Millions of sports fans across the globe think that betting on their favorite teams must be easy, or at least profitable. Unfortunately, they’re wrong. After accounting for the vig (or “juice”), sports bettors must hit 52.4% of their bets to break even. Even the most successful “experts” get less than 60% of their picks right. And they all endure cold streaks from time to time.

To make money betting on sports, you must be willing to take a long view of things and not just focus on one game at a time. In addition, you must understand that there are no guarantees when it comes to sports betting and be prepared for periods of big losses as well as wins.

Unlike horse racing, where bettors wager on the winner of a race, sports betting relies heavily on odds to determine which team is most likely to win a given event. The oddsmakers of each sport assign a probability to each possible outcome of a game, and then calculate the amount of money you would win if you placed a bet on that particular outcome. The favorite is usually defined as a team with superior players, better coaching, or a track record of success and they are given higher odds than the underdog.

The most important aspect of sports betting is researching and learning the rules of each sport you want to bet on. It is also a good idea to bet only on sports that you are familiar with, preferably those that you love and follow closely. This helps reduce your reliance on opinions and bias, which can lead to bad decisions.