I am also new to betting, hopefully this is going to be a good thread with some great info.
Betting on sports or any form of gambling requires a bankroll. You can always start low and you also must start low when you have a large bankroll.
Because if you don' get greedy you can win a little. But if you want big money, you can lose big money, just try a way to make profit and do this with small amounts, instead of $100 bets.
Bankroll management is also really important in poker. Same goes for gambling.
Joined: Jan '10
Location: Indonesia
Age: 60 (M)
Posts: 1875
You too young oskars !! I suggest don't play sport betting or another casino games, better you try play poker. In gambling you could lost a lot of money in few minutes ! will not happen when you play poker and discipline with bankroll management.
Joined: Oct '08
Location: Estonia
Age: 48 (M)
Posts: 445
Like every other thing, it takes lots of effort to make money with something. You need to know teams, players, coaches etc. to make profit . I dont mean getting lucky once.
If you like sport ( not only watching, but also statistics), then you can go for it. It is easier, if you like sports, even better, if there is particular sport you like. If you really like football, you know all the teams, players , coaches, their stand (who needs to win to get to finals or something) - then focus on that.
If you dont have the knowledge , then its gambling and then id say you have better chance in poker.
Joined: Dec '10
Location: Denmark
Age: 33 (M)
Posts: 132
Yes, a lot of people in the world live on online sports betting, but if you take it down to how many % of sportsbettors who lives off it, it's very, very few. Probably 1 % of all sportsbettors in the world and maybe even less.
It's very difficult to win in the long run and live off it, but if you know your sports, follow your bankroll and stay away from bets, where you have absolutely no knowledge, then you have a great start.
1. To win on sportsbetting, it all cames down to %. When a bookmaker puts and odds on 2.00 and we take away the bookmakers advantage which is a couple of % (The ones that makes most people lose) then they say, that there is a 50 % chance, that the team will win.
If you bet 10 times, you will statistically win 5 of them, and then you are where you started. If you will win in the long run, you have to beat the bookmakers, when they place their odds.
ex. Manchester United vs Arsenal.
let's say the bookmaker puts following odds 2.00 on Manchester United to win the match. Then you'd have to say, that Manchester United should win this match more than 50% of the time. If you honestly believe the bookmakeres has made a mistake and there is more than 50 % chance they'll win, then you have what we call a valuebet, and THAT''S where you can win in the long run
You bet $100 on Manchester United against Arsenal in 10 matches. Manchester United is odds 2.00 and you say, Man United is going to win 60 % of the time, and the bookmakers have been wrong placing odds 2.
Then over those 10 bets, United will win 6 times. and you will lose 4 times. After those 10 bets you have a profit of $200.
If you think Man United only should have 40 % chance of winning the game, then you should NEVER bet it, because then it's the opposite. United wins 4 times, and you lose the other 6.
Then you've lost $200..
So like poker it's all statistics any math. You have to calculate. There can be value in as little as 1.01 and as high as odds 1.000.000. You just need to be on the right side of the odds.
Does bookmakers make mistakes and place wrong odds?
Of course they do. Take a look at how often you see odds go one way or the other. It can be duo to a completely wrong odds, or because some chances has been made. Did Messi and Suarez get injuried just before kick-off? Then you'll see odds raising, because now the chance of Barcelona victory is less than before.
1. Keep Bankroll management. 2. Be on the right side of the odds. How? 3. Find a niche or league, sport or something, where you feel like, you could beat the bookmakeres. There is a lot bigger chance that you will win money in the 3rd English league, than in Champions League, simply because the bookmakers pay more attention to big leagues and big sports. But don't go too low. If you become expert in Polish 5th division, you may win a lot of your bets, but because the bookmakers knowledge is small, they will lmitate you, if you keep winning on the small markets. 4. Analyze. Analyze and analyze. A lot of people who lives on sportsbetting, actually lives of betting on coners and other specials. Very few of them lives of betting strictly on 1x2 bets. Find a niche with a high limit and become and "expert" in that specific area.
The above is definitely my best advice to become a pro-sportsbettor. It's very difficult, but if you don't go away from your original game-plan, it could happen
Joined: Oct '08
Location: Estonia
Age: 48 (M)
Posts: 445
Haha, if you look at Henriks post, then you probably realize, how hard it is to win on sportsbetting. So i give you free tip - if the Henriks post feels to long and complicated, then you probably are not going to even lose slowly in sportsbetting, not even thinking about winning.
Actually same thing goes with poker , backgammon and other games or ways to make money - you have to fit into that 1-2 % of players to make living. Stocks trading, forex - same thing. No easy way to make money, hard work must be included.
Joined: Jan '13
Location: Philippines
Age: 57 (F)
Posts: 857
off course everybody earns specially if u bet your favorite team its so very enjoyful watching it.u should try it more seriously because its not qiute big amount instead your just helping your team to promote,,thanks...
Joined: Dec '10
Location: Denmark
Age: 33 (M)
Posts: 132
Like @Pokkerrimees says.
It's not easy winning in either poker, betting or anything in life. It takes practice and practice, but when you find a formular that works, you can earn a lot of money. I know some guys in Malta, who earns A LOT of € every month just by playing football corner bets.
They have made their own Formula, where they know what to bet and when to bet. The take notice of all things like, how much injury time will be added, what is the score and a lot of things. It it fits their formula, then they'll bet. Sometimes they lose, but in the long run, they'll win.
Pro sportsbettors is around an return of investment (ROI) on 105-110 %. It means that for every 100 euro you bet, you win 5-10 euro.
So to become rich of betting in the long run, you have to have a huge bankroll, and a ROI of min. 105 % in my opinion.
Joined: Mar '09
Location: Greece
Age: 47 (F)
Posts: 14136
It can be profitable, but of course that depends on what you mean by profit. If you mean gaining a few extra $, yes, but if you are talking about making a living out of it, it is very hard.
Henrik's post is a very good one and says lots about betting
I am playing mostly singles myself, having no clue about stats scores etc, going after a small profit. But i am also participating in team bets, where i just give the money there If it wasnt for the team bets, i would have been in the - now
But at the end it all comes to you, at the work you do before placing a bet and your choices.
Joined: Feb '13
Location: United Kingdom
Age: 47 (F)
Posts: 2372
Just to add to Hendriks post, there are other ways to maximise profits if you are making the bets anyway, in the form of promotions and free bets.
For instance, one site often has a 'bet £10 at odds of 1.5 or more and get a free £5 bet inplay' Another 'bet £20 and get £10 free, min odds 2.0' etc etc
This should be factored in when you decide where to bet.
Disclaimer: These bets are nearly always -EV if you are betting simply to get free bets. They should be seen as an added bonus to enhance odds if you are already betting anyway.
Joined: Nov '14
Location: Macedonia, The former Yugoslav Republic of
Age: 43 (M)
Posts: 1169
Sure u can earn money from sport betting buddy, but is it a constant win, i would say no, can u make a living from it, again i would go with no, its good to add to a bankroll if u have one, and help u grow it, but u have to always keep one eye on your bankroll coz it could go south very fast if u are not carefull. Bankroll management like in poker also goes for sport betting, even dou it can get outta hand very fast from both poker and sport betting
