Sports betting is an exciting way to wager on the results of sporting events. It is legal in over two dozen states, and there are many ways to place bets. The key is to learn how to make the most of your bets and choose a winning strategy.

Betting odds seem complicated at first, but they’re easy to understand once you know how they work. There are three main types of odds, American (-125), decimal (1.7), and fractional (5-2/4).

Odds represent the probability that a team will win a specific game or event. There are also totals, point spreads, and moneylines.

The most popular betting odds are the point spreads and the money lines, but you can also bet on a game’s total points or goals. Unlike most other types of bets, these odds are displayed right before the game starts and can change dramatically over the course of the game.

Generally, a spread is displayed with a plus sign to the side of the underdog and minus sign to the side of the favorite. This means that the underdog must lose by less than the amount specified in order for you to win your bet.

Some online sportsbooks use a standard spread in most games, while others use custom odds. These custom odds are often referred to as “favorites,” “underdogs” or “oddsmakers’ favorite.”

A standard spread is a type of handicap that makes it easier for bettors to find value in their wagers by reducing the spread’s impact on the total number of bets placed. This is especially helpful for lower-stakes bettors who don’t want to risk a large sum of money.

In most sports, the line is set by a professional bookmaker and then updated during each game. You can track the lines in real-time on your favorite sportsbook’s app or site.

The best sportsbooks offer odds on a wide variety of events. These include football, basketball, hockey, and golf. In addition, they offer props and futures bets, and even live in-game betting.

Props are a great way to boost your odds of winning. They’re available at most U.S. sportsbooks and are based on statistics, such as how many times a player is injured or how many games a player has been in.

There are hundreds of different props available at sportsbooks, and the better ones usually have the highest payouts. Some are simple, while others require a more complex statistical analysis.

In baseball, for example, FanDuel offers an over/under total of 7.5 on Max Scherzer’s strikeouts against the Cincinnati Reds. That’s a higher price than the standard over/under of 9.5, but that’s because the oddsmaker believes it’s more likely that Scherzer will go under than over in this game.

These bets are more complex than point spreads or money lines, but they offer an even bigger potential for profits. They also allow you to bet more than one team, which increases your chances of winning a larger amount.