Sports Betting 101

Betting on sports involves making decisions about whether to place a wager on a favorite or an underdog. A favorite has a higher probability of winning the game than an underdog does. While betting on the favorite will give you a higher chance of winning, the downside is that you’re also taking on a bigger risk. In contrast, betting on an underdog can yield a larger payout. This strategy is often called a pick.

There are hundreds of types of sports betting. The most common are a moneyline bet (bets on the winner of a game), a spread bet (bets on a team’s margin of victory), and a parlay (bets on several outcomes of a game). Then there are prop bets, which are more specific and involve individual athletes or teams.

The risk of betting on futures can be high, but the reward can be great. Futures bets lock in the odds at the beginning of the season, but can go up and down throughout the season. This can mean betting on a long shot early on and getting a huge payoff. The downside is that you’re locking your money up for a long time, which can result in problems if key players are injured or a team slumps.

Spread bets are a form of betting in which the bookmakers handicap one team against another. They assign point spreads based on expected difference between the teams’ final score. You need to determine which team is better, and which team is more likely to win. Then you’ll be able to place bets on the favorite and underdog. You can also place moneyline bets on the favorites and underdogs to increase your parlay payout.