Sports betting can add a whole new level of excitement to your game day experience, but it’s not without its risks. If you’re new to the world of sports betting, or just looking for a quick refresher course, here are some basic tips to help you get started.

Understand the odds and the different types of bets. Moneylines and spreads are the most popular bets, but there’s also a whole host of other options that can give you a more personalized wagering experience, like player or team props. Player or team props offer a deeper dive into the specifics of an event, such as how many points a particular player will score. Team props can be based on things like the weather or ballpark conditions (e.g. short outfield fences can favor homers). And finally, there are event or game-specific props such as the color of Gatorade that douses a coach.

It’s important to remember that there is no magic formula to winning at sports betting, but you can improve your chances of profitability by exercising discipline in a few areas, such as bet sizing and bankroll management. Bet sizing is the amount of money you risk on a single bet, and it’s usually best to stick with 1% to 5% of your total bankroll. Keeping track of your bets in a spreadsheet can also be helpful for staying on top of your betting habits.

Know that losing a bet can happen even when you’re on a hot streak. It’s not uncommon to see a winning streak stretch for a few weeks, and that’s why it’s important to be prepared for the occasional loss. If you’re not careful, it can be easy to let one bad bet derail your entire betting career.

Keep in mind that a sportsbook will always have the edge over bettors because they are able to set their own odds for an event and charge a small fee known as vig, or juice, to cover overhead costs. This is why it’s so crucial to shop around for the best odds on a given bet.

It’s also important to remember that sports betting is a form of gambling, and as with any other form of gambling it can be addictive. If you’re not ready to accept that you could lose some money, or you have a preexisting gambling problem, then sports betting is not for you. Those who understand that profiting from sports betting takes time, research, and discipline will have the best chance of long-term success. Good luck!