CFL Grey Cup Odds: How to Bet on the 2024 Grey Cup

With the 2023 Grey Cup on the horizon, it’s time to check in on the current odds for each team. Some squads have improved mightily over the offseason, while others are looking to bounce back after a rough showing in 2022. Still, the CFL is as unpredictable a league as any in professional sports, so there are sure to be some surprises along the way.

So, without further ado, let’s take a closer look at the CFL Grey Cup odds and see where each team stacks up heading into the upcoming season.

The CFL Grey Cup is the ultimate prize for Canadian football fans and the most prestigious championship game in the Canadian Football League. Think of it like the Super Bowl of Canada, eh?

The Grey Cup has been around since 1909 and is played between the winners of the CFL’s East and West Divisions, which are determined based on record during the regular season. The teams then face off in a single elimination playoff format to determine who will represent their division in the final title game.

Named after Earl Grey, the Governor General of Canada at the time, the Grey Cup represents the pinnacle of Canadian football and is a symbol of national pride. It’s a time when fans from coast to coast come together to cheer on their favourite team and celebrate their love of the game. It’s also a great excuse to have a few cold ones and maybe even win a little cash too.

Last year’s Grey Cup winner was the Toronto Argonauts, who defeated the Winnipeg Blue Bombers in a thrilling 24-23 victory. It was their first Grey Cup since 2017 and the 18th in franchise history, the most of any team in CFL history. Will they be able to defend their title this year? We’ll have to wait and see! 

CFL Grey Cup betting can be an exhilarating ride for sports bettors. But before you start throwing your money around, it is essential to understand how the league is structured and how to place bets.

The CFL is made up of nine teams split into two divisions: the East Division and the West Division (much like the AFC and NFC in the NFL). During the regular season, each team plays a total of 18 games, nine at home and nine on the road, over the course of 21 weeks, with each team granted three bye weeks.

Following the end of the regular season, the top six teams, three from each division, advance to the playoffs, where the top team from each division gets an immediate bye to the divisional finals.

The playoffs follow an electrifying single-elimination tournament format that sees the second-place teams from each division battle against the third-place team in the division. The winner of which then advances to face the top-seeded team from their division in the division final. 

The Grey Cup is the ultimate prize handed to the winning team at the end of the playoffs, and the Grey Cup game is played at a neutral site, typically a stadium chosen beforehand by the CFL.

CFL Grey Cup Betting Markets

Now that you understand a little bit about how the CFL is structured and the various ways you can bet on it, it’s time to break down the different markets you can wager on as well as how to read CFL Grey Cup odds. 

Truth be told, when it comes to betting on the CFL, the options are vast. You can bet on the winner of the game, the margin of victory, the total number of points scored, and many specific player or team prop bets as well. And if you’re feeling a bit more adventurous, you can also place futures bets, which are bets that are made well in advance of the Grey Cup.

Here is a full breakdown of the different markets you can bet on with the CFL and CFL Grey Cup: 

• Moneyline - Moneyline bets are the best form of gambling for beginners because you only need to try and predict which team will win the game, regardless of how much they win by.
  
  For example, let’s say that the BC Lions are playing the Edmonton Elks, and the moneyline odds are Lions (-240) vs. Elks (+200). If you were to bet $100 on the underdog Elks, and they pull off the upset, you would win $200.
  
  
• Point Spread - The point spread is essentially a handicap that oddsmakers give to the underdog team to even out the playing field. Here, you would bet on a team to either cover the spread or beat it, so not only do you need to decide who will win the game, but by how much.
  
  For example, if the Winnipeg Blue Bombers are playing the Saskatchewan Roughriders, and the point spread is Roughriders (+7) vs. Blue Bombers (-7). If you bet on the Roughriders to cover the spread, and they lose the game by a touchdown or less or just win the game outright, you would win your bet.
  
  Alternatively, you could bet on Winnipeg to cover, in which case they would need to win the game by more than seven points (touchdown) for you to win your bet.
  
  
• Total (over/under) - Another popular CFL betting market is totals, which is when you bet on the combined score of both teams. Basically, you’d be betting on whether the final score of the game will be over or under the oddsmaker’s predicted total.
  
  For example, let’s say the Montreal Alouettes are playing against the Hamilton Tiger-Cats, and the total is set at 45.5. If you bet the Over, and the final score is 27-24 in favour of the Ti-Cats, with a combined score of 51, you win your bet. But if you were to bet the Under or if the combined point total came out to less than 45, you would lose the wager.
  
