For decades, sports betting was effectively banned in the United States. Fans who wanted to wager on their favorite team or game would either find an illegal “bookie” or travel to Las Vegas to place their bets. But in 2018, the Supreme Court overturned federal legislation, and sports betting has since become legal in most states.

As the popularity of sports betting grows, states are considering how to regulate it. While some have opted for a hands-off approach, others have adopted strict rules and licensing requirements. In addition, many states are working to ensure that sportsbooks are paying their fair share of taxes and are not abusing players.

Before you can start placing bets, you must understand the different types of bets. The most common are straight bets, which are wagers on the winner of a single event or game. For example, if you believe that the Toronto Raptors will win their game against the Boston Celtics, you can make a straight bet on the team’s victory. Other bets, such as spreads and totals, are based on the margin of victory between two teams. The oddsmakers set these numbers by determining which team is expected to win and how many points, goals, or runs they are likely to score.

If you’re looking for higher payouts, you can also place parlays. These bets combine multiple individual results into a single bet, and they can have a higher minimum investment than single-team bets. But remember that you can lose more than you bet if all of the individual outcomes come in wrong.

Another way to increase your chances of winning is by hedging your bets. Hedging is a risk-averse strategy that involves placing bets on different outcomes to lock in profit or minimize losses, regardless of the outcome of your original bet. This is especially useful when the odds of an event or team change after you’ve placed your bet.

Keep track of your bets in a spreadsheet to monitor your performance. Also, try to stick to the sports you’re familiar with from a rules perspective and follow news about player injuries or coaching changes. Some sportsbooks will move lines, particularly props, after this type of information becomes available.

Profitability is possible in sports betting, but it requires a lot of research and careful planning. It’s important to be realistic about the odds of winning and never bet more than 5% of your bankroll. Also, don’t be afraid to cash out a bet if it doesn’t look good early on. Many sportsbooks offer a full or partial cashout option, and using it can be an effective way to limit your losses.