Sports betting is a fun and exciting way to make money. However, it does take a lot of work and discipline to turn a profit. Having a solid plan for your bankroll and keeping a clear head when you bet are crucial aspects of successful betting.

Aside from figuring out a strategy for your bankroll, you also need to know the odds and payouts of your bets. This information will help you decide what wagers are best for your specific style of betting.

The most common type of sports bet is the moneyline. This is a percentage-based bet that determines how much you stand to win or lose when the favorite wins the game. For example, a -150 moneyline means that the favored team has a 60% chance of winning.

You can also bet on a spread. This is a near-even money bet that determines how many points a favored team must win by in order to cover the spread. For example, if the New England Patriots are a 7-point favorite against the Jets, they must win by eight or more points to cover the spread and earn you the money you bet.

Power ratings are another important aspect of betting on sports. These are numerical values that professional bettors use to compare teams and rank them.

These values can range from a 100 for the top team to a 45 for the worst. The top teams are generally considered the favorites and the bottom teams are underdogs. Whether or not a team is favored or underdog is often determined by factors like home-field advantage, injuries and other factors that could affect a game.