Sports betting basics

I am interested in sports betting and would like to start betting, starting with small stakes wagering. I am very new to this and would like to know what the rules are on sports betting, common terms, and things I absolutly need to know and do to know how to sports bet.

[bdmcgraw]

1) Know the sport you plan to bet on inside out, I mean everything about it, and all of the teams, players, coaches.
Or
2) Know a respectable amount about the sport, teams, players, etc., and be able to find great lines.

[Mr_J]

If he wants to be like every other 'expert' then sure. He should get into stats analysis, hardcore shopping, bonuses, promos and understanding the market.