Can You Make Money Off Sports Betting
- Sports Betting For A Living
- Can You Make Money Off Sports Betting Online
- How To Make Money Off Sports Betting
Sports betting across the globe has seen an explosion of interest and a boom in active members wagering on sports from all corners of this great planet of ours. It is both challenging and hugely thrilling. With the advent of online betting it is now totally mobile. Sports betting pits the lounge room sports fan against the professional bookmakers and unlike real sports, the pros do not have it all their own way.
The way to make money betting without gambling is called matched betting. Matched betting is different from gambling, because you’re not playing to win. When you’re matched betting, it really doesn’t matter who wins the game. You will make money whatever the result. Copy bets from professional tipsters. There are lots of different ways to copy bets from. All things considered, it is possible to make something like, say $50 per week, betting on sports without having to negotiate too much of a learning curve. Yes you did read correctly, you can make money betting, the house does not always have to win. Unlike many forms of casino style gambling, sports betting incorporates a mix of skill and luck. Again, you can maximise the potential of your free money by using matched betting on your free bets. In this way, you can make sure that every bet you place is worthwhile and low on risk. This offer will typically kick in when a particular condition is met. For example, if you bet on a certain horse to win but the favourite wins instead.
Can you make money betting on sports? Yes, it can be lucrative. It is not easy and the amount you can potentially make is dependent on your bankroll, risk appetite, strategy, discipline and ultimately success rate. The income can be inconsistent. Unlike many other side hustles, you can also lose money betting on sports. Read on to learn more.
In short: Keep as much money as possible from free bets. Matched betting is the.
Let me be clear from the outset, sports betting is no simple get rich quick scheme.
Many a confident rookie bettor has blown their hard earned cash in a weekend, by blindly betting on sports, without much forethought, no bankroll management and with virtually no strategy. The lure of quick cash has taught them a painful and possibly expensive lesson.
This does not mean making money betting on sports is impossible or only available to a select few pro gamblers who live and breath sport 24/7. There are ways and means to make useful income without a huge time commitment or even initial outlay. Better still, you don’t have to give up your day job. It is a ready made side hustle that is loaded up on entertainment factor.
How Much Money Can You Make Sports Betting?
In many ways the sky is the limit when it comes to the earning capacity of successful sports bettors. Sports bettors range from the ultra recreational, who may only bet a couple of times per month, through to the full time professional, who turns over enormous sums of money year on year. This is what makes sports betting such an enticing side hustle. You start off small looking to make a few bucks and there is no saying where you may end up!
The real question should not be, “how much one can you make?” but more like “how much money are you aiming to make?”
A side hustle is about making some useful supplementary income that can be directed towards improving your lifestyle. The sports betting industry is really about entertainment, but that changes a little when you approach it with the view of having to consistently make money. All of a sudden bets need to be calculated, considered and therefore less impulsive.
All things considered, it is possible to make something like, say $50 per week, betting on sports without having to negotiate too much of a learning curve. Yes you did read correctly, you can make money betting, the house does not always have to win. Unlike many forms of casino style gambling, sports betting incorporates a mix of skill and luck. The more you hone your skills, the less you rely on blind luck (it does help though). Of course, with anything new, there will always be challenges along the way, bad beats, bad luck and some bad decisions can lead to some lean weeks. Hang in there, this thing has potential.
If you see your side hustle as a way of lifting yourself up to a next level kind of existence, then sports betting can deliver this as well. Just know, getting to that point takes time, dedication, a sizable starting bankroll, better than average math, a dose of experience and a fair share of bumps and bruises along the way. There is a high attrition rate among potential big time sports bettors. It’s not for the faint of heart but that doesn’t mean it shouldn’t be an aspiration.
How Much Money Do I Need to Start Sports Betting?
There is no real minimum amount of money needed to start sports betting. Bets can be placed for as little as one dollar. The issue is, making money off betting is all about percentage yield. That is, what percentage of your starting stack of money can you return in profit. No bettor can expect to win every bet, or even most of them. Sports betting is really about grinding out a consistent margin.
