In sports betting, you place a bet on an outcome of your choice and then get paid if that outcome happens. This can be as simple as a moneyline bet, which is simply placing a bet on a team to win. It can also be much more complicated, such as a parlay, which is combining multiple bets to reduce the odds and maximize your payout.

Sportsbooks set their lines based on the general consensus on what is likely to happen in a game. But it is possible to outsmart them and net a profit. One of the most important tools to do this is called expected value.

Expected value is a calculation that helps you determine how likely it is that a particular bet will have positive EV (i.e. make you money) over the long term. This is a key differentiator between sharp bettors and the casual public.

Weighing bets by expected value is a cornerstone of +EV betting and gives sharp bettors a fundamental edge over the sportsbooks. But it’s not something that comes naturally to many bettors.

Developing a sense of value takes time and effort, especially when you’re first starting out. A good way to develop this is to specialise in a league or tournament that you’re familiar with. This will help you develop your skill and build up your confidence. Once you have this, you can start to expand your horizons. However, it’s important to be aware of the limits of your knowledge and to never bet more than you can afford to lose.