To be a successful sports bettor , one has to put time into studying and researching various aspects of a matchup. While turning a positive in sports betting is possible, it's not easy if you want to do it on a consistent basis. Before starting, a bettor should know the majority of terms used within the sports betting world.
From there, research begins which could involve studying team trends, looking at odds or shopping around for the best lines. To be a successful bettor, one doesn't simply win a few bets from a guess and continue to win.
There's a reason sports betting is a big business and states turn a profit of millions. Of course, if you want to win on your own terms, it will take time. In baseball, you can examine batter vs. In basketball, you can compare efficiency numbers or look at each team's pace. The number of stats to study is endless, but finding the most important ones is the key distinction to being a successful bettor. Once you have a preferred side, you can look around to see which sportsbook has the best odds for your bet.
If you really like the Buffalo Bills and think they can beat the New England Patriots as an underdog, most sportsbooks will have different numbers. At that point, you have to decide if it's worth it to bet at the other sportsbook in order to get better odds. Some will be swayed by sports betting touts and handicappers , but paying for a service likely means you have to win a bigger portion of your bets.
Sports betting is already difficult in order to come out in the positive as you have to hit roughly Throw in the extra few dollars spent on a tout service and that percentage can rise to 55 or even higher, assuming you want to win something. You could win at sports betting by using a service, but there's no guarantee the service will be profitable. If you want to put in the time, an individual can study as much as he or she wants and make bets based on those calculations.
Every stat you research isn't going to help, but that's the fun in betting. Can sports betting be profitable? It can be profitable Which states in US have legal sports betting? As of , there are 21 states and Washington D. Can you bet on sports online?
But while betting on sports is legal in almost half the states in the country, not all of them allow online wagering. When was sports betting legalized? When will sports betting be legal in Indiana? Sports betting in Indiana was legalized September and online gambling launched a few months later.
Is sports betting legal in Indiana? Indiana passed a bill to allow sports betting in and wagering started in October with online betting opening a couple months later. When will sports betting be legal in Michigan? Michigan passed legislation to allow sports betting in December and the first physical sportsbooks opened March Is sports betting legal in Michigan?
Michigan passed legislation to allow sports betting in December and the first physical sportsbooks opened in March Is sports betting legal in Virginia? Sports betting is legal in Virginia and residents began betting via FanDuel in January For most, sports betting is a fun way to make a specific event more exciting and fun to watch.
But for a small percentage of people that know how to make money betting on sports, sports betting is a way of life. Sports betting can be a rollercoaster of emotions, with even the most successful sports bettors in the world losing about 45 percent of the time. Winning just 11 out of 20 bets consistently can put you near the top ranks of the sports betting world. Below are a few tactics that are familiar to sports betting professionals that know how to make money betting on sports.
All sports bettors are different. Some like to rely on statistics, deep research, and algorithms, while others rely on gut feeling and minimal research. Regardless of their preferred methods and betting styles, every professional sports bettor will tell you the same thing: bankroll management is crucial in helping you survive the ups and downs of the betting lifestyle.
Much like professional poker players, managing your bankroll is the number one thing you have to do if you want to become a successful and profitable sports bettor in the long run. Bad beats are going to happen, so having smart bankroll management is a key part of surviving those backbreaking moments.
The same goes for sports bettors. Any professional bettor who has been betting for years can tell you stories of bad beats that resulted in huge losses. The most important part of becoming a profitable long-term bettor who knows how to Make Money Betting on Sports is smart bankroll management. Betting blind on random events or games is a big no-no.
Take a few minutes before placing a bet to see why the line is where it is, check injuries, and read other news. Depending on the sport you should also check the weather. Weather can play a huge factor in baseball and football.
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If tails come up, the reverse occurs. As long as you are of legal age and online sports betting is permitted in your country more detail here , everything I mention in this article is a legal way to profit from sports betting. As profitable sports bettors, we are simply taking advantage of the publicly available promotions offered by the bookmakers and using the best value odds which are also publicly available to place legal bets.
As an example, match fixing where bettors pay players to influence the outcome of a match is an illegal form of profitable sports betting. We do not condone this or any illegal forms of gambling. While there is nothing illegal about it, the bookmakers are running a business and they unsurprisingly do not like losing money. As part of their terms and conditions, they reserve the right to restrict or terminate the accounts of any customers at any time for any reason.
If they suspect that you are likely to consistently win money from them over the long run, they will typically lower your maximum betting stakes down to the point where it is no longer worthwhile to continue betting this is known as gubbing. This is inevitable, so our goal is to carefully make as much money as possible while appearing like regular punters for as long as possible before we inevitably get limited. However, most countries have scores of bookmakers, so you can simply move onto another one and restart the process!
There are a number of different ways to make money from sports betting, each with varying degrees of profitability and difficulty. It makes sense to start with the lowest risk and highest profit methods before moving onto more advanced techniques. The methods I will introduce below are those with the lowest risk, least amount of skill required and highest profitability. Matched betting is the best for beginners.
