If you're going to gamble online, be sure you are dealing with a reputable casino/sportsbook.

Web blogs and forums are littered with stories of bettors who have been unable to collect their winnings from fly-by-night online operators.

If you're new to sports betting, scroll down to learn the basics.

Sports bets are most commonly placed on the outcome of a single event or game. In virtually all contests, there is a favorite and an underdog.

In order to make wagering more even, the oddsmaker draws up an odds line, or the odds, such that you can bet on the probability of a competitor's win.

For example, former world heavyweight champion Mike Tyson steps into the boxing ring to square off against "Rocky" star Sylvester Stallone. In this case, Tyson is obviously the favorite and Stallone the underdog.

The oddsmaker would then post the odds that probably would look something like this:

Tyson = 1 to 9 (noted as 1/9)
Stallone = 7 to 1 (noted as 7/1)

To win $1 on Tyson, you must wager $9. If he wins, you get $10 back, the $9 you bet plus the $1 you won.

On the other hand, to win $7 on Stallone, you need only wager $1. If Stallone wins, you get $8 back, the $1 you bet plus the $7 you won.

If a moneyline is posted, the lines may appear as follows:

Tyson -120
Stallone +240

By clicking on either -120 or +240, you are betting on who you think will win the match. To win $1 on Tyson, you must wager $1.20. If he wins, you get $2.20 back, the $1.20 you bet plus the $1 you won. If you bet $1 on Stallone and he wins, you get $3.40 back, the $1 you bet plus the $2.40 you won.

If you want to bet on a point spread when teams are involved, you may have the choice of the following:

New York -3
Philadelphia +3

If you click on -3 for New York, they must win by more than 3 points for you to win your bet. If you click on +3 Philadelphia, they may lose by 2 points or win outright for you to win your bet. If the +/- 3 adjustment results in a tie, the wager is push and you will get your money back. Games featuring 1/2 points will never push and will always end as a win or loss.