Sports betting is a multibillion-dollar industry that’s been growing rapidly over the past four years. And with the legalization of sports wagering in many states, millions of new bettors are looking to get in on the action.

Before you start placing bets on any sport, there are a few things you should know. These tips will help you win more money and avoid common pitfalls that could cost you your bankroll.

1. Don’t Go On Tilt

Going on tilt is the term used when bettors let emotions cloud their judgment, causing them to place unwise or irrational bets that end up costing them their bankroll.

2. Make a Plan and Follow It

A good plan is one of the most important things you need to do if you’re looking to succeed at sports betting. It will allow you to set a specific amount of money that you’re willing to risk and keep you on track throughout the season.

3. Bet Sober

Keeping a clear head and doing your research are essential to winning at sports betting. But there’s a dark side to this rule: if you lose too many bets, it can leave you with nothing left to lose.

4. Always Do Your Homework

While there’s no foolproof way to predict the outcome of a game, you can still learn about the teams and players involved in the matchups. This will give you an advantage when placing your bets and can even improve your chances of winning if you’re not very good at picking winners.

5. Do Arbitrage

Arbitrage is an advanced betting strategy that can guarantee a profit when you bet on multiple games at the same time. It can also be a great way to diversify your bets and maximize your bankroll.

6. Know Your Odds

When you’re betting on a sporting event, oddsmakers determine which team is expected to win and which team is likely to lose. This is based on a variety of factors including the level of competition, injury reports, and weather conditions.

7. Choose a Book with Good Odds

When choosing a sportsbook, it’s important to find the right balance of expected profit and risk for your bets. This can be done by comparing the odds offered at different sportsbooks.

8. Look for Welcome Bonuses and Promotions

When you first start betting, welcome bonuses are a great way to boost your bankroll. These can be as small as a few free bets or as big as thousands of dollars. Whether you’re looking to bet on a team or a single player, it’s always helpful to know which online sportsbooks offer the best welcome bonuses and promotions for their customers.

9. Stay Sober

Another important tip for sports bettors is to stay sober while they’re placing their wagers. It’s easy to get swept up in the excitement of betting on a game or to be distracted by your emotions when making a bet.

10. Protect Your Bankroll

It’s not easy to make a living out of betting on sports. You need to be patient and disciplined, especially if you’re new to the industry. But if you’re willing to put in the effort, there are many ways to make a decent living from sports betting.