Though making a living on sports betting is difficult, it’s feasible. But achieving this is easier said than done as it needs a lot of dedication, money, and time to become a profitable and successful sports bettor, let alone making this a full-time business.
Although many people are already doing sports betting for a living and others can make a fortune in wagers, here’s what it takes to do so based on gambling experts.
Making a Living on Sports Betting
Most of all, those who want to bet on sports are already fans. Sports bettors are sports fans trying to use their knowledge of a game or players to earn more profit. It is not unusual for a gambler to make recreational sports bets, particularly during big games like the NCAA basketball Playoffs or the Super Bowl. Before placing a sports bet, one must be a fan of the team, sport, college, or professional team. Sports betting is also another option for a fan to participate in the game’s action with more than just self-respect on the line.
All gambling involves mathematics, even the games of chance. You can gain an advantage if you master the mathematics behind the game. Several games–such as poorly placed roulette bets or penny slots– are so terrible that smart bettors get an advantage by entirely keeping away from casinos. The math is more complicated when it comes to sports betting. Depending on your preferred sport, you need to be passionate about the involved sports betting factors like injuries, quarterback ratings, underdogs, and bye weeks. Professional punters are betting to win instead of betting to risk where they get a consistent profit from their wagers.
It is also important to note that bookies are out to make money and tend to find a way to always profit from bettors. This usually occurs by offering attractive markets with a low chance of winnings or updating the lines. These markets are one of the reasons why new bettors tend to find sports betting hard.
Guide to Profitable Sports Betting
Focus on a Few Sports
Suppose you are new to just a few or even one sport. You may restrict yourself to wagering on just one team in that sport. Most bettors get excellent outcomes and profits from betting on teams and sports. Hence, as you learn the basics of sports betting, experts recommend you only bet on your favorite teams first.
Most people new to sports betting are familiar with at least one sport they already follow. If this describes you, this is the best time to concentrate your bets on the sport(s) you are already passionate about.
Even for more skilled bettors, there are many reasons why focusing on a few sports is a great strategy. If you’re unsure about how many sports to gamble on, remember that concentrating on one or few sports enables gamblers to identify seasonal trends and select the appropriate wager. Though this advice may not apply to all gamblers, check out the following benefits of doing so:
- Beneficial for those who are new to sports betting
- Easier to establish a clear understanding of the game
- Easier to keep updated on important information
- Easier to shop lines at different sportsbooks
- Get the best result when you bet on the sport you know best
- Regulates how often you bet
- Sports betting on a single sport is more advanced than ever
Look for Sharp Bet Signals
When it comes to sports betting, a sharp is known as a highly successful and long-term winning bettor. Their opinions are well-respected by sportsbooks. Sharps treat sports betting as a job with high financial risks instead of recreational activity.
Sportsbooks pay attention to sharp bets and may even adjust their lines as a result. Even though that side is not the most popular one, the line will change if many sharp bettors take the same bet on a game.
Sharp action, which denotes what the sharps bet on, can be evaluated in many ways. Some basic techniques involve comparing line percentages and line movement, locating steam, and comparing bet percentages to money percentages.
Sharps are successful bettors, and sharp reports are intended to include the picks that have attracted the most interest from these bettors on a specific slate of games. The most crucial tool for spotting sharp action is bet signals. The objective is to find games where many Bet Signals have been activated on the same side at multiple books. This indicates that sharps are grouping. In an ideal situation, the signals are provided by market-setting books with high limits that serve seasoned gamblers. Bet Signals display the number that got hit by sharp action. Particularly in football, such a feature can be beneficial.
Know the Value of a Sports Betting Market
The best way to profit from sports betting is to find value in sports odds. It’s the ONLY way to earn money consistently and regularly. Your chances of success are pretty slim if you don’t bet for value. Most sports gamblers aren’t aware of this.
Finding value in a market for sports betting mainly involves two steps. You first evaluate the chances of the potential results. Then, you compare those probabilities with the probability predicted by the relevant odds.
The second step seems simple, but the first one can be tricky. Because of how unpredictable sports events are, it is impossible to give specific probability to all possible outcomes. Take note that there are too many variables to consider. All you can do is trust your judgment and make the most accurate analysis possible. Since this is more of an art than a science, there isn’t a right or wrong approach. How you interpret all of the information at your disposal matters in the end.
This is an essential fact that you MUST keep in mind. Avoid betting if you cannot locate high value in a betting market. The entire point of looking for value is ensuring you only invest when the odds are in your favor. If you decide to risk betting on a sport even though there is no positive value being offered will be useless. Everything you did and all your money would only come to waste.
