Betting involves placing a wager on the outcome of a sports event. Those who place a bet have a chance of winning money, which can exceed their original stake. This is different from gambling, which relies on pure luck. However, betting is more of a science than gambling because it requires research and identifying opportunities with positive expected value.

While the public tends to fawn over favorites, underdogs can often provide a valuable bet. These teams are essentially undervalued because people assume they have a lower probability of winning than their actual chances.

Another popular type of bet is over/under. These bets involve predicting the total number of points scored during a game. The oddsmaker sets the over/under at a certain amount, and bettors can then place a wager on whether the combined score of both teams will go over or under that number.

Lastly, bettors can also try out parlays. Parlays involve making multiple bets on individual matches and hope that each one is correct. This is a risky way to bet, as it increases the chances of losing money, but it can be rewarding if you are able to make accurate picks.

A good strategy for new bettors is to specialise in a single sport. This will prevent you from spreading your attention too thinly and may even give you an edge against the bookmaker. This can be difficult, as staying on top of hundreds of college and professional football and basketball teams is a full-time job in itself. However, specializing in your preferred league can make you more confident when making bets, and will allow you to improve your knowledge of the game.