How To Make Money Off Sports Gambling
Oct 18, 2016 Making the leap from knowledgeable sports bettor to winning sports bettor is perhaps the hardest step of all. Having the required knowledge is one thing; putting that knowledge to good use is something else entirely. This is precisely why there are so few bettors who actually make consistent profits. Mar 24, 2017 The purpose of this article is to show you principles that you may use to create your betting strategy, this is the best way to make money in sports betting; By keeping a routine in your actions. The Best Way To Make Money In Sports Betting: 8 Principles To Use In Your Betting Strategy. Dividing your balance in units. 'After attempting to make money from betting close to a dozen times, I gave up. I had no idea that there was more to profitable betting than just winning bets. With this book the Betting Scientist has done a great job at getting you set up properly so that you don't 'fall off the wagon'. I've read it 3 times and love the to-the-point writing style. Dec 04, 2020 Open a specific bank account. To really make money on sports betting, you have to be dedicated, so it’s a good idea to have a special account that’s only for placing bets. When you open this account, be sure you invest enough money to cover your bankroll for an entire season or year, not just a single game.
According to data presented during the 2015 UN Congress on Crime Prevention and Criminal Justice, the global sports betting industry is today worth a staggering $3 trillion and it is growing at a brisk pace in spite of attempts to make it illegal in some parts of the world. In addition, e-sports gambling (e-sports take place in virtual environments online) has become increasingly popular over the last few years. With this in mind, here are ways of Make Money OffSports Betting or you may visit This Website for more information.
Ways To Make Money Off Sports Betting
Research
Before you bet on a team, do extensive research on the team. In other words, you should examine every aspect of the team thoroughly including the physical condition of the players (fit, injured, struggling to regain form), winning/losing streaks, enhanced odds offers, performance while playing at or away from home, home ground advantage, and weather conditions (can affect the outcome of sporting events). More importantly, keep proper records of the data gathered and update the records regularly.
Data Analysis
Besides research, thoroughly analyze the data gathered to gain useful insights and metrics. Compare these results with the data published by betting firms to determine the right player/team to back. However, it is important to note that data analytics is not a magic formula that will always generate a winner. Nevertheless, it will boost your chances of picking a winner, thereby improving your winning percentage.
Sports Betting
Betting Strategy
Contrary to popular belief, you do not need a complex strategy to make money in sports betting. In fact, you should start with a simple strategy and move on to complex strategies after you gain some experience. A simple and popular strategy you could use is betting against the public. This means supporting the team/player with the least public support. Nevertheless, take note some sports betting strategies only apply to specific sports disciplines. In addition, it is advisable to test and re-test betting strategies before deploying them in real world situations.
Don’t Bet While Intoxicated
Do not place sports bets when under the influence of any drug including alcohol. A study published in the journal Alcoholism: Clinical and Experimental Research found that alcohol has a negative impact on decision making, which means you are likely to end up losing money if you bet while under the influence of a legal or illegal drug. The Association for Psychological Science also warns against making financial decisions when stressed because you are likely to go for riskier options instead of acting conservatively.
Make Money by Betting in Sports Field
Money Management
Develop and follow sound money management policies to ensure you can determine whether you are making profits or losses. To start with, keep records of all the bets you place and regularly analyze how much you have won or lost within a given period. Moreover, determine how much money to re-invest in sports betting or how much to bet on a specific sport. Without money management discipline, you are likely to fail.
Conclusion
To make money off sports betting you should develop solid betting strategies, maintain sobriety while betting, carry out through research and data analysis, and develop sound money management strategies.
Do you know how to Make Money Off Sports Betting? If yes, then let us know in the comments below.
This is the first out of a three-part article series, which purpose is to investigate how one can make money from sports betting and the requirements of making a living from it.
Part 1: Having realistic expectations AND Different ways to make money from betting
Setting realistic expectations
If you already feel like skipping this part you are the type that would benefit the most from reading it.
First off, it is important to have realistic expectations.
As with anything in life, making money from sports betting requires time and effort.
And those looking for a get-rich-quick solution or minimal work are setting themselves up for disappointment.
Whether you have a job or are a student, things like this start as a side project.
Most of the people who work for Trademate are building their bankroll on the evenings and weekends, while working on Trademate during the daytime.
Whether you are studying, working a 9-5 job or making a living from playing poker, we think this approach makes a lot of sense.
It happens to be very compatible with value betting since that is when the majority of games are played anyway, and thus when the edges occur.
If you don’t need the money from betting to cover living expenses, it also reduces your risk as you have more legs to stand on financially.
