential payout increases.
Sportsbooks typically allow bettors to add between two and 12 games in a hockey parlay. Some books will also allow you to incorporate player or game props, also known as over/under stat props.
How to calculate a parlay payout
Now that you know the definition of a parlay and how you can bet one, let’s quickly break down how to calculate a parlay bet value.
Once you figure out the odds for each matchup, bet, or prop, just divide what the total payout would be by the bet amount.
Let’s imagine a $100 parlay bet on these teams:
Panthers (-150)
Devils (+170)
Rangers (-120)
Florida: -150 to win 100 with a payout of $250 250/150 = 1.6666
New Jersey: +170 to win 170, with a payout of $270 270/100 = 2.7
New York: -120 to win 100, with a payout of $220 220/120 = 1.8333E
Each of those three numbers we calculated is your multiplier. Now, just multiply those numbers to get your parlay odds. 1.6666 x 2.7 x 1.8333 = 8.2495
That final number is 8.25, meaning your winnings would work out to be 7.25 for every dollar you bet on that particular parlay. Translation: your $100 bet just turned into a $725 win.
If you hate math or just don’t want to go through the bother of calculating your parlay odds manually each time, have no fear. Most sportsbooks do the legwork for you, and you can also find a ton of independent parlay calculators all over the Internet.
Player prop betting
Player prop betting has become wildly popular for users taking betting action on the NHL. Props allow hockey fans to bet on individual players going OVER or UNDER a set statistical amount across a variety of categories.
NHL gamblers can bet over/under player props on so many statistics. They can also bet yes/no props for various hypothetical situations, like “Will the Maple Leafs’ Auston Matthews record a hat trick?” or “Will Cale Makar lead the Avalanche in assists?”
Same Game Parlays
For users looking into how to bet on the NHL, one of the more popular methods for player props is to utilize same-game parlays. This bet type is very similar to traditional parlays, but rather than stacking together several bets from different games, the user locks in on just one contest.
The NHL bettor only needs to combine a minimum of two (2) legs (bets) from the same game markets to craft a same-game parlay, but the odds will increase as more legs are added to the ticket. Oftentimes, sportsbook operators will provide pre-made same-game parlay tickets, allowing users to quickly take action on a variety of games.
Futures betting
Another fun method of betting on the NHL is the futures market, which allows you to bet on whether or not an outcome will occur down the road in the future. NHL bettors can place futures bets on teams to win the Stanley Cup, to win the Eastern or Western Conference titles, or even a division.
NHL bettors can also bet on players to win individual awards like the Hart Trophy or Vezina Trophy. Given that futures bets are far more difficult to predict way ahead of time, these markets often yield longer odds and therefore carry much higher potential payouts.
What are some common NHL betting terms?
- Action – Any wager, or any bet you have on any game.
- Bonus – Funds or free bets rewarded or gifted via promotions run by a sportsbook.
- Book – Sportsbook. An establishment that accepts wagers on the outcome of sports events.
- Chalk – Favorite. “Betting the chalk” is putting money on the projected winner.
- Cover – When the favorite wins by more than 1.5 goals or when the underdog loses by less than the 1.5 goals (covering the “puck line” or “spread”).
- Dog – Underdog. The team projected to lose, always getting 1.5 goals and usually yielding plus moneyline odds.
- Futures – Wagers placed on the outcome of something in the future, like an award, a championship, or a statistical title.
- Handicapper – Someone who studies and wagers on sporting events.
- Handle – Total amount of wagers taken on a sporting event.
- Hold – The percentage amount the sportsbook makes.
- Hedging – Betting the opposite team or side of your original wager in order to either try to middle the game, or to reduce the downside exposure of the original wager.
- Hook – A half point, used by sportsbooks to avoid a push (no betting win or loss).
- Juice – A commission built into the line offerings, also known as “vig” or “vigorish.”
- Laying the Price – To bet the favorite by laying moneyline odds.
- Limit – The maximum wager accepted by the sportsbook on a particular line offering.
- Line – The current odds or point spread offered on a particular game.
- Linesmaker (Oddsmaker) – Professional who establishes the probability of one team defeating another. Oddsmakers create the line and run line.
