When it comes to sports betting, there are a wide variety of bet types to choose from. Moneylines, over/under and spreads are the most common bets, but there are also prop bets that allow bettors to have a more vested interest in specific outcomes like how many points a player will score. It is important to know what each of these bets mean and how they differ from one another in order to make the best decisions when placing a bet.
The most obvious difference is that a plus sign (plus) before a team’s odds means they are the underdog, while a minus sign (-) indicates they are the favorite. The underdog has a lower probability of winning or happening, which means the return on a bet placed on them will be smaller. The favorite, on the other hand, has a higher probability of winning or happening, which means the bettors will receive a bigger return on their bets.
Another big difference is the juice or vig, which is how the sportsbook takes a cut on each bet. It can add up if you place a lot of bets, so it is important to budget for this. In general, you want to bet at least 1% to 5% of your bankroll on each play. This will ensure you are able to weather the bad days and still come out with a profit.
One of the most common strategies that bettors use is to look for trends. This can be as simple as riding a team’s hot streak or as complex as studying historical data to find tendencies in team performance. By studying trends, bettors can gain an edge over the sportsbooks and increase their chances of winning.
It is also a good idea to shop the odds for each game you plan on betting on. Different bookmakers offer different odds, and this is often due to the fact that they are catering to different clienteles. In order to get the best prices, bettors should check out multiple bookmakers and compare the odds for each event before making a wager.
Bettors should also be able to separate their emotions from the outcome of a particular game. This can be difficult for some people, but it is necessary to avoid betting on teams or players solely based on bias. This can lead to poor decision-making and can decrease your chance of winning.
Finally, bettors should always keep track of their bets in a spreadsheet. This will help them stay on top of their results and identify areas that need improvement. It is also a good idea to only bet on sports that you are familiar with from a rules perspective and that you follow closely regarding news about the teams or players. This will help you spot betting angles and make more informed bets.