Sports betting involves making a wager on the outcome of a sporting event. Its popularity has surged since legalization in the United States and is now a common part of the culture. People who make a wager are called bettors or punters, and a company that offers this service is known as a bookmaker, sportsbook or betting exchange.
There are many different ways to bet on sports, and each type has its own set of rules. The most basic bet is a straight bet, which is a wager on the winning team or individual. Bettors may also place bets on individual player points, goals or runs and on the total of team and individual scores in a game.
Spread bets, based on the margin of victory, are more popular than straight bets. These bets involve the favored team “giving away” or “taking” a certain number of points, goals or runs, which is determined by the oddsmakers. The more points the favored team wins by, the more money a bettor will win.
Futures wagers are a way to invest in specific outcomes of games and events and receive a payout only when the event occurs. The price of these bets changes with the bettor’s luck–maximums are often raised after big losses and decreased when the bettor starts getting lucky. The most expensive bets, which are placed on teams and players, are the futures that pay out at the end of a season, such as a bet on an NFL champion.