As with most states, sports betting is now legal in New Jersey as long as it is not offered in sportsbooks or casinos. For those who want to take advantage of the situation, there are several ways to make money from betting on sports. Below we will discuss a few of those ways.
Become A Professional Betting Consultant
One of the simplest and most legitimate ways to make money from sports is to become a betting consultant. Essentially, you get paid to provide advice to people who want to bet on sports, and you get paid for each bet that is placed. You can find full-time jobs in sports betting, as there are many firms that need people to help them analyze scores and odds and provide recommendations to help their clients win. You can get started by getting a bachelor’s degree in sports management or business administration and then finding a reputable mentor who can show you the ropes.
Start Your Own Bookie Service
Another way to make money from sports betting is to start your own bookie service. Like a professional betting consultant, you get paid for each bet that is placed. However, instead of providing advice to clients, you take bets from individuals and organizations who want to place wagers on sports. You do not need to put in the time training to get started, as you can simply download an off-the-shelf sportsbook from the internet and start taking bets. The key is to find a state that does not have restrictions on sports betting, as taking bets in other states where sports betting is restricted is often considered illegal.
Consider Setting Up A Sports Betting Shop
Another way to make money from sports betting is to consider setting up a sports betting shop. Like a traditional bookie service, you get paid for each bet that is placed, but instead of taking bets from individual sports betters, you take bets from casinos, teams, and individuals who want to organize betting pools. You can get started by finding a building that is legally able to house a sportsbook and then staffing it with people who are knowledgeable about sports and willing to take bets from customers. You can then go through the extensive process of getting licensing and registration from the New Jersey Division of Gaming Enforcement (DGE).
Start An Online Sportsbook
One of the simplest and most legitimate ways to make money from sports is to start an online sportsbook. As the name would suggest, an online sportsbook provides online betting on sporting events. For those who want to get started, all you need is a reliable internet connection, a webcam, and a computer. You can then use an off-the-shelf software program to create an online betting site, which can be accessed from anywhere in the world. You get paid for each bet that is placed, and you can use your earnings to cover your start-up costs.
Participate In A Sports Betting Pool
Another way to make money from sports betting is to participate in a sports betting pool. Like an online sportsbook, the concept behind a sports betting pool is to get people to join together and place bets on sporting events. However, instead of creating a site to facilitate online betting, you create a group on social media or internet forums where people can join together to place bets. You get paid for each bet that is placed in the pool, and you can use your earnings to cover your start-up costs.
Start An Educational Foundation
Finally, you can use your skills to help others make a lot of money from sports betting. One of the simplest and most legitimate ways to do this is to start an educational foundation. You get paid for each bet that is placed, but instead of taking bets from individual sports betters, you take bets from casinos, teams, and individuals who want to organize betting pools. You can use your earnings to pay for your team’s coaching staff and fund your annual expenses. You can get started by establishing a website where people can donate money to your cause. Once you have secured a few thousand dollars in donations, you can apply for nonprofit status with the IRS and then use your website to raise awareness about issues that you feel strongly about. For instance, you might want to create a sports betting awareness page for children and students who are battling addiction or mental illness or who just want to learn more about the odds and how to bet effectively.
As you can see, there are several ways that you can make money from sports betting, as long as you are in the right place and are willing to follow the right procedures. If you feel that you have the necessary skills and are in the right place, consider using your talents to help others profit from sports betting. Legal and legitimate sports betting is a lucrative business, and with the backing of the state, you are sure to make a profit.