Can you make a living with sports betting?
Sports betting is no longer a weekend or once-in-a-month activity. To some people, it is a daily or even hourly activity that keeps them feeling pumped and ready to conquer the world. It has even become more common to hear people saying that they earn a living through betting. No, they are not bookies but punters who have doubled and even tripled their winnings to the point of going professional. So, do you think you can earn a living through sports betting?
Is it possible to earn a living through sports betting?
Yes and no. Like with any other career, you must do some groundwork and understand if it is the right path for you. It is the same way that two people running a restaurant can have different reviews about food or something else. One may talk about how it has earned them a fortune. The other may wail about how they have sunk money into a liability and are almost shutting down. It is all about luck and, most importantly, perspective. The restaurant owner you listen to determines whether you believe restaurants can earn you money.
In sports betting, you must first start by demystifying any myths you have about playing for money. These include:
- The bookie has rigged the game and always gets it right: Sports betting, unlike casino games, are very hard, if not impossible, to rig. Unless your bookie can influence a whole team, coach, referees, and the weather, your bet should be safe. If you predict right, you win.
- High odds never win: It might surprise you that even the unluckiest odds can win. Some underdogs have won even at odds of 17 to 1. If your research backs your bet, ignore the odds, and trust your gut.
- These are the two yet most important things to remember as you start your sports betting career. Like we said before, it is all about perspective. First, however, you must back your stance with some groundwork.
How can you make money through sports betting?
There is a funny story about a man who always prayed to a god about winning the lottery. Every day, he would kneel in front of the statue and go, ‘Please, please, my god, help me win the lottery.’ He continued doing this for months and never once was lucky to get that winning call. Finally, he knelt again in front of the god. Before he could speak, the god started, ‘Please, my son, first buy a lottery ticket!
You cannot expect to win without putting in some work. So, what does this look like in sports betting?
- Matched Betting: Most sites offer free bets to their first-time customers. Punters have now found a way to turn these bets into real money by engaging in matched betting. You place bets on both outcomes, so whatever happens, you still get to make money!
- Arbitrage Betting: How about covering all the outcomes of an event? All you need to do is understand the odds difference in various bookies and bet on that difference. Thanks to online arbitrage sites, you no longer need to find all the odds by yourself!
- Value Betting: This technique works great when you have already worked your way up to a bigger bankroll. You can bet on dropping odds or those with an outcome less likely to occur than the real chance. For example, if the odds are 12 to 1 and you think that in fairness, the odds should be 7 to 1, the payout changes. As a result, it becomes easier to take a calculated risk with higher rewards.
- Strategizing: Find a system that works for you over time because all the methods above can get your account limited. However, by the time bookies catch on to you, one or two strategies will have worked, and you can start afresh.
There is no winning formula in betting. As you can see, winning will take time, so do not quit your job just yet. Instead, be ready to put in the hard work, and soon enough, you, too, can work your way to a 60% winning chance. All the best!