Is It Even Possible to make money through sports betting?
You know how the narrative goes. Only 1% of sports bettors make a decent profit through gambling. If you have tried making money online through sports betting you know this statement is not far from the truth. To be successful you need to deal with bookmakers who are extremely good at what they do. They have an army of mathematicians and psychologists at their disposal. These experts are responsible for calculating the precise odds of an event occurring. What chance could you possibly stand?
What if I told you there is a way to beat the bookmakers at their own game? That in fact there are three unique ways you can make money from betting. That if you combine this three ways you should be making over $1000 within a few short months. Now that I have your attention let us look at what it takes to pull this life-changing feat.
Step 1: Matched Betting
Matched betting is where your journey should start. The principle behind this strategy is simple. You must have come across those welcome bonus or offers that bookmarkers offer to compete with each other. Well, in matched betting we capitalize on such promotions to make a guaranteed profit. Here is how you do it:
1. Identify an offer by your local bookmaker.
2. Carefully read the terms and conditions of the bonus. This should tell you what you need to do to successfully redeem the free cash.
3. Place enough bets to meet the requirements of the terms and conditions.
4. Receive your pay.
Wait a minute, it can’t be that easy. Otherwise, everyone would do it. Yes, you are right. There is a catch. When placing a bet you have to cover it. Covering a bet is placing bets on all the other possible outcomes to guarantee a profit irrespective of who wins. The most efficient way to do this is to lay the bet on a betting exchange. (What is a betting exchange?) Take the example of the upcoming champion league game between Manchester City and Liverpool. You can back Manchester city to win on a bookie. Go to a betting exchange such as Betfair and place a lay bet against Manchester City. A lay bet means you win if Manchester city loses to Liverpool or the game ends in a draw. The odds of the Manchester City win in the bookie and the lay odds on the exchange must be as close as possible so that you do not win a dime.
If you are not interested in doing all this math, there are several services you can use. They key once are odds monkey and profit accumulator. The good thing about matched betting is that you can start doing it with as low as $100.
Step 2: Arbitrage Betting
Once you have accumulated enough capital, it is time to graduate to the next level. In arbitrage betting, the goal is to bet on all the outcome of the games and make a small profit per game. This time around only bookmarkers are used, this is to avoid the extra commission charged by exchanges. Let’s use the champion’s league game above as our example. You will place a bet on Manchester City to win on a bookmarker such as Bwin. A draw on William Hill, and a win for Liverpool on Bet365. Finding this bets manually although doable is a tall order. If you want to make $1000+ a month use arb finding software. The two industry leaders are Rebel betting and oddstorm.
Step 3: Value betting
By the time you are here, you should be ready to make a living out of sports trading. You will need a capital of anywhere between $1500 up to $5000. The concept here is to identify games whose real odds are higher than those offered by the book marker. There are various ways you can find true value.
1. You can use your intuition and fundamental analysis to find out the correct odds.
2. You can use free tools such as Oddsmath.
3. If you are a professional try trademate sports.
Place bets on odds with value and earn a substantial profit in the long run. Remember to stake using Kelly’s criterion.
Help me get started on making money through Sports betting with a Shoe String Budget.
If all you want is to reduce the losses from you weekend bets, worry not. I have you covered. All you have to do is to ensure that you place bets on odds you perceive to have value. A high value guarantees that you will ultimately beat the bookie. One way to easily do this is to compare odds among different bookies. Bet using the bookmaker with the highest odds.