  
• Props - Alright, so this is where things start to really get exciting - prop bets. Props are wagers on specific events within the game that generally have nothing to do with the outcome or final score of the game, unlike the previously mentioned markets.
  
  This could be the specific number of touchdowns a player will score, which team will be the first to score or even the length of the national anthem at the Grey Cup. This is the ideal market for people who might not follow the game as closely, as most of these events are completely random and unpredictable.
  
  
• Futures - Simply put, futures bets are wagers placed on future events that have not yet been determined. An example of this would be betting on which team will win the Grey Cup or the league’s Most Outstanding Player award before the start of the regular season.
  
  If said team ends up making it to the final game and wins the whole thing, you would win the bet. And the best part is that the odds for futures bets are often higher than other types of bets, though they also require more patience as the outcome may not be determined for weeks or months.
  
  
• Parlays - Lastly, we have to talk a bit about parlays, which are a combination of two or more bets into one. The catch, however, is that all of the individual bets must win for you to win the parlay bet. While the odds of landing multiple bets are slim, the payouts can also be massive as the odds for each individual bet are multiplied together.
  
  So, the more bets you add to a parlay, the higher the potential payout but also, the higher the risk. For example, let’s say you bet on the Ottawa Redblacks to win a game outright and for the total score to be over 50 points. If both bets hit, you would win the parlay bet, although, if even one of the two bets fails, the entire parlay bet is lost. 

Keep in mind that CFL Grey Cup odds are generated by the sportsbooks based on several factors, including previous player and team performance, injuries, weather, and other aspects affecting the potential outcome of a game. In Canada and the United States, they are typically expressed in American odds format.

American odds are represented with either a plus (+) sign or a minus (-) sign in front of the number. When a team has a minus sign in front of its odds, it means they are the favourites to win, while a plus sign indicates the underdog. The number next to the minus sign represents how you would need to wager to win $100, and the number next to the plus sign represents how much you would win if you wagered $100. 

For example, if a team has -150 CFL odds to win the Grey Cup, you would need to bet $150 to win another $100. On the flip side, if a team has betting odds of +150, you would win $150 for every $100 wagered. 

If you’re a CFL fan, there’s nothing quite like the excitement of placing a winning bet on your favourite team, especially when the Grey Cup rolls around. But with so many betting sites in Canada competing for your attention, it can be tough to know where to start. That’s where we come in.

In this section, we’ll be highlighting the top CFL betting sites and explaining why they’re the top picks for Canadian football fans. From great odds to generous bonuses, get ready to find your new favourite sportsbook.

Much like betting on any sport, the best way to increase your chances of winning with CFL betting is by doing your research and staying up to date with the latest CFL news and trends. However, standard fandom aside, there are a few other strategies you can implement right away to become a more profitable CFL bettor. 

• Look around for the best odds - The number one thing you can do to increase your payouts in sports betting is shop around for the best odds as early money can move a line quickly in one direction and you always want to ensure that you’re getting the best value for your bets. This way you can get the most favourable CFL lines for every bet you make and maximize your potential profits. 
• Review each team’s strengths and weaknesses  - Thoroughly analyze matchups between teams and weigh their offensive and defensive strengths to see how they have been playing recently. This will provide you with an idea of how well each team is likely to perform, which in turn can help you make more accurate predictions about the outcome of the game. When analyzing specific matchups, look at things like player and team statistics, past performances, and injuries to key players.
• Don’t forget about special teams - You should also carefully evaluate special teams when betting on the CFL as it has a significant impact on the game. Special teams can drastically swing the momentum of a game and a team with a strong special teams unit can have a major advantage over its opponent as a result. This includes examining the performance of kickers, returners, and coverage units.
• Check the forecast beforehand - Weather can greatly influence the final results of a football game, especially later in the season when there is a lot more rain, wind and snow. Therefore, it is important to keep an eye on the weather forecast when making your bets and adjust your betting strategy accordingly. For example, if the forecast calls for heavy rain or wind, you might want to consider betting on the Under, as there might be fewer scoring opportunities, or backing one of the running backs if a team has a strong running game.
• Back the dogs early - One strategy that’s proven to be quite effective is to bet on underdog success early in the season. The reason for this is that there is a lot of roster and personnel turnover in the CFL every offseason and it can take time for teams to gel and find their rhythm. In fact, since 2006, underdogs have covered the spread 61% (140-87-2) of the time in the first four weeks of the regular season. 
• Prepare for low-scoring games at the start of the year - Another strategy for betting on the CFL is to take the Unders early and often, as there have been significantly more Unders than Overs in the CFL since 2005. Generally, it is advised to avoid betting Overs early in the regular season as teams are still trying to figure each other out and may not be as efficient offensively as they will be later in the season.
• Find an edge in splits - One of the best ways to gain an edge when it comes to CFL betting is to scout the schedule ahead of time to monitor different splits, such as home/away and first-half/second-half splits. You will find that some teams perform better at home than on the road and some perform better in the first half of games rather than the second half.

