A successful sports bettor is a disciplined gambler, one who manages their bankroll and follows a solid betting strategy. Managing your money is essential in sports betting because it keeps you from placing bets that you shouldn’t, which leads to big losses. It also helps you keep a level head when betting, as it is easy to become emotional and make bad decisions if you lose a bet.

The first thing you must do to be a successful sports bettor is set a bankroll and stick to it. This is the amount of money you are willing to risk for each betting session and will vary from person to person. This number is important because it lets you know how long you can bet and will prevent you from making rash decisions when things aren’t going well.

In addition to setting a bankroll, you should always track your wins and losses on a spreadsheet. This will help you identify which bets are profitable and which ones aren’t, and it will also give you a better idea of your overall return on investment.

Whether you are betting on team totals, props, or individual player bets, odds are everywhere. Each bet type has a different payout potential, which is always displayed on the betting slip when you place a wager online or in-person. The payout is calculated by adding the bet amount to the current odds. For example, a $10 bet on the Blues to win will have odds of +200 to win, while a $10 bet on the Avalanche to win will have odds of -180 to win.