Sports Betting 101

A bet is a wager on the outcome of a particular event. When a bet wins, the bettors receive their original stake back plus any extra money they won. When a bet loses, the bettors’ initial stake is lost and they are out of money. Betting is legal in most states, and there are many types of bets. Some of the most common include parlays, moneylines, point spreads and futures bets.

Hedging: Placing a bet on both sides of an event to minimize losses and ensure a small profit (known as a hedge). Hedging is especially useful when placing futures bets, which can have long-term ramifications.

Follow/Ride/Fade: Following a betting tipster’s picks because you trust their opinion. Example: Caroline trusts Cabbie’s Purple-vs-Red picks so she places a bet on Purple; Tim doesn’t trust his opinion, so he decides to fade Cabbie and bet on Red.

Off the board: When a sportsbook removes a game from its lineup for some reason, such as an injury to a player. This happens when a sportsbook knows that the team isn’t likely to win and doesn’t want to risk losing any bets.

Bet with a goal in mind and set a budget before you start betting. This will help prevent you from making bad decisions based on emotions. It is also important to have a betting schedule and routine to keep you on track. Avoid betting if you are tired, hungry or intoxicated. This will lead to poor decisions that can cost you money.