With the 2023 CFL season fast approaching, it’s time to start thinking about the big question on every football fan’s mind: Who will win the Grey Cup? We’ve analyzed the stats, crunched the numbers and consulted the experts to bring you the following list of Grey Cup favourites.

Currently, the early favourites to win the 2023 Grey Cup are last year’s runners-up, the Winnipeg Blue Bombers, who are hovering around odds of +300.

After falling just short of a miraculous three-peat a season ago, Winnipeg will be looking to reclaim their spot at the top of the CFL. Not only did they re-sign several defensive playmakers but they’ve also got 2022 MOP Zach Collaros, who’s hoping to build off his sensational campaign as the league leader in passing yards and touchdowns.

Unfortunately, for Blue Bombers fans, they’ll face stiff competition in 2023 with the likes of the Hamilton Tiger-Cats and the BC Lions.

At the time of writing, Hamilton has the second-best CFL Grey Cup odds at +450, thanks to the significant upgrades the team made in the offseason, not the least of which includes the acquisition of two-time MOP and CFL legend, Bo-Levi Mitchell.

Meanwhile, the BC Lions, who slide into third with odds of +550 to win the 2023 Grey Cup, are also expected to be in the mix. Despite the retirement of veteran receiver Bryan Burhnam, the Lions still managed a 12-6 record last season and were able to keep a good chunk of their remaining roster. Oh, and let’s not forget about last year’s champion, Toronto Argonauts, who are also listed at +550 to repeat as champions of the CFL. 

So, who are you picking to win the coveted Grey Cup trophy in 2023? With the regular season set to kick off on June 8th, there’s plenty of excitement in the air, as fans gear up for what’s sure to be another gripping and unpredictable season of CFL football.

If you’re looking to bet on the upcoming Grey Cup, taking a look at the past can be a helpful starting point. After all, history has a way of repeating itself, especially in the sports world (or so they say).

But don’t worry, we won’t bore you with a dry recitation of statistics and figures. Instead, we’ve put together a handy table of the last 10 Grey Cup winners, complete with the team who won, the runner-up, and the odds for each team to win. It’s a great way to get a sense of which teams have dominated in recent years and what the oddsmakers thought of them at the time. Let’s take a look!

Before you jump into the heart-pounding world of Grey Cup betting, make sure that you’re armed with some interesting and potentially profitable trends and facts. From the team with the most championship titles to the team with the longest title drought, there are plenty of nuggets to consider.

That’s right folks, now it’s time to dive into some CFL Grey Cup trends and facts that could make all the difference in your betting strategy. 

• The Toronto Argonauts have the most Grey Cup wins in league history at 18, with their most recent win coming in 2022.
• The Winnipeg Blue Bombers and Saskatchewan Roughriders are tied for the most Grey Cup losses in CFL history (15).
• The Hamilton Tiger-Cats have the longest championship drought in the CFL, having not won a Grey Cup trophy since 1999.
• The Winnipeg Blue Bombers have the most total Grey Cup appearances of any team in the CFL (27).
• The city of Toronto has hosted more Grey Cups than any other city in Canada (48), having hosted 30 at Varsity Stadium, 12 at Exhibition Stadium, 4 at the Rogers Centre, one at BMO Field, and one at Rosedale Field.
• Only three teams in CFL history have won the Grey Cup in their first year of existence: the Baltimore Stallions (1995), the Sacramento Gold Miners (1993), and the Toronto Huskies (1950).
• Andrew Harris is the only player in CFL history that has won both the Grey Cup Most Valuable Player award and the Dick Suderman Trophy (Most Valuable Canadian in the Grey Cup) in the same year (2019).
• The longest championship run in CFL history was between 1978 and 1982 with the Edmonton Eskimos. The team won five straight Grey Cups thanks to the legendary performance of NFL icon, Warren Moon.
• Unlike the NFL’s Super Bowl, a new trophy is not made every year for the winning team in the CFL. The Grey Cup is a 109-year-old trophy that is loaned out to the winning team for a year.
• The most points ever scored in a Grey Cup game is 83, a record set in 1989 when the Saskatchewan Roughriders defeated the Hamilton Tiger-Cats a whopping 43-40.