Sports betting has come a long way since the Supreme Court struck down PASPA last year, opening the floodgates for states to legalize sports gambling. It’s a popular pastime for many Americans, but it’s not without its risks. Whether you’re trying to make money or just have some fun, here are some things you should know before you start placing your bets.

1. Always bet with your head, not your heart

Betting on your favorite team is tempting but can be very risky if you don’t have the right mindset. A lot of people are making outrageous bets on their favorite teams because they want to win and feel a rush when their money is on the line. It’s not smart to bet with your emotions and should only be done if you have enough money to lose.

2. Keep a separate bank account

A big mistake many people make when betting on sports is using their regular checking or savings accounts to place wagers. If you’re serious about making money from betting, you should set up a dedicated bank account just for this purpose. This way, you can see how much you’ve won or lost on a daily basis and adjust your strategy accordingly.

3. Understand the basics of betting

If you’re new to sports betting, it can be intimidating to navigate all the different odds and terms. But the basics of betting are pretty simple. You’re essentially betting on the likelihood of an event or game occurring, and the sportsbook sets the odds based on that probability. The higher the odds, the more likely it is that something will happen and will pay out a larger amount. Conversely, the lower the odds, the more unlikely it is that an event will occur and will pay out a smaller amount.

4. Keep a record of your wins and losses

One of the best ways to learn how to bet on sports is by keeping close to an obsessive track of your winnings and losses. A good record will help you understand what types of bets are most profitable for you and when. It’ll also allow you to test out theories, like the idea that left-handed pitchers are more prone to losses. Ultimately, no betting strategy will work for you if you’re not tracking your results.