When you wager money on a sports event, the potential payout is reflected by the odds attached to your bet. These odds are listed in American, decimal or fractional form and can be found on your betting slip at a sportsbook (online or in person). Odds are the chances that a team will win against another based on how much you’re willing to wager. Good teams are known as favorites and are given a positive number in the odds while bad teams receive a negative number. The shorter the odds, the higher a team’s winning probability, while longer odds indicate a greater risk of losing.

Understanding the different types of sports bets is a great way to increase your winnings and minimize your losses. This includes figuring out how to place a parlay, which combines multiple bet types into one ticket. Then, you can determine the best type of bet for you based on your bankroll and how confident you are in each play.

It’s also important to figure out your personal betting goals early in your sports wagering career. Are you content with small, consistent returns? Or do you want to try and make a profit with each bet? Once you have a handle on these basics, it’s time to move on to learning about money management and betting strategies.