It may seem logical that to break even, a sports bettor would need to win 50% of the time. Unfortunately due to the bookmakers juice the break even threshold is actually more like 52.5%. A 55% win rate (11 out of every 20 bets) on bets paying -110, using the same bet size, produces a surprisingly good return. If you maintain that sort of strike rate over time then you will return a tidy profit of somewhere in the vicinity of 15% on of your betting turnover.
There are a few factors that will cause variance to this yield. Things like the size of the bookmakers edge or juice, the habits of the bettor, eg betting a bigger stake on games where they are more confident, or a lack of discipline, but as a general rule 15% is about it. We call this a 15% ROI (return on investment).
Let’s imagine now that you can maintain a 55% win rate and are yielding 15%, then an original bankroll of $3000 may be able to be turned over to the tune of $5000 in a season. Your actual investment then is $5000 and your return of 15% equates to $1500 dollars. Incredible going considering your outlay was $3000.
Bear in mind an overall win rate of 55% is an average. Some weeks and months you will perform better and other you will perform worse. That is why the side hustle income from sports betting can be inconsistent.
Finding the Right Sportsbook
One of the most important decisions you will make as a side hustling sports bettor is choosing which sportsbook will receive the majority of your action. A good sportsbook will offer you plenty of incentive to stick around. Your betting business is big business for sportsbooks and this offers you a chance to cash in.
Your sportsbook should be offering you an enticing first deposit bonus and ongoing cash back or bonus bet promotions. On top of that you should be able to join a generous loyalty rewards program and have access to all your betting stats in an easy to download format. Access to great promotions could add some value to your betting and may be the difference between profitability and a bankroll beat down.
Unlike many other industries, your sports betting business does not have to be exclusive to one sportsbook. This plays into your side hustling hands in a huge way. As the bankroll grows take advantage of the bonuses and promotions that are on offer across all sportsbooks. This just serves to multiply the ‘free’ value you can extract from the industry.
Develop a Strategy
Like all side hustles that actually work, you must approach sports betting with intent. An intent to make money and intent to continue to improve. This calls for a strategy, or series of strategies, that give you a framework around which to base your betting decisions. The beauty of sports betting is there is no one way that works. Success can be found in all sorts of ways. The most important thing is to find a strategy that works for YOU.
Do You Have to Pay Tax on Winnings?
Sports betting spans the globe and therefore the tax implications for winnings are varied. In the US if you are deemed a recreational sports bettor, which by nature side hustling is, then the amount of tax you pay depends on each state’s individual gambling tax laws.
Let’s use New Jersey as an example. In this state you will pay tax on the total of your winnings less your loses. Losses are treated as a deduction against winnings, sadly not against general income. In the United States online sportsbooks will require you to submit your social security number at sign up. This means you betting activity is being tracked and you are required to report on it at tax time.
Betting in cash is much harder to track and the responsibility is on you as the bettor to report any winnings.
The problem with betting in cash is the time cost of having to physically go to a retail sportsbook. For many bettors there is little attraction in travelling out of your way to place a series of bets and then going back againto collect winnings. The sports betting industry has matured beyond that old school approach.
What is Your Winnings Goal?
A way to maintain focus and discipline when betting is to keep the bigger picture in mind. You may have already decided on what that bigger picture is and hence you are on the lookout for a useful side hustle. Maybe at this point you are just on the lookout for extra money to open up your lifestyle options. Regardless of your own personal reasoning for taking up sports betting, having an endpoint, or at the very least a checkpoint that focuses you is all important.
A bigger picture goal may prevent you from thrill betting, where you just throw money on an outcome for the heck of it without consideration, or it may stop you from betting too big a percentage of your bankroll and risking a major blow to your account.
The road to sports betting profitability is a grind and winning just more than 50% of the time means you can cut a nice profit but you don’t have the luxury of wasting cash by betting recklessly. Keep the end financial goal in mind and you will find it easier to keep the impulsivity in check also.
Where to Invest Profits?
The thrill of betting on sport is its unpredictability and high risk nature. To some people this alone is reward enough. If you are treating sports betting as a side hustle then the thrill side needs to take a back seat to the methodical side. One of the best moves you can make as a sports bettor is to move excess winnings out of your sports betting account into less riskier investments.
