Betting on sports is a good way to earn money, but you must know what you’re doing. Taking on too much risk, betting too high, or chasing a loss are all mistakes that can end up costing you your bankroll.

The first thing you should do is set up a budget for your betting. Treat it like an investment and use a percentage of your bankroll to wager on each bet. This will help you manage your losses and make them easier to recover from.

Start with a small amount and increase it gradually. The amount should be around 2% to 5% of your total bankroll.

Do your research and study the players. This will help you build a betting edge and become more confident in your betting.

Stay on top of a few different sports, but stick to one that you’re familiar with. Doing this will also help you to stay focused and avoid making mistakes.

Don’t be afraid to bet on the underdog. The oddsmakers set lines based on what they think the outcome of the game will be, but that doesn’t mean that underdogs will win every time.

Odds and lines move constantly due to random information, betting action, and weather. They’re all meant to encourage a little tension in the market, but don’t think that they’re predicting the final outcome of a game.