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To be successful in sports betting, in addition to applying strategies and analyzing odds properly, you need to understand each type of bet and how they work. For example, a single bet is the most common type of bet, where you bet on a single event. However, sometimes combining multiple bets into a single ticket (parlay) can bring greater profits, although the risk is also higher. To optimize profits, you need to master how to calculate odds and choose bets reasonably.