Betting involves placing a bet on an outcome of your choice and being paid if that outcome is achieved. You can bet on one team to win a game outright (Moneyline), on the total number of points scored in a game (Over/Under) or combine multiple outcomes into a parlay. The key to betting successfully is understanding odds and their translation into implied probabilities. You must also understand how bookmakers set their odds and how market behaviour impacts these prices over time.

The most basic form of sports betting is a straight bet on the winner of a particular game or event. The house takes a small percentage of the action in return, known as the vig. The lower the vig, the better your chance of winning.

Bettors often get emotionally attached to their favorite teams, and this can be a dangerous thing when it comes to betting. High-profile NFL, MLB and NBA teams receive outsized attention from fans and the media, and this creates a strong bias toward them at the books.

This imbalance can provide +EV opportunities for bettors who can find value on underdogs. A common myth is that you must bet on low odds to find value, but this is untrue. The key is to compare the odds offered by a bookmaker with your own estimation of the probability of an outcome and take advantage of the discrepancy. The bigger the discrepancy, the more money you stand to make.