A bet is a wager on the outcome of a game or event. You can bet on the team or individual you think will win, or you can bet on a specific statistical category, like points, goals, rebounds, saves, hits, rounds, birdies or aces. Bettors are rewarded with a larger payoff if they make a winning bet, and sportsbooks set the odds on these occurrences based on their probability of happening.
A bettor can also place a bet called a total, or Over/Under. This type of bet focuses on the combined number of any given category, and the bettor is betting whether that total will finish over or under a predetermined number. The Over/Under bet is very popular because of its low risk and high reward.
Some people are known to have a knack for spotting value in the betting markets, and this is where many professional bettors make their money. By studying the betting lines and evaluating their probability, they are able to spot bets that offer positive expected value (EV). In other words, betting on a bet with a low risk and a high reward will result in a higher profit over time than betting on a bet that offers a lower risk but a smaller return.
Another way to find +EV bets is to have a system in place that allows you to react quickly to betting line movements. For instance, some bettors might open accounts with a few dozen betting sites to ensure they are able to take advantage of the best lines as soon as the market goes live.