When you bet on a lottery or casino game, you’re betting that the outcome is random. But when you bet on sports, it’s a bit different. There’s a belief that your knowledge of the sport can give you an edge, and this leads to many fans studying stats, listening to podcasts and even getting picks from trusted experts before placing their bets.
Most wagering on sports is done in online sportsbooks, but there are some live betting options as well. Online sportsbooks use odds to determine how much money you’ll win if your bet is correct. These odds are based on the probability that a particular team will win or lose. If a team has the higher odds, that team is considered the favorite. If a team has lower odds, that team is the underdog.
In addition to moneyline bets, you can also place spread bets. With spread bets, you’re predicting how many points, goals or runs will be scored in a game. If you bet on a team to win by a specific number of points, the bet is called a point spread.
You can also bet on individual player or team props, which are special bets that don’t relate to the final score of a game or event. These bets can include anything from how many rushing touchdowns Christian McCaffrey will make in a game to the color of Gatorade that douses the winning coach of the Super Bowl.