Sports betting is a profitable industry that earned around £16bn in 2018 alone. That’s a lot of money, but it still only amounts to around 0.7% of the total revenue of sports gambling operators such as Ladbrokes and Paddy Power.
The majority of bets are placed on sporting events such as football, horse racing, and tennis, with the NBA, the NFL, and the Premier League attracting the largest audiences.
To cut a long story short, people love to wager on their favorite sports teams and players. But how do sports betting websites make money?
The short answer is: they charge you to play. The longer answer is: it depends on how you play. Let’s dive into how you can make the most out of betting on sports and how much money you can expect to make.
Setting Up Shop
In order to attract sports bettors, sports betting websites must offer a fantastic user experience. Whether you place a bet or not, the odds should be visible, mobile-friendly, and easy to use. They should also offer a safe and fair place to wager. Setting up shop with these criteria in mind will allow you to stand out among the crowd and attract more sports bettors to your site.
Sportsbook And Payer Mix
When a sports bettor places a bet on a sporting event, the bettor will most likely visit a sportsbook to do so. A sportsbook is where you’ll find all the odds in real time and, as the name suggests, is where sports bets are placed. A few years back, betting on sports was done mainly at the betting shop. But today, with many sports betting websites existing, placing a bet at a sportsbook is simply a matter of searching for your favorite team on the menu or using a bookmaker’s mobile app.
While some teams and sportsbooks do offer nice promotions for bettors, the truth is, not all of them do. It’s up to you to find the best deals before placing a bet. Alternatively, you can use a bookmaker’s website to find the best odds without having to leave the comfort of your home. Just make sure you’re aware of any scams when using a bookmaker’s website.
If you’re looking to make money from sports betting, you must be asking yourself: how do I bet on sports in the most effective way?
If you’re wondering how much does sports betting make, there are several strategies you can follow to maximize your earnings:
- Join a sporting club
- Bet on all professional sports, not just your team
- Use money management tools to lower your risk of losing
Let’s take a closer look at each of these strategies to see which one is right for you.
Join A Sporting Club
One of the simplest and yet most effective ways of making money from sports betting is to join a sporting club. This is where you’ll find all the other bettors who share your passion for their favorite teams and players. You can place bets with them and take part in leagues and tournaments. By joining a sporting club, you gain access to discounted tickets to sporting events, free bets, and all sorts of other benefits.
Bet On All Sports
A more specific way of wagering on sports is to bet on all sports. Some people like to bet on just their team, but that’s not always the smartest thing to do. You may be more profitable if you place a bet on every game, even those of opposing teams. It’s important to keep in mind, however, that this is a risky strategy since you’re essentially multiplying your chances of winning. You may also find that some books are more favorable to certain teams or players than others, so you’ll want to make sure you’re aware of that fact when laying down your wagers.
Use Money Management Tools
Another effective way of making money from sports betting is to use money management tools. These tools are designed to help you keep track of your finances and bet with the right odds always. Some of the more popular money management tools include:
- Finance Director
- My Bookie
- Bet Calculator
As the name suggests, Finance Director is a financial tool that’s especially useful for financial managers and sports bettors who want to maximize their earnings from betting. It can help you keep track of your finances and all your bets so you can analyze how profitable your betting activity has been. My Bookie and Bet Calculator are also excellent tools that can help you manage your risks and identify profitable betting opportunities.
Lower Your Risk Of Losing
Another important thing to consider when making money from sports betting is how do I keep my winnings? You want to reduce your risk of losing, especially if you’re going to be betting big money. There are several ways to lower your risk of losing:
- Stay Informed
- Use A Safe And Secure Wallet
- Don’t Bet If You’re Not Ready To Lose
- Only Bet What You Can Afford To Lose
Unfortunately, scammers will try to trick you into handing over your money. To protect yourself from fraud, you must learn to be observant of your surroundings and not to get fooled by phony online offers or email scams. Also, make sure you’re using a secure wallet for all your online transactions. This way, even if someone does get access to your online wallet, they will not be able to steal your money. Keeping your money secure is essential.
Profitability Of Betting On Sports
Another important thing to consider when making money from sports is how much does sports betting make? The short answer is: it depends on how you play. The longer answer is: it depends on numerous factors. Let’s take a closer look at some of the factors that could boost or bust your chances of winning:
- Teams You Know Will Score
- Underdogs You’re Confident Will Win
- Big Matchups
If you know teams you’re certain are going to score, there’s no need to even look at the odds since you’re going to win. In fact, you may even get paid to bet on certain teams. For example, people who bet on the New England Patriots each week usually get paid around £30 to £40. If a team you follow consistently scores a lot of points, you may even decide to make this a part-time job. It’s all about knowing when to back your team and knowing how to place a wager in such a way that you maximize your winnings.
When To Back Your Team
As we’ve established, knowing when to back your team is crucial to making money from sports betting. Knowing when to bet and when to avoid it altogether is also important. The truth is, not all teams are created equal and some are more profitable to back than others. Luckily, there’s a simple way to find out which teams are most profitable to back:
- Look At Past Performance
- Analyze Game Theory
Past performance is a great way of predicting the outcome of a game, and it’s one of the most reliable metrics when it comes to identifying winning teams. If you’re looking to make money from sports betting, back the teams that have a proven track record of winning. There’s a plethora of data available from thousands of past games and, as a result, it’s easy to find statistics at your fingertips about the winning percentages of various teams. Having this data available makes it much easier to identify teams that are most suitable for backing. In terms of analyzing game theory, this simply means looking at the rules and regulations governing various sports and how they affect the outcome of the game. For example, in American football, it is against the rules for both teams to throw a forward pass, so this essentially removes the element of chance from the game.