Sports betting can be very profitable for those that are dedicated and willing to put in the time and effort required. However, it is not a get-rich-quick scheme and will require patience, discipline, and sound bankroll management. It is also important to research and understand the rules and trends of each sport. Keeping track of your bets (a standard spreadsheet will do) is a good idea, as well as avoiding teams/players you don’t like from a rules perspective and those that are not adjusting their lines quickly after news about players and coaches.
The most common sports wagers are based on point spreads. These are calculated by subtracting the favored team’s expected winning margin from the underdog’s and multiplying it by the oddsmaker’s edge. The result is the number of points that a bet must cover in order to win – known as “covering the point spread.” Another popular type of bet is a round-robin bet, which combines two or more parlays with each other to increase your payout.
Successful long-term sports bettors have impeccable money management skills and never place more than they can afford to lose on any wager. They use staking plans and leverage smaller bets on riskier wagers and larger bets on higher-confidence plays. They keep their emotions in check and avoid chasing their losses or trying to make up for a loss with more bets, which is known as going on tilt. In addition, they use a no-vig fair odds calculator like ElitePickz to calculate their edge and maximize profits.