The popularity of sports betting has exploded since the Supreme Court allowed states to legalize it in 2018, and Americans wager billions on football games every weekend and other events. Many people who are new to sports betting don’t understand how the odds work, but there are a few basics to keep in mind.
Understanding the odds is essential to making smart wagers. Odds are expressed in decimal, American or fractional format and represent the probability of an event happening. The higher the odds, the more likely an event will occur. In contrast, lower odds indicate a more unlikely event. Betting on a favorite is riskier than betting on an underdog because the favorites will need to win more often to make a profit.
Another type of sports bet is the over/under, in which a bookmaker predicts how many points will be scored during a game and offers bettors the option to place a wager on whether total points will exceed or fall short of the predicted amount. This bet is popular in baseball and hockey, where the scores are typically much lower than in football or basketball. In these cases, the over/under will also include a hook (usually three-quarters of a point, such as the Patriots being 3.5-point favorites against the Bills). This is meant to prevent a push, in which both bettors get their money back.
Developing a betting strategy that suits your style, risk tolerance and budget is crucial to becoming a profitable sports bettor. A good starting point is to open a bank account that is exclusively for placing bets. This will help you to maintain discipline and track your results. It’s also a good idea to stick to sports that you know well from a rules perspective and stay up-to-date with team news. This will help you to avoid letting bias cloud your judgment when placing bets on your favorite team.
Sportsbooks make a profit by taking action on bets that have a negative expected value, or EV. This is because they are assuming that bettors will make mistakes and lose money on their bets. To maximize your chances of winning, you should focus on bets that have a positive EV and use a staking plan to manage your bankroll.
It’s also a good idea to consider the possibility of losing streaks when placing bets. A streak of losses can dramatically impact your bankroll and lead to a long dry spell. To minimize your chances of losing streaks, be sure to set limits on the number of bets per week or day and use a staking plan to keep track of your balance. If you follow these simple tips, you can be on your way to betting like a pro.