Sports betting is all about predicting what will happen during a game or event and risking money on the chances that it will occur. Odds are set based on how likely an occurrence is to happen, with the more likely a bet will pay out the less it will cost you.
You can place bets on individual teams, or you can make a wager on total points, or the over/under, which are determined by a bookmaker’s prediction of how many total points will be scored in a game. You can also place parlays, which combine two or more teams into a single bet for a larger payout.
A successful sports bettor needs more than just good research and strong betting strategies. They must also have a solid bankroll management strategy. This is important to help you stay disciplined and avoid making big mistakes that can destroy your bankroll and, in some cases, your life.
Having a bankroll will also allow you to track your bets and see which types of bets are working for you, as well as which ones aren’t. You can use an Excel sheet or even just a notebook to keep track of your bets and the money you’re winning (and losing) each week.
As more states legalize sports betting, it’s becoming increasingly clear that there is money to be made by those who can figure out how to win. But it’s not a passive income, like investing in the stock market, where you can earn an 8% return long-term. It’s more active, like day trading, where you can see returns above 25% month over month.