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Value Betting: Identifying bets where the percentages are in your favor.
Hedging: Placing bets on either side to ensure a profit or to minimize losses.
Bankroll Management: Keeping a strict price range to prevent significant losses.

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Fractional Odds: Common in the UK, these odds seem like 5/1 or 10/3.
Decimal Odds: Preferred in Europe, these are expressed as 2.00 or three.50.
Moneyline Odds: Popular within the US, these odds are either positive (underdog) or negative (favorite), similar to +150 or -200.