For decades, sports betting was illegal in most states. Those who wanted to place a wager on March Madness or the Super Bowl had to travel to Vegas, find an illegal bookie or visit an offshore sportsbook. But with the Supreme Court’s ruling that sports betting is a constitutional right, the industry is growing rapidly. In fact, it’s expected to reach $43.5 billion in 2024.

But there are some pitfalls that even seasoned bettors should be aware of before jumping into this lucrative market. Here are a few tips to help you avoid them:

Don’t chase your losses: One of the biggest mistakes that new bettors make is trying to recoup their losses by placing larger bets than usual. This often backfires and leads to more losses in the long run. Instead, focus on improving your betting strategy and practice responsible money management. This means risking no more than 1% to 5% of your bankroll on each play and sticking to your normal bet sizing.

Understand that you won’t be profitable on a consistent basis: No matter how much research you do or how experienced you are, it’s impossible to win every single bet. In fact, most bettors will lose on a regular basis. This is because winning in sports betting is a marathon, not a sprint. Those who are patient and disciplined will be the most successful.

Stay away from betting services that promise guaranteed wins: There are a lot of scammers out there who will promise you big profits in sports betting if you pay them for their advice. These services are usually not regulated and you should always do your homework before depositing any money with them. Check out their track record, read reviews on forums and search for complaints and Better Business Bureau ratings.

Bet with your head, not your heart: It’s tempting to bet on your favorite team or player because you love them, but this can lead to costly mistakes. Instead, bet with your brain by focusing on the numbers and unique circumstances surrounding each game. This will allow you to make more objective bets that will increase your chances of profitability.

Learn about props: Prop bets, or proposition bets, are a type of bet that doesn’t focus on the overall outcome of a game. These bets can be about an individual player’s performance (over/under strikeouts, for example) or a specific aspect of a game, such as the color of Gatorade that douses the coach of a losing team.

Prop bets are available at most sportsbooks, but you should always read the odds carefully before placing a bet. The odds are listed in increments of half-a-point to prevent the possibility of a push, which would give both teams their money back. You’ll also see a plus or minus sign before the odds, which indicates whether the team or player is favored or underdog. The number with a plus sign is the underdog and the number with a minus is the favorite.