The Supreme Court has struck down a federal law that had confined sports betting to Nevada for decades, and now more than 30 states can legally allow people to place bets on sports. But before you start placing your bets, there are a few things you should know.
There are many different types of sports betting, but the premise is always the same-betting on an outcome and getting paid if you’re right. Moneyline bets are on a specific outcome, while point spreads and totals focus on short term events like individual matches. Futures, on the other hand, are long term bets that focus on events like the winner of a league or tournament.
It is possible to turn a profit from sports betting, but the odds are stacked against you. After accounting for vig, you must win about 52% of your bets to break even. And even the best professional bettors, known as sharps, only manage to achieve that mark about half the time.
When it comes to maximizing profits, the key is finding bets with higher than implied chances of winning. This is known as Value Betting, and it is one of the best ways to make money from sports betting. To get started, we recommend you use a bankroll management system to determine how much you should be risking on each wager. The general rule of thumb is to not risk more than 1% to 5% of your overall bankroll on each play.