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If you’re researching how to get rich off sports betting, chances are you’re already a sports enthusiast. Well, unluckily for you, sports fanatics often lose money in sports betting. Why? Because they tend to have biases toward their favorite team and prejudices against other teams.
To become successful in sports betting, you should set aside all of your biases and make objective decisions. Doing so can already up your chance to get rich off sports betting. In this article, you’ll learn some tips to have a profitable sports betting experience. It also lists some of the most profitable sports to bet on.
Can You Get Rich off Sports Betting?
Unless you decide to gamble for a living, your dream to get rich off sports betting is quite unlikely. And you’d need to become one of the best sports bettors in the world.
Earning from sports betting is possible, but doing so frequently is not a piece of cake. You have to be adept with most of the jargon in the sports betting realm. From there, you need to do extensive research. That could involve looking at the odds, studying team trends, or comparison shopping for the best lines.
You’ll have to win more than a few bets to get rich off sports betting. After all, it’s a big business that rakes in a profit of millions for a reason. Note that only a tiny percentage of sports bettors earn decent amounts in the long run.
How to Get Rich off Sports Betting
If you want to get rich off sports betting, you’ll have to invest time in studying and researching the different aspects of a matchup. To help you in your journey, here are some basic ideas to follow.
Set a Bankroll
Think of a bankroll as your budget. Deciding how big or small your bankroll will be is arguably the most significant step. Here, you’ll determine the amount of money you can afford to lose if things get out of hand.
It’s easiest to start your sports betting bankroll with a round number. Say the amount you’re willing to risk is $100. If you immediately burn your $100, it’s time to step back or take a break. Also, don’t go all out on a single bet. Wager your money by bits so it could last a decent amount of time.
Do Your Research
You won’t get rich off sports betting without doing some hard work. Winning takes time and involves a lot of patience. The first step is to look at simple figures like home/away and against-the-spread records.
If you’re betting on baseball, try to examine pitcher vs. batter matchups. This tip is also applicable for coaching matchups in football. If basketball betting is your thing, you can check each team’s pace or compare efficiency statistics.
When it comes to sports betting, you will have to study virtually endless numbers of stats. Nevertheless, finding the most useful ones is key to becoming a profitable sports bettor.
After selecting your side, look around to see which bookie offers the best odds for your wager. Remember, not all odds are created equal. So if you want to get rich off sports betting, it’s essential to find the best one for you.
Understanding odds is crucial to determine which wagers are worth taking. Odds come in a variety of formats, but all are easy to understand. You can use them to calculate the probability of a specific result in the matchup you’re betting on.
Trust No One
The sports betting arena is chockful of self-proclaimed gambling experts who blurt out different sorts of bogus gambling advice. And more often than not, their words can do more harm than good. So if your goal is to get rich off sports betting, be careful whom you trust.
Unfortunately, some sports bettors fall for sports betting touts and handicappers. The thing is, when you pay for a service, you probably need to win a more significant portion of your wagers. While you could win by using a service, it’s not 100% sure that it’ll be profitable. Alternatively, you can study as much as you want and decide according to your calculations.
Grow Your Bankroll Little by Little
If you can’t get rich off sports betting quickly, do it gradually. Profitable sports betting doesn’t end in placing a single bet. That’s not that kind of thing. It’s best to stick to the unit rule and limit wagers from one to five units apiece. Just because you love a matchup doesn’t mean you must risk your entire bankroll in it.
You can always become a full-time sports bettor, but to get rich off sports betting is a different story. It involves a lot of hard work, dedication, and perseverance, but it’s doable.
What Is the Most Profitable Sport to Bet on?
While dreaming about becoming a sports betting millionaire, you probably asked, “what is the most profitable sport to bet on?” That’s a good question, but it has no one-size-fits-all answer.
Ask different sports bettors about which sport is the most profitable to bet on, and they’ll likely give you mixed answers. Instead of looking for the most lucrative choice, focus on your sports betting strategy. It’s more important that you know the sport you’ll be betting on inside out. The more you know about it, the more profitable it becomes.
Likewise, doing extensive research makes you more informed. That places you in a better position to earn from your wagers. Below are three of the most common sports that give you a decent chance to get rich off sports betting.
Well-loved all over the world, soccer is also among the most profitable sports to wager on. Most international bookies focus on this sport, leaving you with tons of exciting betting opportunities.
When betting on soccer, you can place a wager on ties. That’s worth noting because wagering on ties can be more lucrative than placing a bet on either team. Although the outcome is not always a sure hit, it explains why soccer is a more profitable option.
Boxing is no longer as popular as before, but it remains one of the most profitable sports to bet on. Betting on boxing offers unique opportunities. Since there are only a few outcomes in matches, you have a better chance of making money.
When betting on boxing, you don’t have to make a lot of decisions. For instance, bookies only offer a handful of betting lines for every match on a typical weekend. Even better, boxing is open all year round. That gives you more betting opportunities and chances to get rich off sports betting.
Finally, basketball is inarguably one of the world’s most popular sports. That being so, it’s logical to say that it can be one of the most profitable sports to bet on.
But to become successful in basketball betting, you have to make sure that you have the right timing. Basketball is a highly competitive sport and accurately predicting a result is no easy task. Check out this article for more details on basketball and NBA betting.
How Much Money Do Sports Bettors Make?
If you want to get an idea of your chances to get rich off sports betting, this section is for you. So, how much money do sports bettors make?
According to ZipRecruiter, sports bettors in the United States make, on average, $59,235 annually. Of course, the salary range is different in other countries. Other sports betting-related jobs that offer a handsome paycheck include VP Sports Betting, Head of Sports Betting, Sports Strategist, and Sports Betting Director. These positions pay around $73,000 to $123,000 a year.
In summation, sports betting can be profitable. However, you have to keep in mind that most sports bettors lose money. When it comes to sports betting, the odds will always be against you. Otherwise, it won’t be the big business it is right now. Nevertheless, you can always use some strategies to boost your winning chances.