Line Shop with Purpose
Expert bettors (“sharps”) search through many online sportsbooks to choose the most profitable games to wager on and at the best odds to maximize their winnings. A crucial tactic for every aspiring “sharp” is “line shopping.” The best part is that it’s not as difficult as it would seem!
Any “sharp” will advise you that a small or marginal edge can eventually be beneficial. Line shopping is one strategy to avoid paying the “vig” that bookmakers add to their odds since sports betting has low-profit margins.
Over time, every dollar gained and lost adds up. An ROI of 5% indicates long-term profitability in sports betting. No skilled bettor reached their position without considering every aspect, no matter how minor it may have seemed. Make sure to make every single dollar count if you want to be a profitable bettor. Also, you need to devote time as you do line shopping. It takes a lot of work to compare the lines at various sportsbooks and keep track of the odds.
When online sportsbooks existed on a limited scope and were relatively new, line shopping was doable and easier. Sportsbooks, however, are now huge businesses that hire hundreds of bookies to guarantee that their lines align with the current market value. It is now simpler for sportsbooks to read and respond to each other’s lines thanks to the influence of the internet.
The sports betting sector is far more productive now compared to the past 10 years. However, even though it’s a little more challenging today, shopping lines across books is still feasible. Profit is yours to take with just a little hard work and the appropriate tools!
Why Professional Punters Track Their Bet
The most critical and final stage in managing your bankroll is keeping track of every wager you place, which is one of the most intelligent decisions a bettor can make. Unfortunately, a lot of inexperienced or casual gamblers never consider doing this. Perhaps they don’t see the point of doing it or find it time-consuming or too tedious.
You can monitor your performance and, more importantly, learn more about yourself as a punter by keeping a running record of your wagers and calculating the payout of your sports wager. Every bet you place should be recorded in an excel or spreadsheet if you are computer literate. If you’re more of an old-school, then you can keep a notebook to record them daily. Moreover, punters can use different mobile betting apps on their smartphones. It doesn’t matter how you want to do it. The only requirement you must religiously do is to keep track of each bet you place. Think of your wagers as an investment, which you consistently monitor and make adjustments or find a profitable sports betting strategy to increase your earnings.
You can discover your betting strengths and weaknesses by documenting your bets. This is crucial since it will help you realize which areas of betting you excel at and which ones you find challenging. Knowing your strengths will help you to concentrate on and rely on them. Knowing your areas for improvement will help you pinpoint your weaknesses and put more effort into them. More importantly, you will discover your most robust sports and betting categories. Those are some of the reasons why professional punters always track their bets.
Another long-term benefit is in seeing the pattern with the line movement. Bookies tend to change the line for various reasons. By seeing the pattern, you can form a profitable betting strategy.
Making Money with Matched Sports Betting
By using matched betting, it is possible to profit financially from free bet offers made by betting businesses. Almost all bookmakers advertise these promotions to persuade prospective customers to lay bets with them.
Matched betting is done to mitigate the risk associated with the “back bet” at the online bookmaker by placing a bet against yourself at the same odds at a betting exchange. You are, in other words, “matching” your wager.
Your first or “qualifying” real money wager will lead the bookmaker to give you the free bet. This is where the profit is generated.
You’ll be left with up to 95% of the free bet amount as profit for each matched bet. This is due to betting exchanges’ standard 5% commission on winners. Due to the slight discrepancy in odds between every website, you might suffer a minimal loss on the qualifying bet. But this is normal, then you can get your money back when you make the free bet.
But when mistakes are made, there will be risks. So, you must carefully follow the instructions and double-check everything. Free bets can take some time to process, so be patient and always follow the promotion rules.
Moreover, you should avoid being gubbed by the bookmakers. This occurs when a bookmaker places some sort of restriction on your betting account. In certain cases, bookies may close an account if it is not making them any money. This could happen more often as you expand your matched betting activity over time. Fortunately, you can lower the risk of being gubbed by mug betting to hide your betting patterns. Mug betting is a term for placing bets that don’t qualify for a bonus or promotion. They are pretty similar to qualifying bets, except they don’t ultimately offer a free bet.
You can make a living out of sports betting. Though, it’s not a practical goal if you’re just getting started in sports betting. Instead, focus on being a profitable and successful bettor and generating a decent side income from sports betting before reaching for larger goals. You can advance further, grow your bankroll, and turn it into a full-time job. It’s a challenging endeavor, but putting the time and effort into it is not impossible.
This article was published on July 19, 2022, and last updated on July 16, 2022.
