About the main beginner’s mistake, bookmaker’s commission, bookmakers’ commission and finding waggle bets.
There are several answers to the question of how to make money from sports betting. Profits from betting are made by bookmakers, private players, cheaters and some betting customers. In this article, we will tell you how to make betting profitable and whether it is realistic for ordinary punters to earn money.
Making money from betting is real, but don’t treat betting as your main income
First and foremost, newcomers often ask whether it is possible to make money from betting and only then think about the rest. This is a common mistake. First, be concerned about not losing large sums of money.
The most important rule is never treat betting as your main way of earning money. Allocate to the game only those funds that are not critical for the provision of household, family, business.
Earning money on sports betting is possible. But it is quite realistic to lose all your money.
All bookmakers thrive on the losses of their clients. But a certain number of players have a gain of money on the distance.
For whom sports betting is a profession
There are people who really make money from sports betting. First and foremost, these are the bookmakers themselves and the specialists who provide the betting functionality at the bookmakers’ offices. The basis of profit here is the bookmaker’s margin – the percentage of commission built into each odds.
A guaranteed profit in the betting world is what the oddsmakers are trying to make. They use arbitrage situations. It is possible to make opposite bets at different betting shops and stay in the black at any outcome. This is possible because of the difference in odds in different betting shops.
Forklickers use modern ways to find arbitrage situations: special scanners, software, thematic online resources.
But bookmakers will sooner or later identify such specialists. The bookmakers have many ways to deal with forklists:
- cutting maximums;
- blocking accounts;
- calculating dubious bets at odds of 1.00.
Most betting companies are strict about identifying the identity and payment instruments of their customers. This, too, prevents bettors from creating numerous accounts and circumventing blocking and limits.
Whereas professional whipsters have narrowed earning opportunities, the cappers don’t have such problems. They are people who make money by trading sports forecasts. The more popular the bookmakers’ services are, the wider the audience of customers for cappers.
But to become a professional capper you need to go through numerous stages of training:
- Learn different gambling strategies;
- Learn effective techniques for analysing events;
- Test your skills over a long period of time;
- Learn how to find customers and build up a customer base.
Learning such professional skills and setting up a profitable business can take years.
To start earning money from betting, minimise the risks
And if you are not a bookmaker, a whisker or a capper, is it realistic to make money from betting? To start with, you need to do everything you can to protect yourself from making ill-considered losses.
- Study the rules and specifics of bookmakers. Knowing the nuances will help you avoid unfortunate losses and make extra profit. For example, on bonuses.
- Play at a betting shop that is honest and pays out money to their customers.
- Make sure you are able to control your gambling. It is realistic to make money from betting only if you are psychologically restrained.
- Determine how much gambling bank you are willing to allocate for betting. On the one hand, this money should not be crucial to your personal or family budget. On the other hand, you will be calculating profit or loss from this amount.
- Research one or more sports. Choose tournaments, teams and athletes to bet on.
- Bet on games about which you have the most information available.
- Test your strategies virtually, without betting any real money. You will gain the necessary experience, analyse your mistakes and evaluate the effectiveness.
To start earning with betting, you need to systematise your game. Systematic thinking and the skill of self-discipline are the necessary conditions for profitable betting.
Financial strategies for gambling bank management
It is not luck or fortune that brings profits in betting, but a strict approach to gambling bank management.
Follow a financial strategy, otherwise you are likely to lose everything. The recommended strategies in most cases are:
- Flat – betting a fixed amount.
- Kelly criterion – the size of the bet depends on its probability of winning.
- A fixed profit – the amount of bet is calculated taking into account the desired winnings.
- Fixed percentage of bankroll – irrespective of whether the size of bankroll increases or decreases, we bet a certain percentage in advance. For example, 1-5% of the total amount.
It is considered, that flat is better suited for conservative games, while Kelly’s criterion is effective when searching for winning odds. But any financial strategy is only effective when combined with a good analysis of sporting events.
If you want to make a long term profit from betting, do not use adventurous financial strategies. These include all sorts of “win-win dogons”: Martingale, Fibonacci, Dalembert, Danish system, etc.
Such schemes look nice only in theory. Promising a guaranteed profit, they lead either to a rapid drain on the bank or to bookmaker penalties.
Gambling strategies, event analysis, finding valuation bets
Most betting is done haphazardly, which leads to random winnings followed by losing money. In order to make money, follow the system strategy you have chosen, which should include:
- Choosing a sport that you are proficient in;
- Focusing on one or more betting markets;
- Selection of odds at a set level. For example, about 2.00-3.50;
- A specific type of bet – single, express, system.
A thorough and quality pre-match analysis of an event plays a special role in our success. Beginners make the common mistake of betting on everything without looking at the factors that influence the outcome.
Take a few matches, and analyze them in detail. This will increase the chances of winning. Such hard and tedious work will give you the most time and effort.
When selecting matches, try to find so-called boulders. The idea is to bet at inflated odds.
Find an outcome whose probability of occurrence is clearly underestimated in the BK’s spreadsheet. But how to assess whether the bookmaker is really wrong?
That is where the forecaster’s analytical skill factor comes in. Knowing how to find jacking odds is a real art that allows you to really make money on sports betting.
This skill depends on many abilities: expert knowledge of the sport, analytical thinking, intuition and so on.
Tips from “professionals” trading sports forecasts
Beginners are not ready to make professional prematch analysis and they want to make a profit right away. This desire is used to profit from numerous swindlers: pseudo-cappers, dodgers (sell match-fixing information) and sports “experts”.
They operate in social networks, messengers, specialised websites and forums. Such scammers actively advertise their activities, promising huge and fast earnings to everyone who wants them.
To use their services is to pay for air. Under no circumstances should you buy into the promises of such “experts”.
Do betting clients make money on betting and can you do it? Yes, it is possible, but it requires appropriate skills, training, effort and investment.
Are you ready for a systematic approach to self-education in this field? If you have a sufficient level of self-discipline and analytical thinking, you can become a successful sports prognosticator. Thanks to the wide range of betting services it is possible to earn regular income.