MONMOUTH PARK, N.J. (CBSNewYork) – Now that sports betting is legal in New Jersey, you can become part of the billion dollar industry.

But what do you need to know before you bet your hard earned cash? CBS2’s Steve Overmyer explains the dos and don’ts of sports betting.

Sports wagering needs to be done in person, which means a trip to Monmouth Park and a sit-down with a sports betting analyst.

“Be responsible with your money, do not overextend yourself,” Blackjack Fletcher, a former lawyer, told Overmyer.

“There are people who have made a living out of being a sports gambler for a long time. They live in Las Vegas,” he said, adding those people could be making $100,000 a year. 

But those are the pros. For amateurs, research helps you even the odds.

“People are going to look at it and they’re going to say, ‘If the Yankees win 64 percent of their games, I’m just going to bet the Yankees and win 64 percent of the time.’ That’s not right, because you’re going to lay money to bet that team.”

A betting line evens things out based on the odds of a team winning. On Thursday, the Yankees were -200. That means you have to bet $200 to win $100. The Mariners were +175, meaning a $100 bet wins you $175.

Don’t make exotic bets, like parlays – which are bets of two more games – teasers – connected bets that move the line in your favor – or prop bets – individual performances.

“There’s a reason why they offer you such a high payout on it: because it’s not likely to happen,” said Fletcher.

Like any job, the key to success is more knowledge. The bets can be intricate.

“Over-under is 4.5, again. I’m going to go under on that and say these two teams don’t combine to give up five runs in five innings,” Fletcher said.

They bet the Yankees and Mariners would score less than five runs in the first five innings. They scored six.

Betting on sports will not win you a house. But if you’re smart, now and again, you can beat the house or, the very least, have some fun.

As Fletcher added, it helps if you have a cowboy hat, gold jacket and gold glasses. He also had one more suggestion: Don’t bet with your heart. The pros never gamble on their favorite teams.