Sports betting has become an enormous industry since the United States legalized it in May 2018, but many people don’t understand how it works. Whether you’re an experienced gambler or just starting out, knowing the basics is essential to success.

Betting odds are the numbers that represent the probability that a wager will win. They’re displayed on your bet slip or website, and you can easily calculate the potential payout by adding your stake to the odds. The resulting number is your potential winnings, and the amount is usually listed on your bet slip before you place it.

Another thing to keep in mind when placing a bet is that sports betting is not always profitable. One of the most common mistakes that sports bettors make is chasing losses with more bets in an attempt to recoup their money. This strategy is called “going on tilt,” and it can lead to huge losses and financial ruin.

Another important aspect of sports betting is understanding over/unders and point spreads. Over/unders are determined by combining the total score of two teams, and the goal is to select either the over or the under. A lot of sports bettors rely on their own intuition when making over/under bets, but there is a popular saying in gambling that states: “It’s never the under until it’s over.” This means that you have to watch the game closely to determine if the over or under is correct.