Sports betting is a fun and exciting way to get involved with the games you love. But it can also be very dangerous if you’re not careful. Here are some tips to help you avoid making costly mistakes.

The most common bets are moneylines, point spreads, and parlays. But there are many more types of bets, including totals and player props. The latter allow you to place bets on more specific outcomes, such as how many points a particular player will score or how many touchdowns a team will make. Prop bets can be a great way to add some extra excitement and value to your wagers.

Understanding the odds and probability of a game is essential to winning at sports betting. The odds of a team or individual player winning are based on their probabilities of happening, which is why a bet that appears to have low risk will pay out less than a bet with a higher probability. Sportsbooks also charge a fee called the juice, or vig, for taking your bets. This is a hidden cost that must be factored into your calculations.

One of the biggest mistakes new bettors make is placing too much money on a single bet. This can easily deplete your bankroll if you lose. It’s best to start small and increase your bet size as you gain experience. A good rule of thumb is to put between 1 and 5 percent of your total bankroll on each bet. This way, you’ll be able to weather the losses and still have some money left over for your next bet.

Another mistake to avoid is thinking that a bet is guaranteed to win. This can be very frustrating, especially if you placed your bet on the underdog and they end up winning by a large margin. However, if you understand that there is no such thing as a sure bet and that even the smallest advantage can make or break a wager, you’ll be able to avoid losing big bets.

Lastly, you should try to focus on a few sports that you’re most familiar with. This will help you develop a sense of betting value, which will make your bets more profitable over the long-term. It’s best to stick with a single league or tournament at first, and then expand your knowledge as you get better.

In addition to focusing on the teams you know, it’s also a good idea to research the individual players and their abilities. This will give you a more accurate picture of how each player might perform in a given situation. For example, if you’re betting on an NBA game with a total of 42.5, you’d want to know that both teams have decent defenses and a solid bench. This will make your Over/Under bets more accurate and more profitable in the long run.