Many sports fans are looking forward to the chance to place a bet on their favorite teams and players. With the Supreme Court’s decision striking down PASPA, states and tribal nations can now legalize and regulate sports betting. That means that sports bettors will have access to a wide range of tools to help them win big.

There’s no magic formula to winning at sports betting, but a few key tools can improve your chances of success. For starters, keep track of your bets in a spreadsheet (a standard spreadsheet works fine) to monitor your results and learn from your mistakes. Also, be sure to stick with sports you’re familiar with from a rules perspective, and avoid placing bets on unfamiliar games or props. This will prevent you from making bad decisions based on uninformed assumptions or news.

One of the most important skills to develop as a sports bettor is a sense for value. This isn’t easy to do, and it takes time and practice. But, if you can master this concept, you can greatly improve your odds of making smart bets. The most common way to find value is by searching for bets with positive expected value, or EV. This metric is calculated by comparing the odds on a particular outcome to its true probability of occurring, and it helps bettors determine whether a bet offers value.

Another way to find value is to search for bets with a high percentage of win probability. This method is based on the fact that more wins lead to a larger profit than losses. However, it’s important to note that this method doesn’t guarantee a positive return on your investment.

A third way to find value is by analyzing betting patterns and using data analysis tools. For example, there is an app called Sharp that allows users to evaluate teams for their profitability on moneylines, against the spread, and on over/under totals. The app can even tell you if teams are more profitable when they’re playing at home, on the road, or as underdogs.

Finally, you can also find value by studying historical betting patterns for certain types of wagers. For instance, there’s a long-standing tradition that NFL underdogs are more likely to cover the point spread than are favorites. This is not always the case, but it can help narrow down your betting options if you’re looking to make a bet on a game with a specific line. This kind of research can also reveal patterns such as the fact that NHL underdogs on the road after a short homestand tend to have good records against the puckline. By looking at these patterns, you can make better informed wagers and increase your odds of winning.