Sports betting is a popular pastime that has become part of mainstream sports culture since it became legal in several states in 2018. But before you make your first wager, there are a few things you should know. These include how to read odds, different ways to bet and common terms. You should also understand that there’s no such thing as a sure bet.
The premise of sports betting is simple: predict what will happen during a game and risk money on that event. Then, the sportsbook sets odds based on the probability that something will occur. For example, if you believe a team will win, that’s considered a moneyline bet. If you think a team will lose, that’s called a spread bet. And if you want to combine two events into one bet, that’s a parlay.
It’s important to separate yourself from your fandom when making sports bets. This will help you make more informed decisions and avoid letting your emotions get in the way of good judgment. You can do this by learning everything you can about both teams, including how they’re playing and any injuries that could impact the outcome of the game.
Another key point is knowing your bankroll. It’s a good idea to open a specific bank account that you use exclusively for sports betting, and deposit only what you can afford to lose. Some experts recommend risking 1% to 5% of your bankroll per play, depending on how confident you are in each wager. This means that if you have a $100 bankroll, you should only bet $5 per game.
Once you’ve made your bet, the potential payout is displayed on your betting slip (or “bet ticket” in online betting). Generally speaking, this will show how much you can win if you bet correctly, but it may not always include your original wager amount. You can determine the potential payout by adding your original bet amount to the odds of winning.
A final note is to never chase a bet you’ve won. This is a mistake that many new bettors make. They’ll bet more and more in an attempt to double their profits, but it’s usually a losing proposition. This type of behavior is known as going on tilt, and it can quickly destroy your bankroll. Besides, it’s not fun to watch your hard-earned money disappear. It’s also a sure-fire way to make yourself miserable, and it isn’t healthy for your brain. Hopefully these tips will help you have more success when betting on sports!