You’ve probably heard many times that they’re no real way to get rich quick quickly. If it were that easy, of course, then we’d see many more millionaires in the world.
And yet, we’re seeing more and more stories of people who have made a huge amount of money from betting, especially with the rise of online gambling.
Some have become expert poker players and have become incredibly rich this way, winning worldwide tournaments and completely changing their lives.
But in more recent years we’ve seen a huge rise in the number of people who are making a lot of money by betting on sports. They’ve worked out that by placing bets on sports events, they’ve been able to make money and lots of it.
Sports gambling is a big business, and for some people who’ve put in the time and effort, they’ve become wealthy from it.
But if you want to make money from sports betting, it’s not like buying a lottery ticket. Not all methods of gambling are the same, and sports bettors prefer not all types of bets as their way of getting rich.
There’s a long game to play, a long term approach that has to be adopted by a sports bettor for them to make the big bucks.
Is Sports Betting a Skill?
Yes, and no.
Of course, there will always be the crazy results that come in and can either make you a millionaire overnight or destroy an accumulator that otherwise looked like it was going perfectly.
But, gamblers who don’t just see betting as a form of entertainment and instead as a way of replacing a real job have to have a combination of not just skill, but a little bit of luck.
The sports handicapper can only tell you so much when you go to place a bet. You can take a look at the odds, and they could look like a certain, but in gambling, there’s no such thing.
Even money that seems like it should be guaranteed can disappear in a flash with a shock goal or a horse that falls just before the finish line.
The important thing to know is that if you’re planning on turning betting on sports into a full-time job, you need to make sure you know what you’re getting into.
Take it Slowly
If you decide that you want to get rich quickly and so you’re going to throw your life savings into betting over a couple of days, then you’re on a surefire path for not just disappointment for financial ruin.
Sports bettors know that like any successful business, it won’t happen for them overnight.
The most important thing to aim for is to grow your bankroll. You’re not going to be successful by throwing everything at a big dollar prize.
Instead, you should be careful about becoming overconfident; otherwise, you may end up having to beg your dad to bail you out. Some days, you’ll end up with no more than a dollar payout.
Other days, you’ll find that the big underdog one has you paying for Christmas. In sports betting, you never know.
Betting should be something you enjoy, not something that is going to give you a stomach ulcer. If you find that your betting habits are making you stressed, then stop.
It’s not for everyone, so be prepared to accept that a career in sports betting might not be the one for you.
Set yourself limits for the amount you want to place per bet while you’re still learning how sports betting works.
As you become more familiar with the business, you’ll learn how to choose which bets will be of the best value to you, so you’ll know just how to get the most out of your betting.
Even then, of course, nothing is guaranteed!
Learn the Business
You’d never open an account or plunge money into business opportunities that you hadn’t researched.
Do you work?
Understand the difference between underdog odds and longshot odds. Learn about handicapping show and teach yourself how a sportsbook works. Learn not only how to place bets but lay bets too.
Another important factor is to understand the value of your bet. The value doesn’t just mean the payout but the form of the odds, time after time.
Consistently high odds should be on your radar so that you learn when to capitalize on the right games and opportunities.
Teach yourself not just the terminology but the meaning. For example, you might come across the term ‘underdog Moneyline’, but you must be sure to learn what that means.
Understand that in an underdog bet, where a team you bet on to win is the underdog, so the odds are against them, the underdog Moneyline is how much you’ll make in profit if they win.
Stick with the games you’re more comfortable with. If you understand betting on Premier League games but have no idea how horse racing odds work, don’t suddenly switch to betting on horse racing to try and claw your money back.
Make sure you ask all the questions before you begin, and don’t begin to play the game until you’re satisfied, you understand the answers.
The World of Sports Betting
Sports betting is a popular method of making money from betting because there are so many ways to go about it. One sports bettor will prefer one way of betting, and another bettor will prefer another way.
But one thing to remember is that there are always games going on, somewhere in the world.
Sports betting professionals take advantage of rolled bets, where they use the money won on one sports wager and place that on another bet in the sportsbook.
The trick to sports betting is knowing when to stop rolling a bet and leave the winnings where they are.
Another popular style of sports betting is to use a parlay card. This is riskier, but the odds on the card will turn out to be much higher, so the payout is better.
A parlay works when you place a sports bet that consists of two or more bets rolled into one. It’s an accumulator bet.
So, you might stake one dollar on the bet slip, but you’re betting that Ronda Rousey will win her fight and that Manchester United will win their Champions League game AND that the Dallas Cowboys will score at least 10 points in their football game.
All the results have to come in, for you to win that bet.
What About Making Money from Other People’s Bets?
If getting rich is your plan, then there’s a way to turn this whole concept on its head and become a bookmaker in your own right.
You could purchase bookmaker’s software, develop a website, get yourself a gambling license from the right authority, and create a staking plan that will attract customers and make you money.
Of course, this is a highly complex way of going about things, and there’s no knowing if anyone would even come to your betting business.
Plus, you’d have to bankroll the business yourself before you began to make any money from outside bettors. Still, it’s something to consider!
FAQs
Can gambling make you rich?
Yes, it can. But it takes a lot of work, and you need to do your homework, for example getting to know sports betting picks and other aspects of popular sports betting before you can dream of making the kind of money professional bettors do.
People have won millions of dollars from a lottery ticket that cost one dollar. But then others have plunged millions of dollars into gambling and at the very end of it have come out with nothing.
If you’re looking at making professional gambling a career, there are many things to learn before you can dream of lying back and counting your winnings.
Can betting sites ban you for winning too much?
Technically, a betting site can ban you for any reason that they see fit, and they rarely have to justify themselves as they do so.
They insist that when you agree to their ‘all rights reserved’ clause, they’re reserving the right to kick you off a site if they’re not happy.
Some betting sites don’t approve of matched betting, and if they suspect this is what you’re doing, then they can find a reason to ban you.
In the same style of a Las Vegas casino owner who doesn’t want you to beat the house, a betting site has the ability to remove your playing privileges any time they like.
They don’t care about the players who only put in their passwords to play on the slot machines.
Similarly, a state lottery doesn’t care how many lottery tickets you buy, but they’d get suspicious if you won the jackpot week after week.
Can you get rich from matched betting?
Matched betting is a kind of sports betting where you place a bet in one place, but lay a bet somewhere else. It’s a risky venture like all sports betting, but it has particular success when you factor in using free bets.
Some websites attract new members by offering free bets. When you open a new account by setting a username and password and then making a deposit, a website often matches your deposit with free bets.
Be sure to subscribe to their email offers too, as they’ll send you an email from time to time with more free bet offers that are the best ways to build money from sports betting.
Although you may have to bankroll the lay bets in the sportsbook, using the free bet against the sports bets are effective ways of making money.
