Sports betting is a way to place wagers on the outcome of sporting events. However, it can be very challenging to make money from this type of gambling.

To succeed in this type of betting, you must understand the different types of bets and how they work. You also need to learn how to make smart bets and walk away from bad ones.

Bettors must learn how to set a budget and avoid going over it. This way, they can avoid being overextended or going broke if a big upset happens.

One of the first things you should do when beginning to bet on sports is to open a specific bank account. This bank account should be used exclusively for placing sports bets.

You should also create a “unit size” that you will use on every play, which will help to keep the variance from running away with your bankroll. This unit size should be anywhere from 1-2% of your bankroll, so that the variance is balanced out and you don’t go broke if you have a bad run.

When you first start, you should make a few bets at a time and only bet with your money if you think you have a good chance of winning them. Then, you can start to add more bets to your bankroll. It’s also important to know how to distribute your bets so that you can balance your wins against your losses.