A sports bet is a wager that is placed on a specific outcome of a sporting event. There are a variety of different types of bets, each with its own advantages and disadvantages. Some are riskier than others, and some offer higher payouts. It is important to understand how each bet works before placing one. The more you know about the different bets, the better chance you have of making money.

Betting odds are set by a sportsbook and can be expressed in American, fractional, or decimal format. These odds are based on the probability that something will happen, and they can change due to injury or weather conditions. This is why it is important to always check the odds before making a bet.

You may also see betting lines that include a half-point (for example, the Patriots as three-point favorites). This is called the hook and it is designed to avoid a push, where both sides get their money back. It allows the sportsbook to make a profit.

Another type of bet is the total, which is the combined score of both teams. This is often over/under a certain number, such as 66 in college football games. This bet is a bit more complicated than the straight bet, because you need to predict whether the actual combined score will go over or under the set number. The payout is based on the odds at the time of bet placement and your stake.