Sports betting is never easy, but if you know your principles and you have good knowledge in one or more sports, it is possible to turn a profit. The question is then – how much money can you earn from sports betting?
You’ve probably wondered – is it possible to make a full-time salary from sports betting? Can you get rich from it? Or is it only the occasional small win that can be considered as realistic?
Well, it all depends on how good you are. Some players have become millionaires from sports betting, while others have ruined their lives. If you’re serious about it, if you practice money management and only do value betting, then it is absolutely possible to earn a lot of money from sports betting. The important factors are then your ROI and the initial size of your bankroll.
The potential of sports betting
Sports betting has almost unlimited potential. At least it’s very high, so if you do everything correctly, you can certainly become rich from it. However, most players don’t do everything correctly. In fact, many do everything completely wrong. So you have to go into it with the right strategy, with a lot of patience and with frequent use of statistics.
If you use money management and only bet a small percentage of your roll per bet, the chance of going broke gets limited. At the same time, if you manage to pick winners most of the time, you will earn a profit. Assuming you can do both, your bankroll should gradually increase. If you adjust your bet sizing while the bankroll increases, it will get higher and higher. You will profit from the growth of the growth, much in the same way as you do with interest in the bank when you store your savings.
The potential is high enough to become a millionaire. The only threats will be the limitations from the bookmakers, and if you should lose your focus and expertise.
Usually, it is said that your edge, your staking size and your turnover are the things that primarily determine your potential and your results.
Earning a million dollars from betting
Some players have succeeded in winning a million dollars (or euros, or pounds) from betting on sports. Some of them are Tony Bloom (Brighton football owner), Matthew Bentham (Brentford and FC Midtjylland owner) and Jonas Gjelstad (Trademate Sports co-founder and seen in YouTube-documentaries).
So it is possible, but it requires good skills. It will require a strong bankroll from the start and a few years of patience. If you’re starting out with 5,000 dollars/euros/pounds and you have patience and winning skills, it will be possible to turn it into a million. No doubt about that. But because most players lack the skills and the principles, the bookmakers are the ones that profit instead.
Follow the principles
You absolutely must follow the main principles of sports betting if you want to be successful at it.
These principles are money management (risking a proper amount on each bet), value betting (only placing bets where value has been identified) and constant re-adjustment of your bankroll and staking size.
Money management and staking size are all habit and can be practiced by anybody. Value betting requires you to be good at betting. You have to spot value when you analyze a matchup. For example, at odds 1.40, there will not be any value in Barcelona beating Real Madrid at home, but at odds 2.50, you’re most likely looking at a strong value bet. So it all depends on your odds, and you have to be able to notice when the odds are out of place. When an odds is priced higher than what the probability actually is, that is exactly when you should bet!
Have specialized knowledge
You need specialized knowledge to beat the market. You need to know more than the bookmakers and the other players. It’s very important, and it’s not easy.
But if you know a lot about a certain sport (for example, tennis or Formula 1), you might have an edge. If it is a large sport such as football with leagues all over the world, you probably have to specialize in just a few leagues.
If you don’t have the knowledge yourself, you might instead be mathematically strong and you can create a model. Most models are not successful, but some are. Another option is to follow tipster services where you get betting suggestions sent to you by experts with specialized knowledge in selected sports.
Use the right bookmakers
Using typical Euro bookmakers that limit you after you have made a small profit is a bad idea. Using a bookmaker with low odds is also a bad strategy.
Instead, you want to choose bookmakers and exchanges with high odds and high limits. The best examples are Pinnacle, SBO, IBC, Betfair, Betdaq and Matchbook. They will all give you fair chances to win. So sign up with one of them if you’re serious.
Unfortunately, if you’re in the United States or another country where the best bookmakers, exchanges and brokers are not available, you have more limited options. In that case, we advice you to use Bitcoin bookmakers where you can bet almost anonymously. In fact, this is a good choice for all players, not just American players. There are many advantages of betting with Bitcoin. We have tested the market, and Cloudbet is the best one at the moment.
How much can you make?
In conclusion, you can make a lot of money from sports betting, assuming you’re good at it and stick to the principles. If you keep going for several years, and you consistently manage to make a profit while following bankroll management, you can earn millions. However, most players never get to that point, so you must be disciplined if you want to be successful with sports betting. Just like any other thing in life, but possibly with even more focus required in this particular area.