If you’ve ever placed a sports bet in your life, you’ll know how exciting it can be. Not only is there a chance that you can win money, which is obviously appealing, but it also makes whichever sporting event you’re watching far more exhilarating.
What’s more the UK sports betting market has grown exponentially in the past few years, with hundreds of online bookmakers ensuring that placing a wager is now easier and more convenient than ever before. But is it really possible to make money betting on sports?
Whether it’s a weekend accumulator on the footy, or a punt on the horses at the Grand National, as a nation we clearly love sports betting. In fact, in 2017 the United Kingdom Gambling Commission reported that of the £4.5bn per year that the online gambling sector was producing, sports betting accounted for more than 40% of that total. With its popularity ever increasing too, it’s only natural that now seems an appropriate time to start questioning is it easy to make money betting on sports?
Well first thing’s first, we have to be honest with you. No, betting on sports to make money is not as simple as it may first seem. Whilst making a lucky bet every once in a while may seem very easy, learning how to stay profitable is a much more arduous task. That being said, it’s not impossible.
All you need to do is employ a few tips and tricks, a few gambling strategies to make money betting on sports, and a whole load of common sense and restraint. Intrigued? Read on to find out how to make money betting on sports online!
How to Make Money on Sports Betting
If you’ve ever found yourself wondering can you make money betting on sports, you may have found yourself wondering how does a casino make money on sports betting, too.
Gambling, of course, is always a two way street, and to make money by betting on sports you must first understand that you’re going to be going into competition with the bookies.
No bookmaker wants you to become consistently profitable at sports betting, as they’re trying to run a business after all. This is why they employ various different experts to predict the probability of the outcomes of sporting events, and set their odds to match.
Your task is to beat them at their own game and, to do this, you need to acquire a range of skills and personality traits:
Many newcomers to sports betting incorrectly think the answer to the question how do you make money betting on sports is to acquire a vast knowledge of their favourite games and events. However, a strong understanding of maths comes first. Betting is all about probability, and therefore you need to be able to spot where the odds may work in your favour. Furthermore, if you want to read gambling strategies to make money betting on sports pdfs and books, a good relationship with numbers is a must.
- Sports Knowledge
To be perfectly honest, sports knowledge isn’t exactly a necessary requirement for being profitable at sports betting. In fact, being a fan of a particular team or player can actually be a little of a hindrance, as it can sway you to make irrational bets. However, a firm interest in sports is definitely helpful, as you’ll now doing a lot of reading, research and watching!
If you’ve ever visited an online casino for any other type of gaming, you should already be aware that self-discipline is imperative to being successful. Gambling is a passionate business, and having some restraint and control over your emotions is vital. You need to keep a level head at all times to ensure that you’re not spending money you can’t afford in the pursuit of chasing wins and happiness.
Last but by no means least, you need to have motivation! There’s certainly numerous ways to make money betting on sports, but it is hard work. Profitable gamblers can spend hours planning their bets and studying the numbers and odds. Furthermore, sports betting can require a lot of research, and so if you’re not prepared to work hard, it’s unlikely you’re going to be successful.
How Much Money Can You Make Betting on Sports?
If you’ve read through the advice given above and think that sports betting is definitely something you want to become successful at then it’s now time to move on to learning exactly how this is possible.
The amount of money you can make betting on sports is entirely dependent on how you prepare. Here are some top tips to get you started!
- Decide On Your Bankroll
The biggest advice we can give any new gambler is to never bet with money they can’t afford to spend. This is why it’s important to work out your budget and set aside your bankroll before you start. Work out how much money you want to play with, and then never spend more than this. Furthermore, you should accept that this money may be lost.
- Create a Staking Plan
One of the biggest questions we’re asked is can you make good money betting on sports? The answer is yes, but the emphasis here is on the word good. To achieve a long term profit from sports betting, your stakes must be consistent. This means deciding a percentage of your bankroll you’re prepared to spend each time, and not making impulsive bets that aren’t part of your plan.
- What Are You Going to Bet On, and When?
The online casino industry presents gamblers with more choice than ever before. This can seem appealing at first, but to make money sports betting, you need to decide what you’re betting on and stick to it. Consider where you can find an edge, which sports you prefer and which markets you like the most before starting to place bets. Gamblers who try to hedge their bets between different subjects almost always fail.Furthermore, as online casinos allow gamblers to place bets 24 hours a day, 7 days a week, you also need to decide how often you’re going to place bets. This means that you can’t get carried away chasing your losses and will never spend more than your budget can afford.
- Research Sports Betting Strategies
Before you start sports betting, you should read up on strategies. You can find these via books, blogs and make money betting on sports pdfs and websites. You need to work out how you’re going to apply these strategies to your chosen markets, and make sure you have a clear understanding of them before beginning. You may also choose to target the subject from the other side, by researching and learning about how does Vegas make money on sports betting, and how the bookmakers industry works.
So, Can I Make Money Betting On Sports? – Our Conclusion
We hope this guide on how to make money on betting sports has helped to answer some of your questions about is it possible, and how to be successful. In short, yes it’s entirely realistic to think that you can make money betting on sports, but it takes determination, patience and a whole lot of skill.
If you’re wondering does anyone make money betting on sports, then the answer is yes too, but these people have firmly understood the risks and required skills. Our best advice is to not rush into things and weigh up if this is the right money-maker for you.
Hopefully the only question left to answer is how to make money on sports without betting, but we’ll save that one for another time.