When betting on a sport, you have a number of options. You can place wagers on individual contests, events during a fixture, or even on entertainment. But the primary purpose of betting is to make money.

A bettor should understand what the differences are between odds and true chances. This is especially important when a bettor is a beginner. Once a bettor learns how to convert odds into implied probabilities, he or she will find that sports betting becomes easier.

The most common betting format is the point spread. Point spreads are designed to incentivize potential bettors to consider both sides of a game. In most cases, the favorite wins by a larger margin than the point spread. For example, if the Steelers are favored by a single point against the Ravens, the bookmaker sets the spread at -1.5.

Another popular format is the money line. Money lines are wagers that require the bettor to bet a specified amount of money to win $100. Generally, a bettor should bet between one and five percent of his or her bankroll.

Betting can also be done on total points. Total points are the total number of runs and goals in a game.

Some other popular wagering formats are parlay, teaser, and pleaser. Parlay involves a series of wagers that must all come out in order to be successful. The payout will vary depending on how many bets are included and how much each bet costs.