It requires the lowest bankroll and has the highest profits. Your profits are largely dependent on how much time you are willing to spend on it. It is reasonably complex, but by using some matched betting software, you can make it very simple and quite profitable. Eventually, the bookmakers will realise what you are doing and no longer provide you with any promotions.
At this point, you should move onto either arbitrage or value betting depending on your risk profile. Alternatively, you can make some easy money from matched betting, cash out your profits and then stop there if you like, and never place another bet in your life.
The choice is yours. Do you remember earlier when we discussed how bookmakers made money by building a profit margin into their odds vigorish? Well, this works very well for the bookmakers when you are betting your own money. Well, this is the essence of matched betting. Like any other business, bookmakers often run promotions to encourage new customers to sign up with them. To attract new customers they often run promotions whereby they will provide you with free bets when you make a new account and deposit some money.
Right, sorry about that! Backing a bet refers to what we normally do at a bookmaker, that is, place a bet on a particular outcome to occur. Laying a bet is what the bookmaker is doing, it is betting on an outcome to NOT occur.
By both backing and laying a bet, we can cover all outcomes. This ensures that no matter what happens, at least one of our bets will pay off. Well yes, normally, but remember we are using a free bet, which is enough to overcome the vigorish. So how do we lay a bet if bookmakers only accept back bets?
Well, we go to a betting exchange, the most famous and largest being Betfair. Betfair is a marketplace that connects people who want to place bets. If someone on Betfair wants to back a bet at certain odds, you can then lay a bet at the same odds. This means that you are acting as the bookmaker to that person. Chelsea have had a bad run recently, and our bookmaker has set them at odds of 4. If they lose, we lose nothing, as we are using a free bet, not our own money.
We can make the outcomes more symmetrical by laying Chelsea at the betting exchange. At the betting exchange say Betfair , Chelsea have lay odds of 4. The example above may seem very complicated, but with a little practice, a bet like that will take you less than 5 minutes! The more bookmaker accounts you have, the more promotions you will receive and the more you can profit! The bookmakers also run ongoing promotions to existing customers.
An example of this is a boosted odds promotion. For example, the odds for a team to win may normally be 3. A bookmaker may run a promotion whereby these odds are boosted to 5. This is much higher than their built-in profit margin vigorish , which allows you to back a bet with them, then lay the same bet at the exchange and profit regardless of the outcome! An assisted matched betting service can help speed up the process greatly.
They will scan all of the bookmakers daily and keep an updated list of current promotions. They also have odds matching software, which scans the odds for thousands of sports matches across tens of bookmakers to find the optimal bets and odds for you to use your promotions on.
They alert you to the latest promotions, you select the ones you like, and they find the optimal bet and calculate the perfect stakes for you. This allows you to place many, many bets in a short space of time. In exchange, they charge a modest, monthly fee. You can read more about assisted matched betting including which software packages I recommend via the button below. Almost all services offer a free trial, so I recommend that you take advantage of this.
Access my matched betting resource page that has everything you need to get started! Initial Bankroll. Bookmaker Accounts. You will need soft bookmaker accounts to be able to place bets. You can start with and then open more once you are feeling confident. Betfair Account. Critical to profiting from matched betting is your Betfair account. You will need this to lay the bets that you are backing at the bookmakers. Your Betfair account will never be limited and they welcome matched bettors, so a free Betfair account is a very valuable asset.
Matched Betting Service Account. Did you look at the matched betting example earlier and find it confusing? The bookmaker promotions often come with lengthy terms and conditions that can be difficult to interpret, even for experienced bettors. Many matched betting services offer free trials. Find out which ones I recommend in my article on assisted matched betting. Want to read more about how to get started with matched betting? Check out these detailed articles:. Once the bookmakers stop offering you promotions they will usually send you an email when this happens , it is time to move onto either arbitrage or value betting.
Arbitrage is a lower risk, lower reward strategy, whereas value betting is a higher risk, higher reward strategy. I will explain both of these strategies in detail now, so that you can figure out which one is right for you. Arbitrage betting , much like value betting is a strategy that involves taking advantage of opportunities that arise when the bookmakers make mistakes with their odds. To understand how this works, you need to be aware that there are two types of bookmakers: soft bookmakers and sharp bookmakers.
Most of the bookmakers that you can think of off the top of your head are soft bookmakers. Their business model consists of attracting casual punters, offering them poor odds with large profit margins factored in and making money from the relatively low volume of bets but high profit margins. Sharp bookmakers, on the other hand, have very accurate odds with low profit margins.
They accept very high stakes from customers. They change their odds very quickly when news breaks that could impact the outcome of a match. You can learn more in my article about the difference between soft and sharp bookmakers. Help: I can't access sharp bookmakers! Unfortunately, not all sharp bookmakers operate in all countries.
Pinnacle , being the best and most well known sharp bookmaker, no longer operates in the UK, Australia and a number of other countries. However, you can still access these sharp bookmakers through the use of an intermediary service, known as a betting broker. They can open a number of sharp bookmaker accounts on your behalf, even if those companies don't operate in your country. Find out which are the best betting brokers!
