Whether you’re an avid sports fan or just looking for something to add excitement to your viewing experience, sports betting offers up a wide variety of options. Moneylines, spreads and totals are the most popular wagers, but a seasoned sharp can also be found placing complex multi-part parlays or even futures wagers (which have a long-term payout horizon).

Regardless of your betting style, understanding how odds work will improve your chances of success. The simplest way to understand the odds is to view them as the probability that an outcome will occur. The higher the probability, the lower the risk, and therefore the lower the odds. The opposite is true for the riskier bets – the greater the risk, the higher the payoff.

Oddsmakers set the odds for each bet based on a number of factors. Some of these include the power rankings (which are often based on a combination of traditional statistics, the schedule and intangibles like “what famed bookmaker Jimmy the Greek said”) and injuries. They also take into consideration what other people are thinking about the game and use a bit of “horse sense.” A plus sign preceding an odds line indicates a more favorable bet, while a minus indicates an unfavorable bet.

The key to understanding sports betting odds is learning how to spot value opportunities. This can be done by comparing the actual odds to their implied probability. As a beginner, you can start by using this sports betting odds calculator. Just enter the amount of money you’d like to bet, and the calculator will show you the odds for both sides. This will give you a sense of the closeness of the matchup, and allow you to see the potential for a wager that’s worth making.

While there’s no magic formula for winning at sports betting, you can increase your odds of success by keeping track of bets and limiting how much of your bankroll you risk per play. A good rule is to only bet 1% to 5% of your total bankroll on each individual play. This will keep you from going broke, and will help you avoid extensive parlays that have a high chance of losing.

Additionally, it’s a good idea to stick with sports you’re familiar with from a rules perspective and research team and player stats and trends before making bets. Furthermore, it’s helpful to keep a log of your bets (a simple spreadsheet will do) and to follow the news closely so that you can make adjustments to your bets as they come in. This will increase your chances of finding winning bets, but it’s important to remember that sports betting is a marathon and not a sprint. Good luck!