Sports betting is a fun way to wager on your favorite teams and events. But before you make your first bet, it’s important to understand the basics of this form of gambling. There is a lot to learn, from the different bet types to the odds and probabilities that determine how much you will win or lose. Here are some helpful tips to get you started:

Set Your Bankroll

The key to making money in sports betting is managing your bankroll. Determine how much you are willing to risk, and then only bet that amount. This is important because you don’t want to put all of your winnings back on the next bet or risk losing it all at once. Also, you should keep track of your bankroll as you place your bets. This will help you see how your bets are performing and how much you have won or lost.

Do Your Homework

Before placing a bet, you should do your research. This includes not only looking at the history of both teams, but also understanding what they are good at and what their weaknesses are. It is also important to separate yourself from your fandom, and not let that influence the decisions you make about who to bet on.

If you’re a true sports fan, you may even consider placing bets on futures markets, which are bets on events that will occur in the future. These bets typically offer higher odds—and therefore, larger payouts—than straight bets.