The first step in sports betting is understanding the odds. These are the numbers set by bookmakers that tell you how likely one team is to win. They can be expressed as American odds, fractional or decimal and are based on probability. Understanding the odds is crucial because it tells you how much a bet will pay and what your potential profit is. It also helps you see that not all bets are created equal.

Every game has a favorite and an underdog, with the favorite being the team expected to win based on their odds. Favorites have higher expectations and will need to cash at a greater percentage to be profitable. Odds can change before the start of a game as new information becomes available, such as injuries or weather conditions. This is known as line movement and can affect the payout of your bet.

There are a wide variety of sports bets you can place, from moneylines to spreads to parlays. You can even bet on individual player statistics, such as how many points a particular player will score. In addition, you can bet on events that occur during a fixture, such as the first goal or the total number of yellow cards.

A total, or over/under, is a type of sports bet where you predict whether the combined score or another statistic will end up higher or lower than a predetermined total. The total can be on anything from the total number of goals scored to the number of rebounds, wins, saves or hits (depending on the sport). You can bet over/under at most online and offline sportsbooks.