Betting involves putting money behind an outcome of your choice and being paid if that outcome happens. It can be on an individual team or event, a particular method of victory (KO/decision), a tie, or multiple outcomes combined into a parlay. Betting can be risky, especially when you bet on sports games, but smart bettors know to limit their risks.

Bettor should be familiar with the different odds formats and conversions, as well as the differences between the implied probability of an event occurring and its displayed odds. They should also be aware of how to track line movement, as it can give them an indication of the public’s betting action on a given total.

Bettors should also understand the concept of units. This is a non-monetary measurement of a bet’s size and can be more effective than simply showing how much money has been won or lost. The unit system allows bettors to compare their success against other bettor’s without being distracted by the amount of cash won or lost.

Finally, bettors should be able to remove bias from their betting decisions and be willing to place bets on the most likely outcome. This is easier said than done, but it can be achieved by following certain steps, such as limiting the number of bets placed per game, placing them closer to kick-off, and using a proportional staking strategy such as the Kelly Criterion. These tactics can help bettors stay afloat during periods of bad luck.