Arbitrage betting involves taking advantage of opportunities that arise when the soft bookmaker and sharp bookmaker odds are so different that you can bet on both outcomes of a match and profit regardless. In any case, the odds are far enough apart that we can bet on both outcomes and profit regardless of which one occurs!
You can use an arbitrage betting calculator to help you work out the stakes. An arbitrage bet like this typically takes less than 5 minutes to complete. An alternative strategy is to lay the bet at a betting exchange rather than use a sharp bookmaker.
This is a little more complicated but has the same end result: locked in profits! Great question. In this situation, you would need to place a third bet with another bookmaker to cover the draw as well. Please check out my detailed article on how to find arbitrage bets. Essentially, it is possible to find these opportunities manually, but by using a software package that scans tens of sports and over bookmakers, you can speed up the process dramatically, resulting in greater profits!
Check out my article below for some recommendations of free arbitrage betting software! Decent initial bankroll. Use your winnings from matched betting to kick start your arbitrage betting. Soft bookmaker accounts. The best soft bookmakers for you depends on which country you live in. Have a look online for which bookmakers are offering the best bonuses in your country.
Check out my list of recommended sharp bookmakers. Having a Betfair account is also useful. Arbitrage betting software. There are a lot of options out there for arbitrage betting software. You can check out my recommended arbitrage software. Essentially, I think RebelBetting is the best arbitrage software out there. Value betting is quite similar to arbitrage betting in a number of ways.
It also involves exploiting opportunities that arise when a soft bookmaker makes a mistake with their odds. In arbitrage betting we place a bet with the soft bookmaker that has made a mistake with their odds. Value betting is simpler to execute than arbitrage betting only 1 bet vs.
Interested in value betting? Much like with arbitrage betting, it is entirely possible to find value bets with manual searching and by comparing odds on my value betting calculator. However, this is very tedious and time consuming. I highly recommend that you get some value betting software to speed up the process enormously. Value betting software will compare the odds across thousands of matches and hundreds of bookmakers and alert you when it finds value bets.
Once you place your bets, it will log them and automatically categorise the bet as a win or a loss at the conclusion of the match. This allows you to see the performance of your bets over time. Wondering how to find value bets? This list is pretty similar to arbitrage betting, but you don't need any sharp bookmaker or betting exchange websites of course.
Use your winnings from matched betting to kick start your value betting. The more accounts you have the better. Value betting software. You can check out my recommended arbitrage betting software here. Essentially, I think that again RebelBetting is the best value software out there. The problem with matched , arbitrage and value betting is that they involve taking value from soft bookmakers, which means that sooner or later, your accounts are going to be restricted.
There are basically three options from here on. The first option is to give up on profitable sports betting and enjoy the profits you managed to make. The biggest bookmakers employ hundreds of smart people to enhance their profits. They obviously make their profits from you losing.
See the problem here? Mathematicians, programmers, sports experts. A strong ability with numbers is probably the number one skill you need to bet successfully. As I said, betting is about probability. You have to be able to compete with the statistical models churned out by teams of betting experts. The key is to find value and spot where the bookmaker has priced something incorrectly.
In can, in fact, get in the way. Your opinions can go against what the numbers are telling you. But it does help to have a knowledge of how sport works. Successful sports betting is hard work. Successful gamblers spend hours or days planning a bet.
They study the numbers and news in the minutest of details. Gambling is a very emotive process. The highs and lows when you win money are some of the most compelling motivators around. They gamble to chase those emotions. To get off to a good start, you must put your bankroll aside. Place it in a separate bank account.
The only way to take advantage of incorrect prices is by having a sensible staking plan. The goal is for long term profit, and to do that; your stakes must be consistent. The percentage you choose to place on the bet varies depending on your confidence.
Sports betting is available 24 hours a day, days per year. You need to set strict rules for yourself so that you can ensure you stick to them when your reasoning goes out of the window and your emotions are telling you to bet.
You also need to get clear on exactly what your strengths are. Where can you find the edge? Which sport? Which markets? The only way to get an edge over the huge teams the bookmakers employ is to become a specialist in one sport, perhaps one competition, and just a few markets.
These strategies will further enhance the rules you put in place, and you must stick to them, otherwise you risk losing your edge. To be successful, your mindset is crucial. Here are a few things that you need to train your mind to accept if you actually want to make money:. This is perhaps the most difficult thing to master when sports betting. Because money is linked deeply with your emotions. Money is the thing that your brain links to a lot of the core emotions that drive every human on earth, like fear.
You are fighting the natural instincts that have been built into humans over hundreds of thousands of years! The natural instinct of many people is to try and hit the jackpot every time. That is why accumulators are one of the most popular bet choices in sports betting — particularly football accumulators. Forget the get-rich-quick mindset; This is all about small, incremental profits over a long period.
There may even be long periods of time when you go without profit. This is when you need to have faith in your sports betting strategy. It takes a lot of nerve to go on long losing runs. But they will come, and before you start, you have to decide whether you can ride them out. You should, by now have got the impression that sports betting successfully is difficult.