Sports betting refers to the act of placing a wager and predicting sports results. The number of sports bets placed varies depending on the culture. Most bets are placed on American football, American soccer, basketball, hockey, track racing, auto racing, and mixed martial arts. Other than sports, betting on non-athletic events like reality TV shows, political elections, horse racing, and greyhound racing as well as illegal, underground chicken fighting is possible. It is not unusual for sports betting websites to offer wagers for entertainment events, such as the Grammy Awards or the Oscars, or the Emmy Awards.

When oddsmakers publish a betting line on an event, the first thing they do is decide which favorite team should be and which underdog.

The favorite is the team expected to win the game. It will receive a minus symbol next to its odds. While the underdog is expected not to lose, it gets a plus signal. Books will open the game if it is a toss-up.

There are two main ways that you can bet on a favorite and an underdog. The Point Spread is a bet on victory margin.

To win your bet, the Patriots must win the game by eight points or more. If the Patriots win with 8 points or greater, you "cover". A win of 7 points by the Patriots is called a push, which means you receive back the money that you initially bet.

If the Patriots win by 6 or fewer points (or lose the entire game), your bet is canceled.

To win (or cover) your bet, you will need to bet on the Jets plus the points (+7).

Spreads can be used in all sports, but are most often used when betting for higher-scoring ones like football and basketball.

The Moneyline offers another way to bet. This pays out based only on which team wins the game. It uses American odds.

Favorites receive a "minus," such as -150, 200, or 500. A favorite that is -200 will mean you must take a $200 risk to win $100. If the favorite wins, $100 is yours. But if the favorite falls, $200 is yours.

If you place your bets on favorites, you are taking more risk because they are most likely to win.

Underdogs are given a plus designation such as +150/+200/+500. If an underdog's rating is +200, this means that if $100 is placed on them and they win the match, you get $200. You only lose $100 if they win the game. Bettors who bet on underdogs will reap a higher reward because they are more likely to lose.

Moneylines are available in all sports but are most popular for betting on lower-scoring events like baseball, soccer, and hockey.

Along with determining the favorite and underdog lines, the oddsmakers also decide the total number of points each team scored during a game. This is also known as the Total or over/under.

Bettors may then wager on whether the game will go Under or Over the total.

A basketball game between the Bulls & Celtics could see 215. You can bet either the Over 215 (or the Under 215). If the total points are 216 or higher and you have placed a bet on the Over 215, you will win. You lose if the total score is 214 or less.

The oddsmakers place a "tax" on each bet. It is usually called the or "vig". The "juice", or the commission that you pay to the betting site in order to have them accept your wager, is called the juice.

Imagine the Duke Blue Devils being -5 (-110)... this means that to place a $100 bet on Duke as a 5-point favorite you will need to take $110 in order to win $100.

Also, the juice could be positive numbers like Penn State (+110). You win $110 if Penn State is a 7-point favorite and you make a $100 bet. If it loses, you will only lose the $100 you have risked.

You always have to risk more on a favorite than you'd win on an underdog...otherwise, sportsbooks would be out of business.

The legalization of sports betting has opened up new opportunities for sports bettors. View our state-by­state tracker. Check if your local sports betting laws are in place.

New Jersey, Pennsylvania (and West Virginia) are among the most populous states to allow mobile wagering. The following sportsbooks offer online betting and are trusted legal shops.

The final decision is yours. But, it's up to you to decide how much to take on a given game. A good rule of thumb is to not risk more than you can afford to lose. Sports betting should be considered a marathon, and not a sprint. There will always be good days and bad. We recommend a flat-betting method.

This means you should bet the exact same amount every game while putting only 1% to 5 percent of your bankroll per wager (the bankroll, which is the initial amount you have to place bets with). A $100 bankroll would mean that you should only risk $5 per game.

Flat-betting helps bettors avoid losing their whole bankroll during a bad stretch and can also help them to earn a positive return.

Rotation numbers can be found to the left of any team listed on the board. They are also called the NSS ID or Vegas ID number. They are unique for each sport, team, and league. They can also be used universally across most sportsbooks.

One example is the number "312" next to the Bruins (-120). If you're in a casino and wish to wager $100 on Bruins, just walk up to the windows with your money and say "$100 Bruins -120".

Similar to stocks on Wall Street's Wall Street, sports betting markets are fluid. Bookmakers can adjust the odds based upon the action taken and other news like injuries or weather. If the Vikings open as 7 point favorites and most bets on the Vikings are on them then you could see the Vikings' line shift from -7 towards -7.5. The line could move further to 8 or be "bought-back" to 7.

The lines may vary depending on the sportsbook because different books have different clienteles. Therefore, one book might post the Cavs 8 and another may have the Cavs 7. The best way to shop for the best line is to have access to more than one book. It might not seem like much but the extra half point will make you more likely to win.

This is not Monopoly cash, so make sure to track your progress. Our award-winning and free app is the best tool to help you do just that. You can track all of your sports bets with our award-winning app.

This information is valuable as it helps you identify your strengths, weaknesses, and where to bet. Are you more successful when betting on the NFL than the NBA? Are you more successful with player props or under/overs? These are all important things that you should know. It can help maximize your winnings.

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