Since the Supreme Court’s decision to allow states to legalize sports gambling, many people have started betting on their favorite teams and games. But before you head down to the local casino or start throwing bets around at your house party, it’s important to understand a few things about sports betting that will help you be a more profitable bettor.

First, realize that a large part of sports betting is about risk management. Taking a long-term approach to sports betting will help you make consistent profits, weather losing streaks, and be ready to take advantage of winning streaks. One of the best ways to practice this is by making smaller bets on more games, instead of a few big bets on games you think are locks. Over time, this will help you get back to break-even with a much larger number of wins than losses.

Another key factor to consider is the amount of money you’re willing to spend on each bet. It’s crucial to budget for your bets and stick to that budget, regardless of how you win or lose. If you’re not able to control your spending habits, then sports betting is probably not the right hobby for you.

If you want to improve your chances of winning, focus on the odds and research stats. A good place to start is by choosing a small NCAA conference and becoming an expert on all the teams. This will help you tap into media coverage and build a database of team stats to find value in the lines. Also, it’s a good idea to keep near-obsessive records of your bets. Without a solid record-keeping system, it will be very difficult to prove that you have an edge over the books.

While it’s easy to let emotions like excitement and pride influence your betting decisions, this can have negative effects over the long term. It’s better to conduct objective research and analyze the numbers, ignoring your emotions. This will help you identify the strongest bets and avoid making mistakes based on emotion.

One of the most common mistakes that sports bettors make is chasing losses. This occurs when they increase the size of their bets after a loss in order to try and recover their losses. However, this is a dangerous strategy and can lead to massive losses over time. Instead, be sure to accept losses as part of the game and stick with your normal bet sizing.

Lastly, remember that sportsbooks are businesses and profit is their main goal. This is why they set their odds with a built-in profit margin. For example, a coin toss has only two options—heads or tails—and the odds are calculated as 50/50. But when it comes to sports betting, the odds are determined by a complex formula that includes commission. This is why it’s so critical to learn the nuances of betting math and value betting before you wager any money. Otherwise, you’ll end up paying a lot more than you should.