For many sports fans, betting on their favorite team intensifies the drama of watching a game. Sports betting is an industry that has grown rapidly since the Supreme Court overturned the Professional and Amateur Sports Protection Act of 1992. It now takes place in states that legalize it, as well as at online books. From March Madness to eSports, it offers a unique way for fans to become stakeholders in the action.

The most basic wager is a moneyline bet. It involves predicting which team will win a particular event, so it’s a good place to start for newcomers. However, bettors must be mindful of the fact that a single victory can result in an astronomical loss if they don’t know how to limit their risk.

Another popular option is the spread bet, which relates to margin of victory and can be either a take or a lay. A take bet means the bettor believes a particular team will beat an opponent by a certain number of points, goals, runs, and so on. A lay bet is the opposite, and it involves taking the underdog by a specified amount.

Finally, prop bets (short for proposition bets) are wagers that don’t depend on which teams will win or lose. They can range from player-specific (for example, Max Scherzer’s strikeout total against the Reds) to matchup-based (over/under on total points scored in a Rams-Seahawks game). Props often carry a higher price tag than standard point spreads and moneylines.