When you sports bet, you’re essentially making a wager on the outcome of a particular match or event. However, it’s not as simple as just predicting who is going to win. Betting odds are a complex tool and finding value is a difficult task that requires research and an understanding of how odds are calculated.

Odds are the first thing that bettors look at when placing a sports bet. They represent the expected probability that a team will win or lose a game and can be expressed in American, fractional or decimal form. Odds are typically listed for money lines, point spreads and totals but can be applied to other types of bets as well. Odds can also be converted to implied probabilities, which is useful when analyzing why one team has been given a higher or lower odds than another.

Sportsbooks spend a lot of time and money analyzing thousands of events each year, using advanced statistics and programs to make sure their odds are as accurate as possible. But even the most seasoned bookmakers can only beat the house edge on about 55%-56% of their bets. The reason is that the “oddsmakers” have a built-in advantage that casual bettors can’t overcome: positive expected value betting.

When starting out in sports betting, it’s best to specialise in a sport or league that you already know well in terms of team histories and current performances. This will help you develop your sense of value betting and improve your chances of identifying and placing winning bets.