Whether you’re betting on your favorite team or just trying to make some extra cash, sports betting is a fun way to pass the time. But, like anything, it’s not without its risks. If you’re new to sports betting, here are some things you need to know.

Bankroll

Managing your bankroll is perhaps the most important thing to keep in mind when betting on sports. Set aside a specific amount of money that you’re willing to lose and treat it as a separate fund from your day-to-day income. By doing so, you’ll be less likely to make irrational decisions that lead to poor results.

Odds

The odds on a given event are calculated by the sportsbook’s house edge, which is the amount they stand to make in commission when you place a bet. This is why it’s important to understand how odds are calculated and how they change over the course of a game. The higher the vig, the more difficult it is to break even.

Understanding the different types of bets and their payout structures is also essential to becoming a successful sports bettor. For example, a moneyline bet is simple: you bet on a team to win and, if they do, you get paid. However, a parlay bet is much more complex. You’ll need to bet on multiple teams to win a parlay, and the payouts can vary greatly depending on the outcome of each individual wager.

Totals

Probably the most popular type of sports bet is the over/under, which allows you to bet on the combined total of a game’s points, goals, rebounds, wins, saves, birdies, and many other statistical categories depending on the sport. These bets are typically set by the bookmakers and can be placed on most events.

While some people may dream of making a living from sports betting, the reality is that it takes a lot of work and research to make consistent profits. Those who are looking for a get-rich-quick solution or have minimal work to do will be disappointed, but those who are willing to put in the effort can find success. As a long-term endeavor, it can yield an 8% return month over month if you’re lucky enough to hit on some value bets. But, it’s always best to play responsibly and never lose more than you can afford to lose. This starts with setting a budget and sticking to it.