The growth of sports betting has been meteoric, with many states making it legal for bettors to place wagers on a variety of sporting events. While it can be very exciting to make money from sports betting, it is important to be aware of the risks that come with this form of gambling and to practice responsible gambling habits. This includes not chasing losses and only betting small amounts of your bankroll on each bet. Those who do not follow these guidelines run the risk of going broke.
Sportsbooks set odds for different occurrences during a sporting event and allow bettors to bet on either the team or individual they believe will win. The odds are based on the probability of an event happening and the more likely it is to occur, the lower the risk and the smaller the payout. The opposite is true for underdogs, which are more likely to lose and carry a higher risk but will pay out larger returns.
Straight bets are the most common type of sports wager and simply involve predicting that a certain team or individual will win a game or contest. In some cases, the odds may be even for both teams and this is known as a pick’em. The oddsmakers move betting lines for a variety of reasons, including to induce lopsided action and reduce potential liability or to adjust to new information such as injuries or lineup changes.
Over/Under bets are based on the total amount of points scored in a game. For example, if the LA Rams and Seattle Seahawks are playing in a defensive slugfest, you can expect the game to end with at least 42 combined points, so you would bet on the Over. However, it is always possible for a team to score more points than expected, so you need to be wary of this when betting on this type of wager.
It’s also important to be prepared for a bad day, which is why it is recommended to always have a betting plan in place. This could include a daily budget or betting “unit size.” A unit is a fraction of your overall bankroll and is meant to be placed on one bet only, so you can minimize risk. Some experts recommend betting 1-5 percent of your bankroll on each bet, depending on your personal financial situation and risk tolerance.
Another tip for sports betting is to avoid going on tilt, which refers to the tendency of bettors to make rash decisions due to emotion. It can be tempting to chase a bet that has lost or double your money after a winning bet, but this will only result in more losses and potentially deplete your bankroll. It’s best to bet sober and stick to a betting schedule or routine.
Finally, be sure to take advantage of sportsbook promotions. These can be in the form of free bets, risk-free bets, or odds boosts. All sportsbooks are competing for your business, so they will offer these types of promotions to attract and retain bettors. You can find a list of all available sportsbook promotions on our Promotions page.