It also enables you to reinvest any profits you make and keep building your bankroll. This, in turn, increases your turnover and potential profits.
You can keep doing it this way until you reach a point where it makes economic sense to do it full time.
Different ways to make money from sports betting
There are 2 main ways to make a living from sports betting:
The first is being able to pick winners. Which is what 99% of all tipsters and bettors out there are trying to do, and of which probably 98.9% are failing at.
To do this successfully, you would need to specialise in a market, preferably a niche market, where the bookmakers do not have the same level of information and knowledge as you, or where they can not interpret it as well.
If you want to try and create your own odds models, this article can help you get started.
The second way is to find value in the odds. Finding value can again be split into three groups: 1) Matched betting, 2) Arbitrage betting and 3) Value betting.
These can be ranked based on their potential risk and reward. The pros and cons of them are discussed in this article.
Also this guest post examines the pros and cons of arbitrage betting vs value betting.
At Trademate we are all about value betting as this gives the highest potential return of the 3 ways to make money.
The downside of value betting is that the risk is higher than for arbitrage and matched betting. This is because you only bet on one side of the game, the variance is higher. These articles and video explain variance.
Let’s use an example: If one takes a bet with 2.0 in odds, one can only expect to win 50% of the time. In the short run, anything can happen, e.g. losing 10 coin tosses in a row.
But over a large sample size, let’s say 10,000 tosses, the distribution of the number of heads and tails will be pretty much spot on 50/50 (the theory behind it is explained in this article and our big data analysis has shown that it has worked very well in practice for the Trademate users).
How To Make Money Off Sports Betting
In practice, the potentially high variance nature of value betting, means that one needs to be prepared to place hundreds of bets, maybe thousands depending on the average closing edge and odds before one can expect the variance to even out.
One thing they all have in common is that they have hit bad swings, but made it through them.
We have had users who were breakeven at 1,500 bets, before they hit a good run and their profits soared up and past their EV line (expected value).
Before you start you should make sure that you understand the underlying principles of value betting, mainly exploiting market inefficiencies in our case.
How To Make Money Fast
It is not for everyone and if you decide that it is not for you, then that is ok. But then you will not be making a living from betting anytime soon.
Next, one needs to have the patience and discipline to stick with it, through both the upswings and downswings.
Reducing variance in value betting
There are steps you can take to reduce the variance in value betting, such as placing on lower odds, only placing one trade per game, placing trades close to kick-off, using a proportional staking strategy such as the Kelly Criterion and limiting it to 30% of the Kelly.
Also, one should apply a max stake size. We recommend operating with 1-2% of your overall bankroll. It is possible to set it higher and also to use a higher Kelly percentage if one wants to take more risk and increase the turnover.
Bookmakers limit winning players and how to increase your lifetime value
Whether it being matched betting, arbitrage betting or value betting, the soft books do not like winning players.
To stop players from winning, bookmakers will impose stake sizing limits on them.
Without getting a solid turnover, making money from either option becomes really difficult.
How long it takes varies from bookie to bookie. There are also internal differences at the bookies.
All of this does not mean that it is not possible to extract good value from them first though!
Also, there are steps one can take to make the accounts last longer before they get limited and thus increase the lifetime value of the soft bookmakers.
A topic we have covered in multiple articles, such as:
Article: How to stay under the radar and avoid bookmaker limitations
Article: How bookmakers track your every move and how to get around it.
Article: How bookmakers profile winning players
At Trademate we are currently supporting 100+ soft bookmakers. Playing through all of them should take some time.
Also, because we have so many different bookmakers and also trades to choose from, the number of people who pick the same trade is not particularly high and thus each individual account lasts longer.
We also switch out a couple of bookies every few months to keep things fresh and have added 10 new bookies this year. So our overall value offered is constantly increasing.
Sports trading
Finally, what about sports trading? Traditional trading involves buying and selling assets. Sports trading involves either placing a value bet, an arbitrage or hedging a bet.
How To Make A Living Off Sports Gambling
Hedging a bet is basically to turn a value bet into an arbitrage bet. The difference between arbing and hedging is that when hedging, the bets are not necessarily placed at the same time.
For example in an arbitrage you place a bet on the home, draw and away within a short period of time, e.g. 1 minute. When hedging you would first place a value bet on e.g. the home team to win.
Then you can turn it into a sure win or a sure loss by taking a bet on both the draw + away team, or an Asian Handicap bet at a later point in time.
Hedging enables you to reduce your risk, but it also reduces the potential profit. We have covered the topic of hedging a bet in this article.
Ready for Part 2?
In the second part of the article series, we will have put some numbers on the different input factors that affect potential earnings and run some simulations.