Every single person that has a passion for sports has considered the opportunity to get rich off of sports betting. Some people have made considerable amounts of money simply by betting on sports, but just how likely is it to happen?
We know that for a lot of people, they might not want to hear the truth when it comes to this. There are far fewer people making large amounts of money in sports gambling than one might think. Just how much success is out there for the average person?
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Can You Get Rich by Sports Betting?
Only about 5% of people consistently make money from sports betting. To become truly great, maybe half of that 5% reach that level. While the odds are not good for the average person to become rich enough to quit their job and make money solely on sports gambling, there are ways to increase the chances of winning.
What are the Best Ways to Increase the Chances of Winning Consistently?
Winning consistency in sports betting takes hard work, just like anything else. To have success long-term, treat it like a job instead of just a hobby. A lot of people just like the fun aspect of putting money on sports, which is why they usually end up in the negative.
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What are the best tips to start finishing in the positive numbers day after day? Nothing is guaranteed, but these tips are the same ones used by the most successful gamblers in the world.
Stay Disciplined
If you have a system in place that makes sense, don’t stray away from that. The best and most successful gamblers stick to a system that has worked for them. They don’t give in to any type of temptation outside of the system. That means zero “listening to the gut” wagers, and counting on the system 100% of the time.
A disciplined approach takes time to develop. It’s very easy to feel like a particular wager is a can’t-miss, but if the system says otherwise, it should be a stay-away.
Creating a system that works takes time. Until that system is spitting out consistent winners, gamblers need to make minor tweaks. It’s a process that takes discipline in itself, but the payoff is huge.
Set Limits
One of the most dangerous scenarios a sports gambler can find themselves in is trying to do too much to catch back up. That’s why it’s very important to set limits on the amount of money wagered. This is similar to staying disciplined to a particular strategy in general, but a limit keeps the financials in check.
Some of the most successful gamblers will limit the amount of money they place on certain wages. For example, even in can’t-miss scenarios, they limit themselves to a particular percentage of their payroll so that they don’t get burned. Upsets happen all the time, so even something that seems like a can’t-miss could end up backfiring.
Find the Best Odds
With multiple sportsbook options, the most successful gamblers will always find the best odds to increase their paydays. On any given Sunday during football season, point spreads could be all over the place. One sportsbook might have a favorite at -2.5, while another is listing them at -4. If the bet is on one particular team, getting that extra bit of cushion can make a huge difference.
Everyone has their favorite sportsbook, but it pays off to have accounts in multiple locations. The best odds help out a gambler, so it’s a no-brainer to take whatever looks best.
Value, Value, Value
One of the simplest rules in sports gambling is to only bet when there is value. If there is no value, it’s best to stay away, even if there seems to be a sure thing.
Not all sure things are created equally in the sports betting world. For example, a heavy favorite might be so much of a favorite that it takes a ton of money just to make a small amount. Once it gets too out of hand, the gamble is not worth it.
On the other side of things, betting on something crazy to happen with terrible odds is not a smart way to go. This is especially true for prop bets where the payout is just not that great. If something is a 1 in a 1000 chance of happening, but they only offer 50 to 1 odds, that value is perceived as horrible.
Treat Sports Betting Like a Business
Like any business, it’s important to treat sports betting like one. This means managing a bankroll and making calculated decisions every step of the way.
Bankroll management is particularly important to avoid losing everything during a cold spell. Even the best sports gamblers will have good days and bad days, but with only a certain percentage of the bankroll in play, this prevents any huge issues.
Having a large bankroll to work with makes a difference, but the same rules apply to those still building up as well. Everything needs to be scaled appropriately so that it works out in the end.
Show No Loyalty
The harsh reality for any successful sports gambler is that they can’t actually be fans of a team when making any type of wager. The definition of being a fan is sticking by a team through the good and the bad. In betting, that’s simply not the case.
Having a complete lack of loyalty will open up many doors. Instead of only betting on a select few teams, it opens up an entire sport. Friends and family might question why you are no longer rooting for your favorite team, but it’s just business in the end.
Specialize In What You Know
Just because someone is a sports gambler does not mean that they need to place wagers on all different types of sports. The best ones know what they are good at, and stick with it.
To start with, try to focus on one particular sport and figure out ways to have success. This may only limit someone to put money on teams during a certain time of year. Once there is a good amount of success happening in that sport, it’s time to branch off and add another sport one by one.
Those who are trying to bet on anything from the NFL to the WNBA are spreading themselves too thin. It is not a way to have long-term success by any means. A single person can’t have a system in place to win long-term in so many different categories.
Keep Records of Everything
One of the best ways to truly understand if a strategy is working or not is to keep records of everything. That means writing down wins and losses, and always knowing where the bankroll stands.
Records make it so much easier to go back and see what is working. Too many people starting will just go with the flow and only have an idea of where their money stands. Records will allow people to examine everything and see where improvements can occur.
How Having Success in Sports Gambling is Attainable
While it’s very difficult to become extremely rich from sports gambling, there are plenty of people who have mild success while also having fun. The tips above are great places to start, and then it’s all about scaling up more and more.
There are so many people out there who don’t stay disciplined while placing sports bets, and that’s ultimately where sportsbooks make their money. There might be some losses along the way for even the best gamblers, but winning is possible with the right mindset and appropriate plan.