How To Make Money and Earn A Living From Sports Betting

This is a frequently asked question: “Can you make a living from sports betting?”

The typical response to that question is a firm, unequivocal “no“. It is frequently followed with a cliche like “the bookie always wins” or “it’s a mug’s game“.

Most people believe that it is impossible to continuously generate money from sports betting. Although most punters view sports betting as a “mug’s game,” a select group of professional gamblers, traders, and value bettors flourish. There are absolutely genuine methods to make a fortune from sports betting.

In truth, you can start making money from sports betting if you are ready to put in the time and effort. Here are the methods you should learn, in the recommended order.

1. MATCHED BETTING

I talk a lot about Matched Betting on this website. This approach involves using sports betting bonuses and free bets to generate risk-free earnings. It’s a wonderful starting place for anyone wishing to take their first big step into professional gambling without risking their wallet.

Matched Betting introduces newbies to the decimal odds format and the Betfair exchange. It is the first crucial step toward professional sports betting.

Mastering Matched Betting

To learn more about Matched Betting, start by reading my extensive beginners guide.

To maximize profits, consider enrolling to a Top Matched Betting Service that offers regular bonuses. For a low monthly price, a specialized service ensures that you never miss out on any successful betting specials.

2. ARBITRAGE BETTING

Following on from Matched Betting is Arbitrage Betting, commonly known as “arbing” or “sure betting“. If you have the correct tools, arbitrage betting is straightforward and profitable. My Arbitrage Betting Guide explains the technique in further detail.

Professional bettors ‘arb’ sports betting sites by covering all outcomes of an event and profiting on the difference in odds.

For a simple arbitrage bet, you must follow the “Back high, Lay low” strategy. This entails backing value odds at the bookmaker and then laying against them with an opposite exchange bet at lower odds to lock in risk-free winnings. It’s the foundation of successful sports trading.

Finding Arbitrage Bets

Arbitrage chances are fleeting, thus an arb finder will help you uncover them on a regular basis.

Without a doubt, Rebelbetting is the best and most professional arbitrage service on the market. Its speed, user-friendly interface, and ongoing development make it the most popular arbitrage application today.

3. VALUE BETTING

After accumulating a bankroll through risk-free tactics like matched betting and arbitrage, it’s time to move on to techniques that require strategic risk-taking.

In betting, ‘value’ refers to odds that indicate a pick is less likely to win than it actually is. Choosing value odds gives the player a ‘advantage’.

Winning and losing are both part and parcel of value betting. However, your “plus EV edge” ensures that you will come out on top in the long run.

Profitable value bettors use bookmaker accounts and, in some situations, betting exchanges like as Betfair. Professionals treat their sports value bets as if they were financial investments, regardless of the platform they employ.

There are two primary categories of value bets:

Odds that continue to fall (or drop).If you can predict when the odds will fall in value, you’ve got a successful plan. When the odds settle (right before the start of the sporting event) at a lower price than what you backed, you have made a “value bet”.

Odds indicate that an outcome is less likely to occur than actuality.Instead of depending just on market accuracy, it’s possible that the actual likelihood of an outcome exceeds the odds. For example, if the odds on offer at a Bookmaker are 10/1, but you evaluate the “fair” chance as 7/1, the payoff on a victory at the Bookmaker makes the wager lucrative (provided your appraisal is correct). It is thus another type of “value bet”.

Finding value bets

Subscribing to a Value Bet Finder is the most effective technique to find value. This gives punters a ‘feed’ of value odds to pick up anytime they arise at a Bookmaker. My favorite software is TradeMate Sports.

4. TIPSTERS

Consider using a tipster service instead of subscribing to a value bet feed.

First and foremost, I should caution you that locating a reliable tipster can be difficult. There are so many scammers out there, so tread carefully. Read my post to learn more about the risks of following tipsters.Can Tipsters be Trusted?

Finding trustworthy tipsters

Finding that “diamond in the rough” among tipsters is nearly impossible without high levels of transparency and extensive proofing techniques. Proofing sites like Tipstrr offer completely audited results, which I highly suggest. There will be no more phony records or accounting.

Tipstrr connects you with tipsters with proven success, allowing you to construct a portfolio of bets.

5. STRATEGIES & SYSTEMS

Subscribers to arbitrage, value betting, and tipster services can earn, but their accounts may be limited or closed. This sets a cap on profitability. Eventually, all bettors must aim for long-term earnings.

