- Getting Rich Betting
- Active or Passive Income
- Sports Betting Millionaires
- Helpful Tips to Build a Strategy
- 5 Top Tips to Make Money Sports Betting
- How to Be Successful
- Final Words
Can I Truly Get Rich Betting on Sports?
The answer to this question is, quite simply, yes. It is possible to get rich by betting on sports. Remember, though, that sports betting is a game of chance, and a lot will depend on luck. Punters will often place bets without considering that there’s a real risk of losing a lot of money when wagering.
If you’re looking for a way to get rich fast, then sports betting is one of the worst ways to accomplish your goal. Trying to “get rich quick” through sports betting by relying on luck alone isn’t a good strategy, and you’re more likely to keep chasing pipe dreams than ever hitting a big win.
That doesn’t mean that you can’t make a semi-reliable living from betting on sports. It all comes down to choosing the best bookmakers, preparation and knowledge, although experience, practice, and persistence.
There’s a lot of readily available information online that can help you to win consistently at sports betting. Ultimately, it’s up to you to decide whether to do in-depth research into the world of handicapping and statistics or to continue giving away your hard-earned money to bookies. The choice is yours.
Sports Betting as An Active or Passive Income
We’ll say it again – sports betting isn’t a way to get rich quick. There are only a few punters that use it as their sole source of income. Those that do usually treat it like a regular job. They study numbers and statistics, practice their analytical skills and continuously search for usablSporte information and updates.
Yes, some players depend on sports betting as a primary source of income. Still, they are experts in wagering, spotting value bets and evaluating important information and statistics.
In general, most bettors will wager part-time, with their winnings supplementing their regular income. Even then, you’d need to put in quite a bit of work to search for the best promo code offers, and thus improve your chances of winning. You can still win larger wagers as a hobby punter, but we wouldn’t bet on the odds of you striking the jackpot any time soon.
Hitting the Jackpot – Sports Betting Millionaires
As we mentioned previously, there are many risks involved when it comes to sports betting. There’s a genuine possibility that you could lose everything if you’re not careful, and there are many sad testimonials that back this up. That said, there are a select few that have made it big in the sports betting world.
If you want to know more about turning this hobby into a profitable career, then you need to know about Tony Bloom and Matthew Benham.
Tony “Lizard” Bloom
When it comes to sports betting in the UK, Tony Bloom is probably the most notorious sports bettor out there. He’s the owner of Starlizard, a betting consultancy company, and he owns Brighton Football Club.
Starlizard is the sole advisor to Tony’s betting syndicate. One of its most notable features is a massive buy-in, which is rumored to set investors back somewhere between the £1 – £2 million mark. It’s no surprise, then, that Starlizard makes £100 million, or thereabouts, annually. It’s the biggest betting syndicate in the UK.
Matthew “Moneyball” Benham
With a nickname like “Moneyball,” the first thing that comes to mind is that he loves the movie, Moneyball. That’s not the case, but his life story is about as close as it gets.
Matthew also owns a football club, Brentford FC. Benham made his millions on sports betting through exploring and examining the KPIs, statistics, algorithms, and the philosophy around everything regarding the sporting world and betting. His research and tenacity are what made him such a successful winner.
Important Tips for Earning an Income from Sports Betting
Getting rich from sports betting isn’t as easy as you might think. While hitting the jackpot is always a possibility, you’d be better off just trying to make a living early on. You’ll earn valuable experience and gain useful knowledge that can help you place that one unique bet in the future.
Before you start your journey, though, you’ll need to prepare. Any professional bettor will tell you that preparation (finding good mobile betting sites, for instance) is critical when placing a bet on any sport. We’ve listed a few tips below to help you get started.
Trying to become a jack of all trades is one of the biggest mistakes that any beginner can make, and professional bettors will tell you the exact same thing. Stick to what you know and do your own research. Find out what your strengths are and ask yourself: “Where can I get the upper hand?”.
Set yourself strict rules and make sure that you stick to them, even if it affects you emotionally. The best advice that we can give you is to become a specialist in the sports you’re betting on. That’s the only way of getting an advantage, however slight, over the teams that the bookmakers employ.
It’s always good to have a betting strategy. The problem that most punters have is deciding which sports betting strategy is best. Unfortunately, many beginners end up paying a small fortune for a betting strategy or for a system that will do them no good.
There’s a massive number of betting strategies available online for free that you can use. Once you found the right strategy that works for you and the sport you’ve chosen to bet on, you should carefully decide about how you’re going to use it.
Betting involves risks, and we can’t stress that enough. Many professional sports bettors will tell you to draw up a budget and set strict limits before you get started. Only set money aside that you can afford to lose. Try to avoid professional bookmakers, where the limid are high and high rollers are welcome. A great way to do this is to put your wagering capital, and any withdrawn profits, into a separate bank account and forget about it.
