Whether you’re a newbie or an old pro, sports betting can be an exciting way to add to your enjoyment of the games you watch. However, it can also be quite risky, which is why you need to understand some of the lingo and the basics of how it works before you start placing your bets. The more you know, the better your chances of winning.

This week, our guest, investigative reporter Eric Lipton of the New York Times, joins us to discuss the explosion of sports betting. He and his team have been examining all aspects of it, from the court battles and lobbying campaigns that led to legalization in most states, to the favorable terms and light regulatory touch many states bestowed upon gambling operators, to the partnerships that betting companies have struck with sports leagues, universities and media organizations, as well as the impact on problem gamblers, Native American tribes and others.

When you make a bet, you’re essentially buying a ticket that allows you to win or lose based on your predictions about the game’s outcome. The odds for a particular team or individual player are determined by the bookmaker and can change over time. For example, the longer odds for a long shot can go up or down as the season progresses. This is why making a bet on a long shot early on can bring you a substantial payoff if they do well.

Another thing to keep in mind is that it’s important to always bet with your head and not your heart. It is easy to let your emotions get the better of you when betting, which can lead to some bad decisions and a big loss. This is known as going on tilt, and it’s a major reason why so many people fail at betting.

One of the most popular ways to bet on sports is by putting money down on a certain number of games. This is called a parlay bet, and it can be incredibly profitable if done correctly. However, it is very important to remember that parlays aren’t a surefire way to win and should only be used as supplemental income.

There are several strategies that can help you make money on sports, but they all require some research and hard work. Ultimately, the most successful bettors will be those who can avoid the pitfalls and use their skills and knowledge to make the right decisions. The most important thing to remember is to have a solid betting plan and never bet more than you can afford to lose. Good luck!