Creating your own betting system or model is effective for determining value. However, it is not easy and requires a lot of effort. Nobody is going to just offer you the winning formula. If they did, those possibilities would be highly competitive and short-lived.

Professionals are often secretive about their approaches. Search for “best betting strategies“, “betting holy grail“, or “best ways to model odds and predict sports outcomes”. There are numerous discussions among punters, as well as some rather extensive sports betting studies. You’ll be recommended a variety of Tipsters. Except for the risk-free betting strategies mentioned above, there is no real information.

Learn the fundamentals of developing a strategy.

The good news is that I provide some useful suggestions on developing betting strategies that I haven’t seen published anywhere. Look at the following:

• Ten Common Betting Strategy Mistakes. Take notice of the common mistakes that practically every aspiring professional makes when attempting to develop a profitable, long-term betting plan.
• Create your own football betting model. In search of value, gamblers might create their own sports odds using historical data. In football, a betting system could be as simple as analyzing historical scores. I advocate including more complex statistics, such as shots on goal, corners, possession, and predicted goals.
• The Importance of Large Sample Sizes in Betting Analysis. Collect as much data as possible: don’t underestimate the value of making conclusions based on a large sample size.

Remember that a winning approach requires consistent value in your bets. Accurately modeling the likelihood of an event and obtaining chances that exceed calculations is a positive sign.

6. SPORTS TRADING

Trading on betting exchanges is a logical extension of tactics and systems. While sports trading follows the same concepts as value betting, it requires a higher level of expertise and dedication.

Becoming a successful sports trader is really challenging. It is estimated that fewer than 1% of Betfair clients make a steady profit. This is due in part to the market’s tendency to correct quickly. In other words, they are extremely efficient.

The efficacy of the betting exchange is frequently questioned. However, I am quite confident in my position. I collected tens of thousands of data points and performed hundreds upon hundreds of methods to get at my conclusion, which is:

In an active sports trading market, the odds (on average) accurately reflect the likelihood of an event occurring. Betfair prices are competitive, unlike Bookie odds.

So, if you want to be a good Betfair trader, you must be intelligent, motivated, and willing to dismiss bad advice like “go with your gut“. To be successful on the exchange, you must be smarter or have more knowledge than the majority. This involves a very methodical approach.

Learn the fundamentals of sports trading.

Throughout this page, I provide guidance on numerous methods to distinguish yourself from the average trader. Here is an overview of some of the main points:

• Trading strategies. This website’s Sports Trading section covers essential tactics for all sports traders.
• Use Excel or a more advanced program. You will need to utilize a program that can perform simultaneous calculations on a big quantity of data. Matlab is a solid choice.
• Request your pricing. On the betting exchange, you can request a greater price than what is currently available. This is one of the primary benefits of using sites like Betfair, so take advantage whenever feasible.
• Learn when to strike. You will enhance your bet timing with practice and data collection. It’s a critical ability because once the market readjusts and corrects itself, value betting possibilities vanish as prices revert to (roughly) correct levels.
• Invest in software. Sports trading is extremely competitive. You cannot expect to gain an advantage if you are slow to respond. To swiftly respond to new information, subscribe to a Betfair trading tool or Bot.
• Use less popular markets. The most popular markets are more efficient/accurate, and so provide less value to punters. Choose those with less public knowledge (as measured by exchange liquidity).
• Be original. Look for data or effects that the betting markets (the public) overlook or overvalue. This will help you discover a prejudice and get an advantage. I recommend reading my blogs on Expected Goals and Football Data.
• Do not allow the market impact your estimates. Using betting markets/odds to develop estimations undermines the goal of beating the market.
• Be aware of variable changes. For horse racing, this may be considered a non-runner. In football, a significant player (such as a striker) may get hurt during training, affecting an upcoming match. Consider how these changes may affect your trading model.

It’s likely that your method has already been tried by others. As pessimistic as it may sound, your viewpoint is unlikely to outperform the collective opinions of thousands of others on the betting exchange. This is the reality of sports trading.

WHERE DO I BEGIN?

Are you ready to start your professional sports betting journey?

For the best chance of success, I recommend approaching the aforementioned tactics in “phases,” progressing based on your experience and risk tolerance levels.

PHASE 1: USE RISK-FREE STRATEGIES

If you’re new to betting techniques (or even sports betting in general), I recommend starting with Matched Betting and then moving on to Arbitrage Betting.