Betting sites aren’t 100% accurate when they analyse statistics to determine their odds. That’s why you’ll often find that odds differ from one betting site to the next. Once you start learning to assess the different odds at betting sites accurately, you’ll be able to spot discrepancies and find value bets. Being able to do that is just one part of your staking plan.
Having a staking plan in place is an excellent way to protect yourself from losing big and betting everything you have impulsively. Only bet 2–5% of your bank, depending on your confidence in a bet.
Sports betting is like any other gambling and investment method. There are risks involved, and there are times that you’re going to lose. The only way to mitigate the risks, and to make a steady profit, is to know what you’re doing and to do it consistently.
5 Top Tips to Make Money from Sport Betting
There’s no guarantee that you will get better and become a winner by implementing these tips, and we can’t emphasise that enough. You can use the tips below to act as a guide to help you in making money through sports betting, but there are never any guarantees when it comes to gambling.
1. Emotional Discipline
One of the hardest things to manage when betting on sports is your emotions. Many punters have made the mistake of placing an impulsive wager or betting while their judgement is impaired.
Sports betting can be an emotive process and requires discipline. There’s a reason why many associations and gambling sites are dedicated to responsible gambling. Some of the compelling motivators around it are the highs and lows of winning and losing, respectively.
Not being able to manage your emotions while betting on sports is one of the biggest reasons’ many punters struggle with gambling addiction. Also, by being too rash, you may come across blacklisted bookies you should avoid at all cost. In other words, they gamble to chase those emotions and don’t bet to make money or to have fun anymore.
Your top priority here is to practice self-discipline.
2. Knowledge About the Sports You Bet On
Becoming successful at sports betting doesn’t require you to have extensive knowledge about all sports. Being familiar with the specific sport that you’re going to be betting on, however, can count in your favour. If you have in-depth knowledge of a particular sport, then you might be able to spot excellent odds or pinpoint statistical discrepancies that make for sound bets.
3. The Maths
If you love numbers, then you already have an advantage over most other punters. A strong understanding of maths and statistics are probably the best skills that you can have to make a profit from gambling on sports.
Keep in mind that betting is a game of chances and probabilities. With a strong understanding of the numbers, you can compete with statistical methods developed by sports betting experts employed by bookies.
4. Realistic Expectations
Having unrealistic expectations can wreak havoc on your motivation. Making a living from wagering on sports isn’t an easy journey, and you should be prepared to be in it for the long haul. You can expect a steep learning curve, depending on your existing knowledge, and you should invest the time to fully understand how wagering on sports works.
If you expect to get rich overnight, sports betting might not be the best hobby for you to pursue. Keep in mind that it’s still gambling, and it comes with risks. You need to be able to manage the risks along with your expectations and keep your goals realistic.
5. Create an Investment Plan for Your Profits
In our opinion, betting on sports should be for pleasure only. However, let’s say you’re in it for the long run. If you keep on learning and applying what you’ve learnt, your winnings can create a slow but relatively steady passive income.
A great strategy that you can use is reinvestment. That means taking your profits from sports betting and investing it in other revenue-generating markets. This can create more than one income stream while making it harder to withdraw cash and making impulsive bets when you’ve hit a losing streak.
Create an investment plan when your profits stabilise. If you have questions about investing, you can always speak to your bank or investment advisor. They can give you qualified investment advice, evaluate your financial status and even create a risk profile.
Become Successful in Sports Betting
Apart from the tips above, we also want to focus on the skills and attributes a successful punter should possess. Here are the main characteristics of pro gamblers.
Being great at predicting individual events is one thing; doing it consistently is another. You’re going head to head with the bookmaker, and you’re trying to come out on top. This is war, so preparation is key.
Hundreds of brilliant people are employed by bookmakers to both manage and enhance their profits. Your losses are their profits, and they don’t want you to get one over on them.
Luckily, you can always consult our betting guide for more useful tips. Plus, there are many mathematicians, programmers and sports experts that would happily give away free advice to help you win.
The important thing is to work on improving your skills continually.
To become successful at sports betting, you’ll need to be willing to put in the work. Having said that, it all depends on your level of motivation. It’s important to remember that motivation dramatically affects how much work you’re willing to put into it. It’s also not just about watching the game with the boys or using your betting app to place a bet.
Keep in mind that you’re going to lose, and probably lose quite often when you’re just starting. If you’re motivated and persistent, you’ll be able to use those losses to refine your skills and strategies. Failing to plan is one of the main reasons people fail in sports betting.
There’s no denying that there have been notable instances in which people have struck it rich on sports betting. This is the result of a combination of hard work, experience, persistence, and a generous sprinkling of luck. There’s nothing that prevents you from being able to live off your wagering profits, or even to strike it rich with a lucky bet.
However, if you go in with the wrong expectations, you’ll find yourself demotivated after hitting your first losing streak. Worse still, you might chase your losses and completely blow your budget.
The point is that sports betting can be very profitable. Put in the time, treat it like a job and you might just be able to live off your earnings.Published on 09 June 2020, last edit on 24 September 2020