The world of sports betting is a thrilling fusion of strategy, psychology and chance, allowing fans to have a vested interest in specific outcomes like how many points a player will score. It’s also become an industry worth hundreds of billions in the United States alone, with legal wagering poised to explode from just under $5 billion in 2017 to more than $100 billion in 2022. But while the appeal of placing a bet can be irresistible, there are plenty of reasons to avoid it.

Whether you’re an experienced gambler or just starting out, the best bets are made with careful research and sound analysis. It’s easy to get caught up in the excitement of supporting your favorite team, but betting based on emotions can quickly lead to bad decisions that cost you money. Thankfully, there are simple steps you can take to make your next bet your best one.

Profitable sports betting starts with thorough research and sound bankroll management. The key is to avoid common mistakes that can easily derail your winning streaks and keep you from enjoying long-term profitability.

1. Chasing Losses

After a loss, it can be tempting to try and recoup your losses by placing bigger bets than usual. However, chasing losses rarely leads to positive results and can end up costing you even more in the long run. Instead, try to accept your losses and stick to your normal bet sizing to limit your risk.

2. Ignoring Value

It’s important to study a sport’s statistics and teams thoroughly before betting on it. Taking the time to analyze matchups, coaching strategies and player histories can help you make informed bets. You should also pay attention to the odds and look for value, which is where a team’s probability of winning isn’t reflected in the odds.

3. Over-Relying on Advanced Metrics

While sophisticated metrics can provide valuable insights, they should not be the only thing you rely on when making your bets. It’s essential to combine these tools with basic analysis of team and player history, injury reports and weather conditions.

4. Choosing the Wrong Bet Size

The biggest mistake that many novices make is putting too much money on a single bet. To maximize profits, you should bet in “units,” which are a small fraction (1-5% of your total bankroll) at a time. This allows you to withstand the inevitable losing streaks while still enjoying significant winnings.

5. Over-Relying on Favorites

It’s a common misconception that betting on underdogs is always a sure way to win. But remember that the higher the bet size, the greater the potential payout — but so is the risk of losing it all. Ultimately, the best bets are those that are both highly profitable and low risk. Achieving this balance requires patience and discipline, which can be a challenge for some people. But it’s well worth the effort to develop a strong foundation for long-term success in sports betting.