Whenever two or more sides place money on the outcome of a sporting event, they are engaging in sports betting. This is a massive industry that is growing rapidly in the United States. The explosion of legalized sports betting has brought new challenges for players, owners and regulators. It has also raised concerns about gambling addiction, problem gamblers and Native American tribes. Our guest today is Eric Lipton, an investigative reporter for The New York Times who has worked with a team of reporters to examine the rise of this new industry. He joins us on FRESH AIR to discuss his report, “A Risky Wager.”

In a time when there are more ways than ever to place a bet on a game or event, it is important to understand what sports betting actually is. It is a form of gambling where people bet against the bookmakers to win money. In order to succeed in sports betting, you should be aware of the rules and regulations and have a good strategy. To make the most of your bets, focus on one sport and learn everything about it. It is not advisable to bet on random games as it may be a waste of your hard earned money.

The sports betting market is extremely lucrative for companies like FanDuel and DraftKings, which were founded to offer online gaming but have branched out into sports wagering, as well as the many media outlets that have teamed up with these companies to promote their products. It has even become common for sports leagues to accept sponsorships from these companies. Lipton’s investigation examined these partnerships, as well as the court battles and lobbying campaigns that led to sports betting’s legalization.

In addition to betting on individual games, bettors can participate in pool or fantasy league competitions. These are largely organized by friends and coworkers and supported by Internet-based companies that host and manage the competitions. In these contests, bettors select actual athletes for a “fantasy team” before a competition or season begins and earn money based on the performance of their real-life players.

Sports betting is a complex industry, and it is impossible to guarantee a profit. However, there are several tips that can help you increase your chances of making money. These include keeping track of your bets in a spreadsheet, staying disciplined and not chasing losses.

A good sportsbook will have a variety of betting markets and offer competitive odds. Before placing a bet, it is best to research the different sites and read reviews. However, it is important to note that user reviews are not always accurate and what one person finds positive might not be so for another.

It is also important to consider the odds that are being offered and compare them to the expected return on investment (EV) of your bet. EV is the amount of money that you can expect to earn from a bet, taking into account both your wins and your losses.