Sports betting has exploded since the Supreme Court struck down PASPA. Many states have legalized it, and new operators are opening every day. The industry has also been boosted by the massive marketing campaigns of FanDuel, Draftkings, and other companies that are trying to lure customers with free money and promotions.

It’s no secret that sports betting is a risky business. But if you follow these tips, you can increase your chances of winning. The first step is to understand the odds. Odds are a representation of the likelihood of an event happening, and they can be either decimal or fractional. To calculate your potential return, multiply your stake by the odds. For example, a $10 bet on a team with 1.50 odds would return $15 ($10 x 1.5).

You should also keep track of your wins and losses in a spreadsheet. This will help you spot trends and patterns. It’s important to know how much to bet per game and stick to that amount. A good rule of thumb is to place bets that are less than 5% of your total bankroll. It’s also important to have discipline and avoid placing bets based on emotion. Often, your favorite team will lose, and that can be very frustrating.

Another tip is to learn the rules of a game and the scoring system before making a bet. If you’re not familiar with a sport, try reading a book or watching some games on YouTube to get an idea of how the game is played. It’s also helpful to find a sportsbook that offers live streaming of games, as this can make it easier to follow the action.

If you want to bet on more than one event, you should use parlays judiciously. These bets can offer significant payouts, but they are also more risky than single-event wagers. Always read the terms and conditions of each sportsbook before placing a parlay bet. Ideally, you should only place parlays on events that have a high probability of winning.

There are also a number of different ways to bet on sports, including through pools and fantasy leagues. Pools range from small-scale predictions to large-scale lotteries, while fantasy leagues involve players selecting actual athletes for their teams before a competition or season starts. Both types of bets can provide a fun and social way to make wagers. However, be warned that both methods can lead to gambling addiction. In addition, be aware of the risks associated with online gambling.