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Know your math. The line-makers do, and they make profits every season. You aren’t going to come out ahead laying -110 for 100 on a coin flip, and most sporting events are just that. In places where they don't represent likelihoods in terms of odds (e.g. 5 to 1, meaning you can win $5 for every dollar you put in), they will just do it in terms of money multipliers. It essentially means the same thing. If you don't know how to find the edge, use proven and reliable sports handicappers.
Know your sport. This is MUCH less important than step number 1, but it helps. The thing to concentrate on is the "X-factor" of a sport; that is, what degree of random craziness is likely to affect the outcome of any given game.
Handicap the situation, not the game. This is what separates winners from losers. The public is out there betting on the best-looking teams and who should beat who based on past wins and losses – and they are losers. Look for undervalued teams based on the situation. For example, a good team playing their homecoming game against a hated rival who is a favorite over them on the road. In this spot you want the home team underdog because you know they are coming to play.
