I have to agree with bigtexxx - tradesports.com is the way to go. You just make an account and then buy contracts on the team. If you want to bet on UT straight up, you go to the Rosebowl and simply buy contracts on Texas. One contract costs somewhere around $3 right now and is worth $10 if Texas wins. Feel free to email me if you need any help.
Oh, the hard part (on all of these sites) can be getting money into the account - especially if you want to do it before the Rose Bowl. Some credit cards work, but some don't - that's your quickest way if it works. Otherwise, you need an account with Neteller or something like that which connects directly to your bank account.
Do you want to learn about general sports betting or about sports betting arbitrage? Sports betting in pure form is pretty simple. You just have to predict the winner. Here is a FAQ about sports betting: http://conjelco.com/faq/sports.html
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Thanks for the link. I'd like to learn about arbitrage too. I'm trying to do more homework on all aspects of it before I dive in. Good information on that link.
I've hit teasers pretty regularly this year in the NFL. I'm about 50% on straight bets, but teasers have put me positive.
not bad for my first weekend. i started at 50.00, and managed to lose only two bucks. Stupid Texas Tech.