Sports betting is one of the hottest new areas of gambling, with thousands of players joining the industry since the law changed. But the jargon and terminology can make it intimidating to get started. The most important aspect to understanding how to bet on sports is the odds. These are a number that shows you how much you stand to win for every $100 wagered. The odds are set by the bookmaker based on the probability of an event occurring, with higher odds indicating a better chance of winning and lower odds implying a greater risk. They are typically shown as positive or negative numbers, with a plus sign indicating the underdog and a minus sign indicating the favorite.
Bettors can also place side bets, known as prop bets, which give them a vested interest in more specific outcomes like how many points a team will score or how many yards a player will gain on a run. These bets often pay out more than the main wagers, but they are more difficult to win.
It’s also critical to have a solid money management strategy when placing bets. Figure out how much you’re willing to spend each week, and stick to that amount. This is your bankroll and you don’t want to lose it all on a bad day of wagers. Some sports bettors even recommend limiting the size of each individual bet to 1 or 2 percent of your overall bankroll, depending on your confidence in a play.