You’re a sports fan, and you love making bets on games? Well, you might just be able to make some serious money from betting on sports! Thanks to the growing popularity of eSports and social media, it’s much easier to place bets now than it was before, which means you may stand a chance of becoming a sports millionaire.
However, getting rich off sports betting is much more than placing bets and hoping for the best. To be able to make a successful living off sports betting, you will need to get good at assessing odds, understand game dynamics, know when to keep your money in and when to let it ride, and negotiate with bookmakers. Let’s have a closer look.
Understand The Risks
Even though placing bets and making money off them is quite easy to do, you must be mindful of the potential pitfalls that come with this kind of business. One of the biggest risks is losing all your money, which is why it’s always recommended to remain balanced, or have an equal amount of money on both sides of the wager. Trying to make a profitable bet when your account is in the red is a sure way to incur serious financial losses. The same goes for chasing your losses – it’s always a good idea to walk away when you feel like you’re getting too far behind to make up for the previous wager.
Find The Markets
The first step to getting rich with sports betting is finding the right markets and following them closely. Just like in traditional sports betting, you’ll often find that there are certain teams and players that are much more likely to win than others. However, data collected from all over the world, including the UEFA Champions League and the UEFA Europa League, has shown that there isn’t necessarily a clear-cut favorite in any given match – the outcome is usually much more dependant on various factors, some of which are outside of the control of the bettor. For example, the weather conditions in the area where the match is being played, or the motivation of either team.
In some cases, you may find that there is seemingly no clear-cut favorite – the teams are so evenly matched that the outcome of a given game will come down to some kind of fluke. It is at these times that you can make a good profit from betting on sports, since there are no clear-cut odds to work with. However, in most cases, there will be at least one team that you can deem to be the superior of the two, and thus the perfect candidate for winning your wager. Finding these groups of people – the smart money – is the key to making a profit off sports betting and understanding why some teams and players are more suited for winning than others.
Choose The Right Bookmaker
There are times when you’ll find that the best odds available for a given match are offered by a bookmaker that isn’t reputable. In these cases, it’s usually a good idea to look for an alternative – either through another bookmaker or, in some instances, through a reputable one that is paying better odds. A good place to start looking for bookmakers is Google, since any reputable sportsbook will have an ‘A’ rating from the Better Business Bureau, which means they’ve been vetted by the public and meet the standards of ethical business conduct.
Understand Game Dynamics
Once you’ve found the right team or player for your wager, it’s important to understand how they’ll perform under the given circumstances. If you don’t understand game dynamics, then it’s all too easy for you to lose your money – either through poor selection if they happen to be the underdog, or through your ignorance if they’re the favorite. When you back a known quantity, you generally know what to expect – if they don’t perform up to expectations, then you’ll be disappointed, but at least you know what to expect.
Odds Are Everything
In most cases, whether you’ll make a profit or incur serious financial losses from a given wager depends on the outcome and the odds. In other words, the more one team or player is favored over another, the more likely it is that you’ll lose your money. In these situations, it’s a good idea to look for odds that are as close to being even as possible – in some cases, this will mean taking a slight advantage of the underdog, but in most cases, it means you’ll do better to take the points. At least, this is the conventional wisdom – in reality, this isn’t always the case, but it’s usually close enough for practical purposes.
Follow The Stats
As a sports fan, it’s easy to get excited about a game you’re watching – maybe your favorite player does something impressive, or perhaps a game-changing play happens and your team is able to pull off an upset victory. When this happens, it’s natural for you to want to jump in and place a wager on the game. However, statistics show that these kinds of occurrences are fairly rare, and it’s generally a mistake to get too attached to any one game or player. Following the statistics and following the odds are usually a much safer way to go – if you do this, then you may find that most of your wagers will pay off, and you’ll be able to enjoy the fruits of your labors.
Use Technology And Know When To Leverage It
Just like any other form of online or passive income, making money off sports betting is all about technology and being able to take advantage of it. One of the best things about digital nomads like myself is that we’re always ahead of the game when it comes to technology, and thus are able to take advantage of its various applications in ways that traditionalists couldn’t even dream of. In these times of pandemic and shelter in place orders, the potential to make some extra cash from home has never been more valuable – if you’re looking for ways to make money during these challenging times, then you may want to consider making some wagers, or at least testing the waters.