There is a wide variety of ways to make money from betting, ranging from simple bets made on sporting events to more complex betting strategies involving multiple bets and several bookmakers. The following will discuss how you can make money off betting, including examples of how the different sports betting variations play out and the odds associated with each method.
Making Money Off Small Bets
The simplest way to make money off betting is to place small bets. These are typically between £1 and £5 and can be placed on any sport. The advantage of betting small is that it is easy to get started with, and the winnings are easy to track. The disadvantage is that the winnings are small and you need to make a lot of separate wagers to generate any meaningful returns. For instance, if you stake £10 on a horse to win, and it wins, you will enjoy a £20 return on your investment. However, if the horse loses, you will only win £10.
A more complex way to make money off betting is to use betting exchanges. These are online marketplaces where you can make wagers on a wide variety of events, using various betting techniques. When a wager is settled, the results are shown immediately in the form of a payout figure. Some of the more popular betting exchanges include Betfair, Bet365, and Sky Bet. The advantage of using betting exchanges is that you do not need to have a betting account with each bookmaker; you can place wagers with several different bookmakers from one account. The disadvantage is that settlement through a betting exchange can take some time, and there is currently no way to speed up the process. In the meantime, you do not know if your wager will be settled or if the bookmaker you are using is going to lock you out of your account for attempting to place illegal bets.
Making Money Off Big Bets
The next step up in complexity is to take big bets. These are typically placed using specialised tools, such as online casinos that allow you to place wagers on a range of sporting events. The size of a bet you can make will depend on the sites you are using; some casinos will only allow you to place small bets, while others will allow you to stake £200 or more on a single event. The advantage of big bets is that the returns are much greater; for instance, a £200 stake on the New York Yankees to win will return £400. The disadvantage is that bigger bets are more difficult to place and track once they have been settled. Big bets also involve more variables; if you are using several bookmakers to place your bet, you must keep track of the results from all of them to see if your wager was successful or not.
Combining Sports And Ethnicity
Another method of making money off betting is to combine sports and ethnicity. For example, you can stake £100 on Manchester United to win the Premier League, and if they do win, you will enjoy a £200 return. If they lose, you will lose your stake. The advantage of this method is that it is simple to set up; you do not need to keep track of several different sets of results. The disadvantage is that the return is only as good as the performance of the team you are backing and can be affected by many factors, such as other wagers you make, the performance of other teams, and the outcome of other sports that your team is involved in. For example, if the cricket is going well and your team is doing well in that sport, but you lose the football match, the return on your investment will be reduced because of it.
Using Statistics And Probabilities
One of the most effective ways of making money off betting is to use statistics and probabilities. This involves making wagers based on detailed research into the form, style, and previous performance of the teams and players you are backing. The advantage of such a technique is that it can be highly accurate and, depending on how in-depth the research is, can provide very positive or very negative results. For example, if you are analyzing the statistics on Manchester United, and it appears that they are due for a bounce back after a disappointing season, you can effectively place a wager that they will win the Premier League. The disadvantage of this method is that it can be very time-consuming. You will need to closely follow the form, style, and statistics of the teams and players you are backing to make the wagers, and you must do this before every game. Otherwise, you will lose out on the opportunity to make money off betting. To give you an idea of how much time the research can take, the following is a short list of some of the stats and facts you need to know in advance before placing a bet:
- Manchester United: Form, style, and statistics
- Tottenham Hotspur: Form, style, and statistics
- Liverpool: Style and statistics
- Arsenal: Style and statistics
- Chelsea: Style and statistics
- Bordeaux: Style and statistics
- Bayern Munich: Style and statistics
Once you have placed your wagers on the above six teams, the results will be shown immediately in the form of winnings or losses. You do not need to wait for the results of other sports to know if your wagers will pay off or not, as the stats will give you the results you are looking for. This technique is extremely time-consuming, and the more wagers you make, the more time it will take to track them all and ensure you make the right decisions at the right time.
Using Software
A more automated way to make money off betting is to use software. This can take the drudgery out of the research and form tracking process by automatically generating wagers based on user-inputted data. The advantage of software is that it can speed up the process by which you generate wagers, and it can also help you to effectively use all the statistics and probabilities available to you. Examples of software that can be used to make money from betting include Smart Bet and Cricket Estimator. The disadvantage of software is that it depends on you inputting data, and if you are not up-to-date with the latest results, you will not be able to effectively use the tool.
Using An Exchange
An even more automated way to make money off betting is to use an exchange. These are online marketplaces where you can make bets on a wide variety of events, using various betting techniques. When a wager is settled, the results are shown immediately in the form of a payout figure. The advantage of using an exchange is that you do not need to have a betting account with each bookmaker you use; you can place wagers with several different bookmakers from one account. The disadvantage is that settlement through an exchange can take some time, and there is currently no way to speed up the process. In the meantime, you do not know if your wager will be settled or if the bookmaker you are using is going to lock you out of your account for attempting to place illegal bets.
Making Money Off The Tote
One of the latest trends to hit the sports betting world is the tote pool. This is where several bookmakers come together to form a giant wager and share the returns when one of their members wins. The advantage of the tote pool is that it is a simple and transparent system; as a participant in the tote pool, you will have access to all the relevant statistics for the teams and players you are backing, and other participants will be able to see how much you are risking. The disadvantage of the tote pool is that it requires you to put up a portion of the funds you are using for betting, and you are not guaranteed to get your money back; however, this is a very small percentage of the funds you are risking. The tote pool is a great option for people looking to make quick cash without the need to commit to large stakes or complex betting strategies.