Sports betting has become one of the fastest-growing entertainment markets around, particularly since legalization in the United States set off a boom ($13 billion bet legally last year). It’s still new to many fans and casual participants, however. As such, there are a lot of terms and concepts that can be confusing, even to the more seasoned “sharps.”

The first thing that anyone who wants to place bets on sporting events should do is figure out how much money they want to risk throughout the season. This is known as a bankroll, and it should be established before placing any bets. This will help keep you from going broke or betting too little, and it should also prevent you from losing too much when a bet doesn’t turn out as expected.

How Do Odds Work?

The odds of a certain team winning or losing are shown on the betting slip, which is accessed by clicking on a sport and selecting a bet type. These odds are then displayed on the screen, along with your potential payout if you win. This is the same for online and in-person wagers, although the odds will vary slightly from site to site.

A sportsbook’s odds are calculated by multiplying the probability of a particular outcome by the amount you bet on it. The result is then added to the number of other bets on that outcome. If the bet wins, it is a push and you get your money back. If it loses, the sportsbook makes a profit.

Some bets, such as those on futures or outright winners (like the Super Bowl winner at the beginning of the NFL season) are placed very early in the competition and have very low probabilities. These are the bets that can give you a big payday if you’re right, but they come with some of the highest risks as well.

Then there are the spread bets, which make their way into virtually every sportsbook in the country. The spread is a handicap that the bookmakers use to balance out bets on two teams playing each other. It means that the favored team must beat the underdog by a certain number of points in order to cover the spread.

This is why it’s important to separate your fandom from your betting decisions; if you bet on a team because they have prettier uniforms, you could be making some costly mistakes. It’s also important to know as much as you can about both teams, including injuries and any other factors that may impact the game. That’s why it pays to do your homework and read up on both teams before placing a bet. Good luck! And remember to have fun.