Sports betting has grown in popularity since it was legalized in some states in 2018. Whether you’re a diehard fan or just looking to add another dimension to your viewing experience, sports gambling can be fun and profitable. But it’s important to be smart about it, and not be swayed by emotions or bias. To help you get started, here’s everything you need to know about sports betting.
The first step to sports betting is opening a bank account just for this purpose. This will allow you to keep track of how much money you’re making and losing. Once you have that in place, determine your base bet – the amount of money you plan to invest per game. Multiply that number by 100 and that will be your minimum bankroll for placing bets.
When placing a bet, you will also need to take into account the “juice” (also known as vig). This is how the sportsbook makes money, by taking a cut of each bet placed. This can be a deterrent for many new bettors, but it’s actually not as bad as you might think. In fact, a study by Morning Consult found that only 6% of Americans were actually losing money bets on sports.
Among the most common types of sports bets are straight bets, which are wagers on a single outcome of a specific event. This includes bets on a team to win, lose, or tie, and is the simplest type of bet to make.
Point spreads are another popular type of sports bet. These bets are calculated by adding or subtracting points from a team’s expected win-loss record, which is determined by the oddsmakers. For example, if the Patriots are three-point favorites against the Bills, and they win 27-24, that’s considered a push. This would give both teams their bets back, but the sportsbook still won money because of the point spread.
A third type of bet is the totals market, which covers a wide range of proposition bets that don’t necessarily relate to the outcome of a particular game. These bets can include over/unders on things like how many strikeouts a pitcher will have, or how many yards a running back will gain on a given play.
The most profitable bets are those that have a positive expected value (EV) based on the odds. EV is the chance of winning a bet multiplied by the stake, and the higher the EV, the better the bet. However, even professional bettors have a hard time maintaining lofty winning percentages, and most will tell you that it takes a lot of work to turn a profit. This is why it’s so important to have a well-crafted strategy and disciplined bankroll management. This is how the best sports bettors make it big.