Sports betting is a popular activity among sports fans. In fact, in 2019, more than $13 billion was bet legally on sports events in the United States. While there are many different ways to bet on sports, one of the most popular is betting on individual players or teams. Whether you’re a novice or an experienced bettor, there are some basic tips to help you win more often and improve your chances of becoming profitable.

The first step to making a profit in sports betting is understanding how odds work. A sportsbook sets the odds for a particular event or game based on its probability of occurring. A bet on the favorite has a higher probability of winning but will only pay out less money than a bet on the underdog. The higher risk involved in a bet on the underdog is worth it in the long run because you’ll get a better return.

Another key aspect of sports betting is limiting your exposure. You should never bet more than 1-5% of your total bankroll on any single wager. This will help you avoid large losses and maintain a steady winning streak. It’s also a good idea to have a clear plan of attack and stick to it. This will keep you from getting discouraged after a loss and allow you to continue improving your strategy.

In addition to placing bets on individual games and players, sports bettors can make wagers on the overall outcome of a game or tournament. This is known as a parlay bet. A parlay bet combines multiple individual bets into a single bet and is a great way to maximize your winnings. However, it’s important to remember that not every parlay bet will win and you should be prepared for some losses.

With sports betting now legal in 30 states, college students are more likely than ever to place a bet on a game. As a result, the NCAA has launched an online tool to educate student-athletes about the harms of gambling and the risks it poses to the integrity of NCAA competition.

While some sports bettors have lofty winning percentages, most professional bettors aren’t able to consistently turn a profit. It takes time, patience, knowledge of the sport and disciplined bankroll management to be profitable in sports betting.