Betting involves putting money on an outcome and getting paid if it wins. While gambling relies on luck, betting can involve a lot of research and preparation, which can lead to better odds. There are many different types of betting, but the most common is wagering on sports events. Other forms of betting include prop bets, futures, and live betting (in-play).

To maximize value in sports betting, be sure to study the teams and players that you’re interested in with as much detail as possible. This can help you understand the nuances of each game, such as home field advantage or how a team might perform in a certain type of weather. It’s also important to keep track of injuries and recent performance, as these factors can change the overall picture.

Another form of betting is called over/under (totals) betting. These bets focus on predicting the combined score of both teams, and can be placed as either an over or under. In some cases, over/under bets can pay out up to 150 times the original wager if it hits. Parlay bets combine multiple individual bets into one wager, and all bets within the parlay must win for the entire bet to cash.

While it’s tempting to place bets on every game in a league’s schedule, no reasonable bettor is confident enough in each game to do so. It’s important to prioritize games that you feel most confident about, and only bet on them. This will limit your risk while still allowing you to enjoy the potential for big payouts.