Sports betting has exploded across America following the Supreme Court ruling that struck down the Professional and Amateur Sports Protection Act. It has become an integral part of the sporting experience, bringing a new dimension to NBA games and NFL Sundays. However, many novice bettors quickly run into financial difficulties due to unrealistic expectations and bad habits.

There is no magic formula for winning at sports betting, but a combination of patience, knowledge and strategic betting can increase your chances of profitability over the long run. It is important to avoid betting based on emotions and focus on objective research and analysis. Keeping track of your bets (a standard spreadsheet works fine) is also critical. In addition, limiting your bet size to 1-2% of your total bankroll on a per play basis is optimal. This allows you to cover variance and mitigate risk.

One of the most common types of sports betting is a straight bet, which involves placing a wager on a single outcome of a game. For example, if the Toronto Raptors are playing the Boston Celtics in an NBA game and you believe that the Raptors will win, you would make a straight bet on them to win.

Another type of sports betting is a spread bet, which involves placing a bet on the margin of victory. These bets are often referred to as Over/Under bets and involve the total number of points, goals or runs scored in a game. Correlated parlays, which combine two bets that have a direct correlation with each other, are an excellent way to increase your winning chances.