All investing carries with it an inherent risk but not all investments have you essentially put your enter ‘buy in’ at risk. Any losing bet you make sees your entire stake taken away. Less riskier investments may return less yield over time but are also defensive in that losses may only equal a portion of your stake instead of the entire stake.
Sports betting really should be seen as a capital raising exercise. Once the capital is raised then this opens the door to passive, income earning, safer and to be honest boring investments. That being said there is nothing boring about receiving a passive income on going forever.
Examples of less riskier investments may be:
- Stocks — offer high liquidity and a myriad of choice
- Real Estate – safe, long term, lowish but consistent yield. Low liquidity is a negative.
- Cash – Money left in term deposits earning interest.
- Commodities – like gold, silver, oil, gas and yes even corn.
- Paying off other personal debt
- Artworks or collectables
Truly the world is your oyster when it comes to finding passive investment options for your betting winnings. The above list is by no means exhaustive or in anyway advice. Its purpose it to get you thinking about how your winnings could go to work for you.
The Game Starts Now!
Sports betting is a high risk venture that has chewed up and spat out many a confident bettor. That doesn’t mean it can’t be a useful side hustle, providing an income stream that can be used to leverage into bigger and better things. It is also a hell of a lot of fun. Get into it, a whole world a sports betting opportunity awaits.
How to make money with sports betting?
The first step is to copy bets from professional tipsters; this usually means less risk and more significant return. The second step is to understand the concept of value; this means you have to be critical. Reading tips: We just made a guide on how to make money as a betting affiliate.
Strategies for making money on sports
Do you want your betting bank to grow without increasing your risk and budget? Then make sure you follow these tips regarding make money sports betting.
Betting websites with authority and a good strategy will help you reach your goal. This is the only money making guide for betting you will need.
If you want to make a whole-hearted attempt to make money sports betting, you should consider that you will need a proper and well-thought-out strategy for how to play and go about it.
Making money sports betting is difficult, but it’s not impossible
Many of these people who manage to use their own “winning strategy” are rarely able to make money sports betting, and there are very few people out there that can lead to gamble and keep it as a full-time job.
When creating your sports betting strategy, it is essential to do the math first. How much to bet every month? How large are the units? To be able to make money out of sports betting, you need to think of it as an investment.
Furthermore, you always have to review every bet you do. I know, it’s annoying to write down losses, but it is a must if you want to keep track of whether you make a profit or loss – during your betting.
If you want to make money sports betting
After all, you are still a human being.
But if you get a winning strategy and stick to it – it is possible to make money sports betting. This our guide on how you can make that happen.
There are lots of different ways to copy bets from professional tipsters. Either you can pay for these tips – or not. Many people do not want to spend money on “betting tips” since there is a risk. Of course.
But there are good free alternatives. For example, you should check our Tipstrr review and Betting Gods review
Both of these platforms send “inform” tips to your inbox.
The downside is that you get the tips a few hours after they are published, which means you may not get the same odds as they report.
It’s a great way to “feel” what it’s like to copy bets from professional tipsters. Also, both Tipstrr and Betting gods offer a variety of tipsters. Both free and paid services.
Therefore, we rank this as the absolute best way to make money from sports betting.
2. Understand the concept of value
You have to be critical.
If you are not, then sports betting is not for you. Sure, you can be sure that a favourite of odds 1.25 will win, but is there any value in the game itself?
Lots of times, we’ve heard punters say, “There’s no risk of losing this game.” – Absolutely – these tips are clear favourites, but is the probability that they win better than the odds offered?
Value when it comes to sports betting is a simple concept, but most people who are betting don’t have much control over it.
The gambling market is primarily based on these “naive” players who have a far too skewed view of different odds – you need to read and do your homework.
Only then, you can exploit this fact and recognise the value for real.
3. finding teams that others do not believe in
Betting is sometimes “better,” the worse it looks on the paper. Maybe this sounds a bit strange, but the less the public and attention a team gets – the more value.