These two (quite similar) risk-free betting tactics will help you build your bankroll. They’ll also explain how the sports betting markets differ amongst bookies and exchanges, as well as how to make money from them.

Mastering Matched Betting and Arbitrage will provide you with the fundamental information and skills needed to go to more complex, higher risk approaches in the future.

PHASE 2: FIND VALUE BETS

Value Betting, unlike Matched Betting or Arbing, involves risk, hence it is best suited to experienced gamblers with a sizable bankroll.

Value betting is the foundation of every successful betting strategy and can be accomplished in a variety of ways, including:

• Following unique value bet feeds
• Using trusted, proven tipsters.
• Analyzing statistics to find price inconsistencies
• Identifying lesser-known “niches” in sports
• Refine your selection technique.

Much of this website is dedicated to the logic and reasoning behind value betting, and why it should be at the forefront of your plans.

PHASE 3: BECOME A TRADER

With the foundations and experience of Value Betting, you’ll be ready to start trading on betting markets. Many of the same principles apply (e.g., odds, market fluctuations, importance value), but trading necessitates a completely other set of skills.

Sports trading marketplaces are both competitive and efficient, so you’ll have to work hard to join the coveted “1% club” of consistently profitable traders. However, the benefits to doing so might be significant. The potential for expansion and automation is significantly greater than in many other kinds of betting.

On this website, I hope to highlight typical mistakes made by sports traders as well as tactics you may apply to improve your market predictions. I also recommend the greatest trading instruments, which are indispensable for professional bettors!

PORTFOLIO BUILDING

A serious bettor might consider constructing a wide “betting portfolio” of several types of bets and tactics, just as a financial investor does with stocks and shares. That way, the gains from one strategy will cover – or at least mitigate – the losses from another.

You should create your betting portfolio based on:

• Which strategies are most profitable for you?
• Accounts: where can you place your bets?
• What time limits work best for you?
• What are your limitations in mathematics and technology?
• What is your bankroll or betting ‘pot’?
• What is your level of risk tolerance?

It is now up to you to establish a career in professional sports betting! Make sure to read through the articles on this website for tips along the route.

CHALLENGES & LIMITATIONS OF PRO BETTING

It will not always be easy to navigate your sports betting trip. There will undoubtedly be bumps in the path.

Here are some of the most common challenges you’ll face.

WINNING ISN’T EASY

Developing your own sports betting model or trading technique has the potential to be extremely profitable — but no one will reveal you their secrets. So it’s up to you to find something that works consistently.

Developing, analyzing, and developing a sports betting model takes time, commitment, and talent. This is why so many bettors fail to make a long-term profit.

Throughout OddsHome, I provide resources, advice, and words of wisdom. Beyond the recommended tactics (e.g., matched betting, arbitrage betting), your success depends on your willingness to outperform the market.

BOOKMAKER RESTRICTIONS

Anyone attempting to take advantage of bookmakers’ promotions or odds faces a tricky situation.

Taking advantage of free bets is typically acceptable up to a point. However, betting on arbs or value bets will deplete your betting account quickly. Your stakes will eventually be drastically decreased, “gubbed,” or “zeroed,” rendering your account(s) unusable. In the most extreme situations, your account will be closed completely.

I recommend a variety of “Winners Welcome” betting sites to help you avoid this difficulty.

LOSING YOUR EDGE

Whether you follow a tip or develop your own plan, there is no guarantee that previously lucrative tactics will continue to be beneficial in the future.

Crucially, what works today may not work in the future.

Throughout this website, I emphasize the need of adjusting, improving, being critical of your approaches, and, above all, maintaining reasonable expectations.

MATHEMATICAL SKILL

Some people are better at betting than others. Some people have a great’sense’ for determining worth. But betting without quantitative justification contradicts everything I believe in and write about on this website. Sports betting success requires patience and a big sample size. While experiencing hot streaks from a few winners over the weekend can be enjoyable, they do not prove anything.

To achieve the top levels of professional sports betting, you must undoubtedly become highly analytical. And if that isn’t you, no worries. There’s nothing to prohibit you from implementing some of the entry-level strategies discussed previously in this essay. That still puts you light years ahead of the competition.

The most successful bettors don’t focus on “picking the winners” or the event itself (ironically). The methodical approaches to gambling are the most successful.