The popularity of sports betting can be attributed to a number of factors, including growing acceptance of gambling in general, intense media coverage of sporting events, and new technologies that allow wagering on the action from the comfort of home or work. Most people who bet on sports are fans to begin with, and they use their knowledge of a sport or team to place bets that can add some extra excitement to their watching experience.

Sports betting is a form of risk-taking, and the odds set by sportsbooks reflect that. The probability of something occurring during a game is calculated by subtracting the sportsbook’s commission from the total amount that could be won if all sides were to bet equally on each event. The higher the probability, the lower the risk and the lower the payout, while the opposite is true as well.

Statistical analysis is one of the most useful tools for sports bettors. It can help to identify profitable opportunities and to make better decisions by removing emotion from the equation. This is an especially important consideration when betting against the public, where large shifts in team and player support can skew odds dramatically.

Pro sports bettors also keep near-obsessive records of their bets, tracking the results and testing theories like “left-handed pitchers lose to right-handed batters.” They don’t rely on locker room gossip or feel good about their favorite teams, they focus on the facts and math. They look for edges, the little things that a sportsbook overlooks or miscalculates.