Can you make a living from sports betting?
Usually, the answer you will get to this question is NO, followed with the cliques such as ‘it’s a mug’s game’ or ‘the bookies always wins.’
For some people, it is an unfathomable thought that you can consistently earn from sports betting. While we agree that most people are not able to make a steady income out of sports betting but there is a small minority of professional gamblers who are able to make valuable bets on a daily basis and thrive. So, yes there are legitimate ways to make living with sports betting.
Anyone can start earning from sports betting provided you are willing to put in enough time and effort to learn it. Here’s what you need to learn to get started on the right foot.
- Matched Betting
Matched betting must be on your portfolio if you want to be profitable and make a living from betting. In simple words, this is a risk-free earning opportunity to make profits from free bets and sports betting bonuses. This is an evidential starting point for someone looking forward to leaping into professional sports gambling without getting concerned about the risk of blowing their bankroll.
With matched betting, you can familiarize yourself decimal odds format which is one of the important concepts that professional sports bettors know.
- Arbitrage Betting
Also known as a sure bet, sure bet and safe bet, arbitrage betting is one of the best ways to make profits at a lower risk. Simple and highly profitable, arbing is a sports betting type that you must learn. You can learn everything there is to know about it from our detailed arbitrage betting guide.
Simply put, in arbing you cover all the outcomes of a sports event in order to remain profitable irrespective of the end result. This involves the “Back high, Lay low” philosophy. You back the value odds at the bookmaker and then lay against the same bet at an opposing exchange bet at lower odds. This is the whole crux of being profitable with arbitrage. Arbing opportunities extend out of soccer betting to many different sports and markets.
However, you must know that arbitrage betting opportunities are very short-lived, which is why you need to be swift to identify them.
- Value Betting
After you have got your hands steady at matched betting and arbing, you will have a bankroll that you have earned risk-free and now you can move to strategies that involve risk but equally high profits.
Value in betting terms is presented when the odds suggest that a selection is not likely to win but it really wins. By picking value odds, bettors open themselves to huge profits. Winning and losing is an active part of value betting. Professional bettors who get profitable here either use bookmaker accounts or betting exchanges like Betfair. It doesn’t matter what platform you are using, but to make a living you need to treat sports value bets as financial market investments.
The value bets are of two main types:
Odds that go on to fall:
If you are able to preempt when the odds are about to fall, then you are onto a winning strategy. Usually, this happens when the odds settle at a lower price to what you have backed, then you have achieved a value bet.
Odds that indicate an outcome is less likely to occur than in reality:
When you already the most likely outcome of an event, but the odds are against your prediction, then you need to wait for the odds to fall. You have a real chance of an outcome happening against the odds and you have a value to bet on.
There are several value bet finders that you can subscribe to find value bets.
A tipster service can be a valuable tool for bettors who want to go pro and make a living off sports betting.
But we recommend extreme prejudice as it is tough to find legitimate tipsters. With so many scammers you need to be careful and educate yourself on the risks involved.
When subscribing to a tipster service look for high levels of transparency and thorough proofing methods. Tipstrr is one of the services that is free but also offers cost-effective plans for bettors.
- Strategies & Systems
Arbing, value betting and tipster services do offer a profitable selection to bettors but there is high probability of account limitations and closures. As these strategies work in favor of bettors making then successful in the long run, they are not viable for bookmakers. This is why they have a ceiling of profitability and you cannot rely on them for sustainable profits.
If you want to make sustainable profits you need to develop your own betting system or model. It’s a lot of hard work and not straightforward, but no one else is going to offer you a winning formula. If a betting model is not unique to you then it will be known to every other bettor hence will be short-lived.
Professional gamblers are highly secretive about their betting methods. If you search for best betting strategies, you will find information varying as no two bettors have the same winning strategies. You will not find anything apart from the most widely used strategies listed above.
But there are few tips that will make you a profitable and sustainable betting career.
You can start by learning the common betting mistakes to avoid. These are typical errors that most aspiring pros make in pursuit of profitable betting strategy.
Also, you need to learn about the characteristic traits of the most successful bettors. There is more to sports betting then just odds and bankroll.
We can write on and on about strategies and habits that will make you different from an average trader, but here are some of the key points that OddsMax want you to know.
Spend most time in learning the basics of trading strategies. The stronger your basis of dealing with different kinds of bets will be, the more are your chances of winning.
Learn to use tools like excel. Betting involves a lot of numbers which is why you need to learn about running calculations in spreadsheets or MATLAB.
Learn to request prices. Betting exchanges do not always offer you the best price, but you always have the option to ask for a better price than the one being made available.
Learn to find the opportunity to wager. Through practice, you will learn how you can improve the timing of your bets by making market readjusts and correcting value. Value opportunities disappear in moments and with enough practice, you will know how to identify such values.
Use less-popular markets. The most popular markets tend to be more accurate and efficient. This means there is less value for bettors. Focus on markets that contain less public knowledge.
Learn to be original. If you are using the same data items as others you cannot expect to be above the average bettors. This is why you need to learn to identify the bias in sports betting markets and go against it.
Don’t let the market influence your betting estimates. If you rely too much on the betting markets/odds to make your estimates then you are missing the whole point of “beating the market.”
Mathematical and Analytical Skills
It is not the bettors who tend to always try to ‘pick the winners’ or go by the events who are most successful but it’s the ones who approach sports betting as a methodical approach.
But it makes some bettors believe that they need to be book wise with incredible mathematical skills to be good at picking winning bets. While it is true that some people are wiser at betting than others, you don’t need exceptional math skills but just enough knowledge to justify your bet. Sports betting that is backed with large sample data is most successful and there is no arguing this fact.
You need analytical skills that reach the highest level of professional sports betting. But do not try to gain that at the very beginning, start with entry-level techniques and progress gradually.