Especially a team that has done well for a long time, but for some reason, had a slight dip in the last 4-5 games.
If everyone skips bets because the match does not seem exciting or the team in question has been bad – then the odds can be in our favour and once again, a value has appeared, and you will make money betting on them.
4. Make money sports betting
Some players may be able to achieve success in the short term through betting based on emotion and instinct but to succeed in the long run; you need to be more analytical and familiar with different names and, for example, if the odds reflect the probability, etc.
4.1 Can you do this?
Betting is a game of numbers – and you should have reasonably good control of the counting methods.
However, this can be tricky. If you are serious about your betting, you might want to try Betegy.
Sports Betting For A Living
Betegy uses analysing models, just as Bookmakers. And the development and regression of a football team will be analyzed and the result is often reliable. Betegy aims to give sophisticated and well-analysed betting tips.
It means that Betegy can say where to spend the money for the greatest success. Betegy predicts the results of football matches with an 80% chance of success.
Betegy uses an algorithm developed by sports lovers for sports lovers. Their efforts to offer highly successful product bettors have proven to be more profitable than others.
5. Learn how bookmakers decide odds
It depends on the popularity of the match/event. Still, in general, the bookie’s odds will be a reflection of how the public is expected to play – rather than the actual probabilities. My personal favourite is BetBallers.
Of course, it’s not that simple, but in general, bookmakers will set their odds to attract bets on either side of the odds to balance their credibility (and increase their commission).
It gives smart players little room to find value – where the public’s opinion is simply wrong.
It also means that you can find odds at massive events where many play for the interest.
It could be, for example, the racing tips. As the public on average has an inferior track of the horses, the odds are favourable for us as we are gamblers with more control of the situation.
Choose a good bookmaker, read our full list over the best betting sites.
6. You can’t change the past
Don’t get angry because of a lost bet. If you have faith in what you do, then you just proceed with your plan, just like anyone who fancy poker – you can’t win every hand.
It is also important not to get bogged down in any false security after a few wins in a row. Be harmonious, passionate and smart.
We are all different, and if you know that you have trouble keeping your emotions in control, then you have to start with yoga or something else that can calm your mind.
Otherwise, you will not make money sports betting.
7. Watch out for combination games
Combination games, jackpots and other lures from the bookmakers and betting companies are usually not a good idea if you want to make money in the long run. But if you are placing your bets with “matched betting,” it might be.
Can You Make Money Off Sports Betting Online
You have to decide what is worth playing and not.
The regular player usually adds an extra match to find slightly higher odds. Still, these guys don’t think that it is significantly much more challenging to manage to dot correctly and usually forget about the times an excellent combination game did not sit – which is a lot of times.
8. Long-term Think
To make money sports betting is often just a dream. It would be fantastic if you got rich overnight. However, the probability of that is almost equal to zero, of course.
Thinking long term and building an expert mind is how you should do it. You may feel a month is good enough, but you need to post a full calendar year at least to make assessments.
The bets you gamble can also increase gradually, and who knows you may even live on the betting, but you need a stable mind and careful planning if you are planning to make money sports betting.
9. Reasonable bets
If you want to make money sports betting, you must start with a betting bank that can take some hits.
Many people fall into the trap and bet too big. If you do your homework and instead place around 2,500 bets a year with a lower return, let’s say 4%, you would quickly calculate a net profit of 40’000. That’s 30,000 more than the previous example.
10. Don’t need to “make it interesting.”
We’ve heard it plenty of times: “Sometimes I just play because I think it’s fun!” It is undoubtedly useful and healthy, but if you want to be a successful tipper and make money sports betting, then it is something you shouldn’t do.
Here you can read more about our Best Horse Racing Tipsters. Ranked and listed.
If you want to test a free alternative we can really recommend you to try Tipstrr’s Free Daily Tips. They are currently ranked #1 over best horse racing tipsters. Furthermore, they smash their competitors, even though the service is completely free. Claim your free racing tips today!
If you are interested in learning how to create your own strategies on how to make money sports betting, we can offer such guides as well.
How To Make Money Off Sports Betting
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