There is no one-size-fits-all strategy when it comes to sports betting, so you need to consider what your goals are and how much risk you’re willing to take. For example, if you want to make the most money possible, it might be best to focus on safe wagers with high payouts and low risks. But if you’re looking for bigger profits, you’ll need to ramp up your risk level and try out more advanced strategies.

In addition to the basic bets, there are also parlays and accumulators that can increase your potential payout but decrease your chance of winning. A bet that wins by beating the point spread is a “cover,” but be careful, because not every bet covers. A minus (+) or plus (+) sign in a number means the team is the favorite or the underdog, respectively. The lower the probability, the fewer points the underdog needs to win or lose by and the higher the probability the greater the return for a bet on a team that is the favorite.

Sportsbooks pay out slightly worse than they should on every bet to work their juice into the equation (essentially a small fee they collect on each bet). When you see a better payout on a bet than you think it should be, this is value and worth pursuing. This is why you should always compare odds across multiple sportsbooks, a process known as line shopping. Small differences in the odds can add up to big profits for diligent shoppers. Injuries are another factor to keep in mind when assessing sportsbook lines.