Sports betting is the act of placing a wager on the outcome of a sporting event. Bettors may place individual bets or parlays. Parlays are a series of bets that pay out at higher odds than individual bets. They also have the added advantage of reducing the amount of money the player has to risk in order to win.
Winning consistently at sports betting requires knowledge of the game, understanding the odds and making smart bets. The most common bets are based on the point spread. The point spread is a margin of points by which the favored team must win in order to cover the bet.
In a game with equal chances of winning, the spread is often indicated by a number that includes a half-point (for example, New England Patriots -3). This is called the “hook,” and it prevents a push, in which both sides of a bet would get their money back. It also allows the sportsbook to make a profit from losing bets, which is why the NFL and NHL use this method while MLB and NBA games do not.
A seasoned sharp will look for value in a variety of bets, but will often focus on a certain type of bet. For example, a sharp may focus on handicapping small NCAA conferences and becoming an expert on each school’s football or basketball teams. This is a great way to find value because the lines for smaller conference games are usually sloppier than those on professional sports.