Sports betting is one of the fastest growing entertainment markets in the world, and it’s even more popular since the United States legalized sports gambling in May 2018. However, many people don’t understand all aspects of this popular pastime. For example, the rules and regulations of sports betting vary from one bookmaker to the next, and different wagering methods are used by each. In order to make money, you’ll need a well-crafted strategy that includes thorough research and disciplined bankroll management. In addition to studying game statistics, it’s important to keep abreast of injuries and weather forecasts, which can impact a team’s performance.

The most basic type of bet in sports is a straight bet, which is placed on the team or player that will win a specific event. The odds of a win are listed on the betting board, and your potential payout is calculated by adding your bet amount to the current odds. This payout is shown on your bet slip, whether you place your bet online or in person.

Point spreads are another common type of bet. These are made when two teams with similar records meet each other and the sportsbook offers a number that favors one team over the other. The spread is usually expressed in increments of a half-point (i.e., Patriots -3.5) to avoid the possibility of a push, where both bettors get their money back.

Over/Under bets are a bit more complicated than straight bets. These bets predict if the two involved teams will combine for more (over) or less (under) runs, goals, points and so on than the total amount posted by oddsmakers. For example, if the Los Angeles Rams-Seattle Seahawks game has a total of 42.5 points, you’d bet the over if you expect a high-scoring shootout and the under if you anticipate a defensive slugfest.

There are a variety of other types of bets available, including futures bets, which are placed on events that will take place in the future. For example, a futures bet on the Super Bowl winner can be placed before the season begins, but the odds will change based on injuries and other factors until the championship is decided.

Finally, novelty props are a fun way to place a bet and add some excitement to your sporting event experience. These bets are typically reserved for big-ticket events like the Super Bowl and can range from the length of the national anthem to which song the halftime performer will sing first. While these bets aren’t as lucrative as other bets, they’re a great way to pass the time during the game and offer some extra perks for fans.