- Long shot – A team heavily expected to lose.
- Moneyline bet – A bet on the straight-up winner of a game, underdog or favorite.
- Off the board – A game, prop, or future in which the sportsbook is not accepting any wagers.
- Overlay – The odds of a particular wagering proposition are higher than they should be.
- Over/Under (total) bet – Wager that applies to the final score/total goals in a given contest.
- Parlay – A combination of straight bets to increase potential payout. All selections must win for the bet to win.
- Pick ’em – Neither team is favored, meaning the game is considered a toss-up for betting purposes. Pick’em odds usually hover around the -105 to -115 range.
- Price – Line or odds of a game or wager.
- Prop bet – A wager on a specific event happening or not happening in a game, usually involving stats. Example: Will Connor McDavid record 3 points?
- Puck line –The forecasted 1.5-goal differential between two teams. A minus (-) indicates the favorite and a plus (+) is the underdog. Odds vary for either side of every puck line.
- Rollover – The required amount of real-money wagers a player has to accumulate after they have accepted a bonus from a sportsbook in order to qualify for a withdrawal.
- Round Robin – A method of parlaying two or more teams in all possible team parlay combinations. For example, a three-team round robin of ABC can produce three separate two-team parlays: AB, AC and BC.
How to Bet on the NHL: Frequently Asked Questions
What do the plus (+) and minus (-) mean in NHL betting?
The plus (+) and minus (-) in NHL betting, and all of sports betting, refer to either the point spread (puck line) or betting odds.
Puck lines
With puck lines, the ” – ” always refers to the favorite, and the ” + ” always refers to the underdog. The favorite is giving goals to the underdog, who, in turn, is getting points. To cover the puck line, the favorite has to win by more than the amount of the spread. The underdog doesn’t need to win outright to cover, it can cover by simply losing by less than the spread.
Moneyline
Favorites usually have a ” – ” unless it’s a pick’em (coin-flip) and both teams have negative odds. But in most cases, the favorite will have a ” – ” in front of its moneyline odds while the underdog will have a “+ .” In hockey, moneyline betting has nothing to do with the winning or losing margin, but everything to do with wins and losses outright. Minus odds tell you how much you will need to risk in order to win $100. Plus odds tell you how much you will make on a successful $100 bet.
What is a “unit” in NHL betting?
A unit in sports betting is a measurement of the size of a given bet. It’s mainly used because every bettors’ bankroll is different, and a unit refers to the percentage of a bankroll, aka the amount of money they are using to spend on sports betting. One unit is just about equal to one percent of a bankroll, though it’s not the same for everyone.
All bettors — especially new ones — should establish bankrolls before getting started. You should always bet within your means and within an amount that you are comfortable or capable of losing.
Here’s an example of a unit: If your bankroll is $1,000, one unit would be $10 or 1%. In this situation, if someone puts three units on a wager with a sports betting app, it would be a $30 bet. When someone recommends betting 3-5 units on a wager, they are saying they are quite confident in the win probability of that wager.
What is the 2-5 rule in hockey betting?
Many bankroll management theories exist, so it’s up to you to decide which theory or strategy works best for you. The Kelly Criterion, aka the 2-5 rule, suggests that bettors should never risk more than 2-5 percent of their bankroll per wager.
Example: If you’re starting the basketball season with a $500 bankroll, the 2-5 rule would say that your largest bet should be no greater than $25. Your bet size would then decrease as your bankroll does.
Where is it legal to bet on the NHL?
A large number of states have already legalized online sports betting, and even more states have already begun the framework towards legalization, making it very widely accessible to bet on the NHL.
The states in which online sports betting is already available include:
- Arizona
- Colorado
- Connecticut
- Washington DC
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- New Hampshire
- New Jersey
- New York
- North Carolina
- Ohio
- Oregon
- Pennsylvania
- Tennessee
- Vermont
- Virginia
- Washington
- West Virginia
- Wyoming
What is a good return on investment (ROI) in NHL betting?
Even a professional will say that simply doubling your money on a bet is a positive. Others prefer lower-risk, lower-reward wagers in which they walk away with 10 percent or 20 percent profit. Everyone’s different, just like every bankroll is different.
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