When you bet on sports, it’s important to understand how vig and margin of victory factor into your wagers. In addition, you’ll need to understand the different bet types and how they work. Here’s a breakdown of some of the most popular wagers and their odds.
Many people see sports betting as a quick and easy way to make money, but the truth is that it’s not. After accounting for the vig, even the most successful “experts” need to hit less than 60% of their bets in order to break even. This means that every sports bettor is going to have some cold streaks mixed in with the occasional hot one.
The best sports betting apps offer a variety of perks for users, including robust banking options, watertight security and competitive odds. Some offer virtual or e-wallets that enable you to deposit and withdraw funds in just a few taps. That makes them a great option for people on the go who want to place a wager while watching their favorite team play live. BetMGM, Caesars Sportsbook and FanDuel all offer mobile betting apps that feature reliable streaming and crisp graphics.
Another tip for winning at sports betting is to always set a budget and stick with it. This way, you can avoid overspending and prevent big losses when you’re not seeing the results you’re hoping for. A good rule of thumb is to risk no more than 1% to 5% of your bankroll per play.
In addition to setting a budget, it’s important to do adequate research before placing any bets. This can include researching weather forecasts, injury reports and player trends. Those who take the time to do this are often referred to as handicappers, and they are typically more successful than those who just bet on their favorite teams.
A straight bet is the most basic type of wager and involves simply predicting the outcome of a single game or event. The payout for a straight bet is determined by the odds and is displayed on your betting slip. It’s possible to win big on a straight bet, but it is also important to remember that there is no such thing as a guaranteed winning bet.
A parlay is a bet on multiple games or events and is typically more lucrative than a straight bet. However, it’s important to remember that you need to win more than half of your parlays in order to break even. This is why most experts recommend using a flat betting strategy and risking only a small percentage of your total bankroll on each play. It’s also a good idea to use a sportsbook that offers a wide range of props and markets, so you can shop around for the best odds.