Sports betting is a multi-billion-dollar industry, with punters all over the world looking to access betting markets that can win them money.

On the face of it, sports betting is relatively simple – place a bet on the outcome of a particular sports fixture and if the selection wins, the punter will receive a pay-out.

The legalization of gambling and mobile sport betting in New York has thrown the industry up into stratospheric levels of popularity and more people than ever are choosing to embrace the excitement and potential pitfalls of sports gambling.

Getting to grips with the ins and outs of sports betting is no easy task and developing an understanding and awareness of how to win money is key. The sheer number of sportsbooks in New York and beyond, can make analysis of sports betting odds tricky and all levels of punter are encouraged to work out the best options for them when it comes to sports gambling.

The number of sportsbooks available to punters in New York has never been higher and as a result there are more odds and markets than ever before for players to access.

Gaining an understanding of where to get the best possible odds from is always helpful as a punter, as it can increase any potential winnings.

In addition, developing a betting strategy is essential and one of the first boxes to tick is whether a punter is using fractional, decimal, or American odds.

Most commonly used in the UK, fractional odds are offered against the stake. For example, placing $1 on a 5/1 bet will return $6 if it wins – $5 represented in the win + $1 originally placed = $6.

Decimal odds are more commonly used in Europe and across the world and represent the amount one wins for every $1 bet placed. For example, placing $1 on a 6.00 bet would return $6.

Moneyline odds are most commonly used across American betting markets.  The odds for favorites are accompanied by a minus (-) sign, indicating the amount you need to stake to win $100. Meanwhile, the odds for underdogs are accompanied by a positive (+) sign, indicating the amount won for every $100 staked. In both cases, punters will get their initial wager back, in addition to any amount won.

There are endless benefits to using all three types of odds and one doesn't come more recommended than another but deciphering the method for you will be hugely helpful when getting to grips with sports betting odds.

New York, like all of the biggest cities in America, has rapidly embraced the online sports betting revolution and there is no sign of it slowing in the 'city that never sleeps'.