Sports betting is a form of gambling where you place a wager on the outcome of a game or event. It is a fast-growing industry, which offers many different ways to place a bet. Some of the most popular types of bets include straight bets (Money Line or Point Spread), Over/Under Totals, Parlays and Teaser bets. Other bets include Futures bets, Round Robin bets and Proposition bets.

Despite being relatively new, sports betting has seen a massive growth since its legalization in 2018. This industry is now attracting major investors who are investing billions in advertising and other promotional activities to drive the market further.

It’s important to understand that betting on sports is a risky endeavor, even for experienced bettors. The key to sustainable sports betting is working within a bankroll and never betting more than you can afford to lose. Most bettors also choose to bet “units,” which are a fraction of their overall bankroll, as this helps to diversify risk and avoid large losses.

A common sports betting mistake is backing heavy favourites. These bets usually attract a lot of emotive action, which can cause the odds to move in favor of the most popular teams. This is because these bets are placed by casual punters, who tend to place their money based on name value rather than actual talent or record.

The best way to find value is by using implied probability to determine how likely something will happen. Calculate the chances that a certain result will occur, convert them to odds and then compare it to the price offered by the sportsbook. If the odds are lower than expected, it’s a good sign that there is potential for a profitable bet.