If you’re considering sports bet as a career, or even just a hobby, it’s important to understand how to calculate your return on investment (ROI) and how to properly track your wins and losses. This will help you make better decisions and avoid the common mistakes that can lead to disaster.

One of the most important things to remember is that sports betting is a marathon, not a sprint. You’ll have good days and bad days, but a good rule of thumb is to risk only 1% to 5% of your bankroll per game. This will ensure that you’re not over-betting and ruining your long-term profitability.

Another tip is to focus on one or two sports that you’re passionate about. This will allow you to develop a deep understanding of the teams, players and trends in those sports and will give you an edge when it comes to making smarter picks.

It’s also important to understand odds and implied probability. Odds are the sportsbook’s prediction of what will happen and they indicate how much money you can win if you place a bet on that outcome. If your predictive model gives you a higher actual probability than the sportsbook’s implied probability, then you have found value and should be excited about placing that bet.

It’s also a good idea to have a dedicated bank account for your sports bets. This way, you can keep your gambling funds separate from your regular spending money and avoid the temptation to spend more than you can afford to lose. This will also help you manage your bankroll more effectively and protect it from any unexpected events.