Can You Really Make Money Sports Betting? An In-Depth Look
Of course, you can make some serious money sports butting, but there’s a catch (or two).
This is where the lines are blurred, and opinions usually differ. However, if done correctly, sports betting can be a lucrative business over time. Many pro sports bettors make quite a living out of the game, but it’s not without a plan and strategy compounded by years of experience.
Sure, being a professional sports bettor sounds incredible, but don’t expect overnight success. All of the bettors we know went through a turbulent time getting to where they are now.
However, there are some common strategies each of them employs to make real money while sports betting.
Set Realistic Goals
A lot of gamblers in the sports betting industry start off with unrealistic goals. They often expect to make a fortune within their first week in the game. Maybe it’s the Twitter posts they see or the dreams of living on a fancy yacht, but the truth is it’s not that simple (or quick).
You need to know that earning money through sports betting is a long-term process and demands patience.
As a beginner, we recommend starting with reasonable expectations and working your way up.
One thing to note is that the average sports bettor tends to lose approximately $500 per year. This figure is based on a study conducted by the University of Nevada, Las Vegas, in 2020, which also found that about 76% of sports bettors end up losing money. So keep that in mind when you’re placing that parlay.
Instead of expecting to win big every day, try to be consistent and aim for small wins. It’s better to make $100 every day for 30 days than to lose thousands in hopes of hitting the jackpot in a single bet.
Choose your Picks Carefully
One of the secrets to winning in sports betting is to choose your picks carefully. That might seem obvious, but most bettors jump in and start placing bets by simply looking at records.
You should always do your research and ensure you understand the sport you are betting on. Analyzing the statistics, form, head-to-head, injuries, and other associated variables is crucial in picking the best outcome. Some of the most critical things we look at before placing a bet include—
- Team Performance. Analyze the current form and recent performance of the teams or players involved.
- Injuries. Check the injury reports. Injured key players can greatly affect a team’s performance.
- Head-to-Head History. Look at the historical match-ups between the teams or players.
- Home/Away Records. Consider the home-field advantage and each team’s home/away record. Some gems even have impeccable records on the road.
- Weather Conditions. Weather can impact certain sports more than others.
- Motivation. Understand the importance of the game for the teams or players involved.
- Betting Odds. Compare odds across different bookmakers for potential value.
- Public Opinion. Sometimes, betting against public opinion can yield profits.
There are often other variables, but these stand as a good starting point when getting into the game.
You will come across many experienced bettors who have a clear strategy for their picks. However, if you are starting, it’s recommended to keep it simple. Choosing your sports and focusing on bets you’re confident in is always the best way to go.
Control Your Finances
Bankroll management is one of the essential aspects of successful sports betting.
Avoid the urge to chase your losses, leading to unsustainable and unforced decisions. You should only bet with money you can afford to lose and set reasonable stakes for your bets.
Having a transparent and conservative system will go a long way in helping you in the short and long term.
As a rule of thumb, avoid betting more than 5% of your bankroll on any given bet. This will keep you going so you don’t burn through your cash in a hurry. It allows you to make a few bad bets while still preserving your bankroll to bounce back.
Use the Promotions
Most sports betting websites and sportsbooks have promotions and bonuses that you can take advantage of.
Many of them give welcome bonuses to new users, which you can use to your benefit. Instead of starting with your own money, you can utilize the welcome bonuses to get your footing.
Think of it this way. If a sportsbook is going to match your initial deposit up to $1,000, then max it out (if you can afford it). That is just more house money you can use to get going and learn the ropes. By the time you get through the bonus and you’re ready to use your own hard-earned money, you’re already a pro.
It is worth noting as well we always recommend reading and understanding the terms and conditions associated with these promotions. Sometimes, they’ll have extensive rollovers or betting limitations.
Here are some of our favorite bonuses going on right now. These change frequently, but we always keep them updated.
Think You’re Ready to Start Betting for Money?
Yes, you can make money in sports betting if you take the time and effort to learn the ropes.
Through careful research, smart picks, and excellent bankroll management, sports betting can be profitable.
Remember to take things slowly, set realistic goals, and only bet with money you can afford to lose without impacting your livelihood.
Head of Sports Betting and DFS
Matt’s love for sports betting and daily fantasy sports, coupled with a deep understanding of football, hockey, and baseball, shapes his innovative thoughts on Hello Rookie. He has a B.S. in Aeronautical Computer Science and a M.S. in Project Management.