A few years ago, most people who were betting on sports did so in Las Vegas or Atlantic City. The Supreme Court changed all that in 2018 by allowing states to legalize sports gambling. Since then, the industry has seen explosive growth. And it’s not just the casinos in Sin City and the sports books that are reaping the benefits.

There have been more than $330 billion wagered on sports in the United States, and the number keeps growing. And while the industry is booming, many bettors are losing money. Here’s why:

Profitable sports betting requires knowledge, strategy, and patience. It’s a marathon, not a sprint, and the bettors who understand this are the ones that will succeed in the long run.

Here are a few tips to help you get started:

First, research the sports and teams you want to bet on. Analyze statistics, matchups, coaching strategies, and player histories to make informed picks. Look for value bets where the odds don’t accurately reflect the likely outcome. Lastly, be patient and don’t bet every day or on every game.

A common mistake that sports bettors make is placing a bet on their favorite team. While this can be fine if you are able to remove your bias and focus on making smart wagers, it can be disastrous if you’re not. This is because it’s hard to be objective when you’re cheering for the team you support.

Another common mistake is assuming that a team will win by a certain margin. This is called a “line,” and it’s usually expressed as a number that includes a half-point (for example, the Patriots are 3.5-point favorites). The half-point is known as the “hook” and it is added to avoid a push, which would give both sides their money back.

Sportsbooks set their lines based on their opinion of which team is more likely to win a given matchup. They also consider factors such as the current form of the teams, recent head-to-head results, and other statistical data. The line is then adjusted accordingly, with the goal of attracting the maximum number of bets.

In addition to individual games, you can also place bets on entire events, such as a championship or the Super Bowl. These are called futures wagers and they can be placed any time before the event takes place. However, most futures bets will only pay out if the outcome of the event is correct. The payouts will typically be smaller if the bet is made early in the season. For this reason, some bettors prefer to wait until later in the year when they think it will be easier to predict a winner.