When you grow up playing sports and enjoy watching the games, you might think about sports betting. It’s a great way to make some money with your passion, but how much money can you really make?
The possibilities are endless and depend on a lot of different factors. However, you should remember that as much money as you can make by betting on sports, you can also lose. That’s the fun of gambling, all of the possibilities available to you.
Most people use sports betting as a way to earn some extra cash, and then there are others who do this as their full-time jobs. There’s risk in doing this, but also high rewards. So, can sports betting make you rich? We’re going to go over what you need to know.
Sports betting - Active or Passive Income?
An active income is defined as a service that requires work or skill. You have to put some type of effort into making this income. While passive income is something that doesn’t involve much work, but you still get a paycheck. This can be from a rental property, a partnership or something that you put little to no energy into.
First, you have to find а reliable and professional bookmaker for you, which can take some time and experimentation before knowing what’s best for you. Then, it would be best if you looked at odds, statistics, teams and players to understand how you should bet.
We would define sports betting as an active income. Why? We think this because, in order to win big or often, you’ll have to do your research and calculations. Yes, there’s a thing called luck, but if you want to make this your full-time income, then you can’t rely on luck.
Also, be aware that there are many types of bets you can place, including money line, spread, multi-bets and totals, which all come with different risks and rewards. The free bets that come as a promotion are the chance to earn some money, without having to take any risks. However, even in this case you won’t make enough money merely relying on luck with sports betting if you want to make a liveable wage.
Are there People who got Rich from Sports Betting and how?
Yes, some people make quite a lot of money with sports betting. However, you’ll first need a good amount of money to start betting. You won’t get rich by placing £5 on matches. The ones who are getting rich with gambling are those putting thousands or even millions of pounds on games.
One of the most famous punters is Tony Bloom, who hails from the United Kingdom. He bets mostly on football games, and he makes roughly £100 million a year on sports betting. He places at least £1 million on football every weekend.
Bloom studied mathematics at university, and he worked as an accountant. He then used his knowledge of math and interest in sports to form a strategy. He started small and has developed his approach to becoming wealthy over time.
The most important skill to have when becoming a sports bettor is understanding mathematics. You have to know that odds are just probabilities. You’ll need to take these numbers and be able to calculate how much you’ll bet on this basis.
The milestone here is to learn how to understand the statistics and how to interpret them is also vital for becoming successful in betting on sports. If you’ve always hated math, then you shouldn’t get into sports betting for an income. You’ll likely be unsuccessful.
Another area that you’ll need to know about is the types of bets there are and which ones are the best for you. Some people are really successful with a certain kind of bet, and somewhat unsuccessful in others because each one requires a different strategy.
Moneyline bets are more straightforward and offer good outcomes because there’s little risk. You’ll need a lot more knowledge and skill to win with more complicated ones, like multi-bets. There’s a greater risk with this type of bet, but the amount that you earn will be a lot higher than others.
One more thing to consider is your budget. Smart sports bettors are not addicted to gambling or do irrational things to make up for losses. People who use this as an income understand that you won’t win all of the time, but you just have to be earning more than losing. You need to win 52% of the time to make a profit; any more will increase your income.
It would be best if you never put yourself at financial risk because of a bet. Professional sports bettors understand this and will know when to move on. For them, this isn’t entertainment; it’s strictly business and emotions can’t get involved.
Over what period of time?
It would be best if you had realistic expectations when starting to bet on sports. Don’t think after a year or two that you’ll be making £100 million a year. The example of Bloom is a man whose career required a lot of work; this didn’t happen quickly. He devoted his whole life and savings to get to where he is now.
We recommend that you start with a comfortable amount of money to gamble with and see how you do. If you make a few extra £1,000 a year, then that’s great, but you shouldn’t just quit your job then. The next year, bet more and see if you can make even more income.
Make sure you go through the most common betting strategies and find the right one for your play. Once you have a proper strategy to make a comfortable living with sports betting, then you can consider quitting your job and investing more time into it. This can take a few years. From there, it will take even more time to get rich.
Don’t quit your job just because you won big once. To consider sports betting as a full-time job, it should be as stable as a traditional one. We’d say that becoming rich with sports betting might take at least ten years, if not more.
What qualities are needed? What strategies?
As mentioned above, an understanding of math is the most important thing when it comes to sports gambling. You’ll need to understand statistics, probability, finances and odds. Those who studied mathematics or a related subject in a university are perfect candidates for a career in sports betting.
To be successful, it’s not just a matter of adding 2 and 2. An understanding of complex numbers and formulas is necessary for winning big. If you’re really interested in pursuing this career, it’s a good idea to look into taking some university-level classes in these fields.
You’ll also need to be interested in sports and know the rules. If you’ve never played sports or never had an interest in them, then we wouldn’t recommend this field of work either. As much fun as it is to make money, you also need to have a passion for it.
You’ll also need to take your emotions out of betting on sports. In the beginning, you might just wager on your favourite teams or players, but to make money, you’ll have to use strategy. This could mean betting against your favourites.
Everyone is going to have their own strategies when it comes to sports betting. What works for one might not work for another. You’ll want to experiment with different techniques until you find something that works for you and your skillset.
The Bottom Line
The answer to the question is yes, it’s possible. However, is it likely? Not without a lot of work. If you think that this is a passive way to make an income, think again. Being successful takes a lot of skill and commitment.
We’d love for you to be the next Tony Bloom, but let’s be realistic. Sports betting can make you a lot of money, and it can lose you a lot of money. Start slow with a reasonable budget, and see where it takes you.
If you’re ready to commit to betting on sports as your full-time income, then go for it and make sure that you have the proper skills to succeed.