Whether you’re an avid sports fan or just getting into the game, betting on it can be a great way to add excitement and fun. However, it’s important to understand how the different types of bets work before you put any money down. This will help you make smarter choices and increase your chances of success.
Moneyline bets are based on the overall winner of a particular game or event. The odds are expressed in increments of a point (.5) even though only a few sports have a scoring system with that amount of precision. A + sign before a team’s odds means they are the underdog and a – sign means they are the favorite. The odds are also expressed in a variety of ways, including fractional odds (e.g., +2.5) to eliminate the possibility of a push.
A common mistake among new sports bettors is betting on their favorite team. Although this can be a fun way to get into the game, it’s not a winning strategy. You need to learn how to remove your bias from the outcome of the game, so you’re not betting on a team because of their jersey color, horoscopes, or any other superstition.
The mathematical foundation of any sports betting strategy is expected value (EV), which reflects the probability that an outcome will occur. Many bettors ignore this aspect of the game, but it’s one of the most critical elements to understanding how the oddsmakers set their lines.