Single-Game Betting: The biggest change brought on by Bill C-218 was the decriminalization of single-game betting. Single-game betting is a wager on a single outcome, like the Maple Leafs to beat the Canadiens in an NHL game.
Parlays: The alternative to a single-game bet is a parlay. These were decriminalized prior to Bill C-218. Parlays are when multiple different outcomes are tied into a single bet, with each outcome needing to hit for the bet to cash. For example, a gambler could wager on the Toronto Raptors, Buffalo Bills, and Ottawa Senators to all win their game.
Futures: A future bet, also known as an outright, is when gamblers make a long-term wager on an outcome within a league. These are things not decided by a single game. For example, bettors could wager on the Stanley Cup Champion or the NFL MVP.
Props: Prop bets are a form of wagering that is tied to outcomes within a game. These can be team props, like which team will score first or how many points a team will have at halftime, or player props, like whether a player will score a touchdown.
Live Betting: Live betting is when bettors wager on games that are already underway. Most sportsbooks allow for this and have algorithms that update the odds as the game is being played, accounting for things like changes in score.