Sports betting is a relatively new phenomenon, opening up the possibility for millions of people to make wagers that don’t require them to pack their bags and hit Sin City. The Supreme Court made it legal in 2018, and the industry has been booming ever since. It’s also allowed fans to ditch their old methods of gambling, like filling out a prophetic March Madness bracket and hitting up a casino or finding an illegal bookie.
The basic premise of sports betting is simple: You place money on an event or game, and if that event occurs, you win. If not, you lose the bet and any money you invested. But there are a few angles that you can take to increase your chances of winning, such as keeping track of your bets (using a standard spreadsheet works fine) and researching stats and trends.
Aside from the basic wagers on who will win or lose a game, there are a variety of other types of bets available, including those on player and team totals. These bets can include how many points a team will score, how many home runs a batter will hit, or how many turnovers a quarterback will have. Some of these bets are more popular than others, and you can often find a better line on them by shopping around to different sportsbooks.
If you want to get really granular, you can even bet on things like how many rebounds a team will have in a particular game or how many points will be scored during the first half. These are called props and can pay out a lot more than straight bets, but they carry a higher risk as well.
Props are offered by almost all U.S. sportsbooks, and some offer hundreds of them. This creates a greater attack surface for bettors because the oddsmakers can’t properly price all of them. For example, one book might have the Cavs at -8 while another has them at -7.5, and that extra half point makes all the difference in the world to a bettors.
Regardless of what type of bet you’re making, there are some general rules that all bettors should follow. One of the most important is to stick to a bankroll and not chase your losses. This is a common mistake that can lead to bad decisions and losing your entire bankroll. Another rule is to bet sober, meaning you should only gamble when you’re fully awake and not under the influence of alcohol or drugs. This also helps prevent you from chasing your losses and is a good way to protect yourself against addiction, which can destroy your bankroll and your life.
Lastly, you should always keep in mind that sports betting is a form of gambling, and there is no guarantee that you will win any money. It’s a game of chance, and even professional handicappers only achieve a success rate of about 50%.