Sports betting comes in many shapes and sizes, but in general, it simply involves placing money behind the desired outcome of a sporting event. Different types of bets include moneyline bets, spread bets, and parlays, which combine multiple outcomes. These wagers have different odds and payouts, but the end result is the same: you make a profit if your team wins.
One of the most common sports bets is the point spread. This is based on the number of points that the favored team is expected to win by, so the point spread is usually ten or eleven points. A favorite team must win by more points than the underdog team in order to cover the spread. Typically, sportsbooks offer point spread bets at 11 to 10 odds, so a $11 bet on the favorite would result in a payout of $21.
If you’re a new bettor, you’ll need to learn how to read and understand the odds. Oftentimes, odds are represented in dollars, and you’ll find this to be easier to understand. The moneyline, point spread, and over/under are all examples of American odds. While these are the most common forms of sports betting, they are not the only types of bets. It’s also essential to understand the difference between true chances and implied probabilities before you place a wager.
Another common mistake new sports bettors make is chasing their losses. While it’s common to want to win a game and get even with your losses, this strategy will only cause you to risk more money than you intended. The best way to avoid chasing your losses is to stick to your betting limits.