With the introduction of legal sports betting in New Jersey and Illinois, more people are wondering if they can make a living from wagering on sporting events. While making a living from sports betting is certainly possible, it will require time and effort. It is also not for people who want a get-rich quick solution or to bet with their heart rather than their head.

Before placing a bet, investigate each sportsbook to determine their minimum and maximum deposit and withdrawal limits, which vary by operator. Stay away from sites that require you to provide your credit card details upfront; this is never a good sign and is most likely a scam.

Another important factor when it comes to scouting out a sportsbook is its security measures. Check that it offers 2FA (Two-Factor Authentication) and geolocation to verify your account and prevent underage betting. You should also be able to see your account balance and recent activity.

The most common types of bets are point spreads and totals, where you place a bet on either the underdog or favourite. The point spread is the amount you have to risk to win $100, while the total is the sum of all points scored during a game or event.

You can also bet on a head-to-head bet, where you predict the results of individual competitors. This is most commonly seen with Formula One races, where you can bet on whether a driver will finish first, second or third.