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. Some people can make their sole income is from sports betting, but it isn’t an easy gig: one week you can be riding high and be on top of the world, while other weeks you can be near rock bottom with a streak of bad luck.
Here’s How to Make Money Betting on Sports
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.
Bankroll Management
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. It’s important to avoid chasing losses, betting too big, and giving into emotion. Bad beats are going to happen, so having smart bankroll management is a key part of surviving those backbreaking moments.
If you’ve seen the movie Rounders, you may remember the line where Matt Damon’s character quotes Confessions of a Winning Poker Player by Jack King.
“Few players recall big pots they have won, strange as it seems, but every player can remember with remarkable accuracy the outstanding tough beats of his career.”
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.
Don’t let those bad beats cripple your bankroll, and don’t chase losses by betting bigger to try and recuperate that lost money. The most important part of becoming a profitable long-term bettor who knows how to Make Money Betting on Sports is smart bankroll management.
Do Your Homework
You don’t have to spend hours per day researching a single game or event if you want to understand the sports you want to bet on. However, you should do enough research to know that you aren’t throwing your money away on bad bets.
Betting blind on random events or games is a big no-no. While betting a couple of bucks on a random game with friends is fun, doing it consistently is generally a bad idea if you’re trying to make money.
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.
Don’t just bet on the Lakers because you think they are the better team and should win outright; instead, see why the moneyline may only be -130 against a far inferior team. Even just a few minutes studying and doing even a little research before placing your bet can save you from bad beats and tough losses.
Bet on Sports You Know
Being a successful sports bettor doesn’t mean you have to bet on every sport or even multiple sports. The best sports bettors stick to the sports they know best.
If you want to bet on another sport, watch a match, take notes, and study the nuances of a game. Learning the small things about a particular sport can be the difference between being profitable and being a loser.
Stick with those sports you know best, and only venture out after you understand the dynamics of a particular sport.
Log Your Bets
Keeping track of your bets is a key part of growing as a sports bettor. You might think you’re an excellent NBA bettor, but after analyzing your wins and losses, you may realize that you have a better winning percentage in the NHL. Keeping track can also help you adjust betting amounts so that you can place bigger bets on sports you’re more skilled in.
In addition to logging your wins and losses, you should log as much information about your bets as possible. Recording the moneyline odds, spread, and total will help you identify patterns and make better decisions moving forward.
If you use a betting algorithm, tracking your bets can also help you find trends that will help you see how your algorithm performs in certain scenarios. Perhaps low totals in NFL games aren’t winning at high percentages, while double-digit spreads in the NBA are winning at a high rate.
Never Assume You’ll Win
Touts (those who sell their picks) love to use the word “lock” when referring to a bet. Any professional sports bettor will be the first to tell you there is no such thing as a “lock” in sports betting.
Never assume that a bet is guaranteed to be a winner. Touts like to target uninformed and beginner bettors by promising bets that can’t lose. Sometimes those locks do in fact turn into wins, but more often than not, they don’t.
These are just a few general tips if you want to learn how to make money betting on sports. In the future, we’ll provide more in-depth tips and strategies for specific sports and events.
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