Sports betting is a thrilling fusion of strategy, psychology and chance, offering opportunities for entertainment and financial gain. In the US, legal sports betting is estimated to be worth hundreds of billions of dollars annually. However, making money at sports betting isn’t as easy as it sounds. The most successful bettors are those who follow a few basic rules and make smart bets based on research and knowledge of their teams.

There are many types of sports bets available, from simple wagers on the outcome of a game to complex multi-game parlays. The most popular bets are straight bets, which involve placing a bet on a single outcome. For example, if you think the Toronto Raptors will win an upcoming game against the Boston Celtics, you can place a bet on the team to win with a simple moneyline bet.

Another common type of bet is the spread bet, which is a wager on a team or player to win by a certain number of points, goals or runs. The odds of a spread bet are set by the bookmaker and reflect the expected margin of victory.

In addition to spread and over/under bets, a third type of sports bet is the prop, which is a special wager that has nothing to do with the actual game or event. For instance, a bet on the total number of touchdown passes in a football game or the color of Gatorade that douses a coach are both considered props. Props typically have lower payouts than other bet types, but they can add a fun element to watching a game.

Lastly, there are futures bets, which are long-term wagers on the winner of a competition or event. These bets aren’t as common as the other three types of sports bets, but they can have high payouts. The best way to get started with futures betting is by choosing a sport that you’re familiar with from a rules perspective and following it closely regarding news and player/coach injuries.

One of the most important aspects of sports betting is establishing how much you can afford to lose on each bet. Many people are tempted to place a bet that they can’t afford to lose, but this leads to bad decisions and often results in a loss. A good rule of thumb is to limit your bets to 5% of your overall bankroll.

Profitability in sports betting is a marathon, not a sprint. It takes time to build up a solid bankroll and requires discipline and patience to make smart bets that have a decent chance of winning. It’s also crucial to avoid betting more than you can afford to lose, and to use a system of tracking your bets (such as a spreadsheet) to keep track of your progress. Eventually, you’ll be able to identify which types of bets you’re most likely to win. Just remember, even the most skilled handicappers can only achieve a 50% hit rate at best.