Get Rich From Sports Betting: The methods I Tried
Becoming rich from sports betting is challenging because of multiple influencing factors.
Following a well-developed betting strategy and gaining substantial experience in a specific sport are essential for achieving long-term success.
Here are methods and tips that offer the greatest potential to give you a significant edge over bookmakers.
How to become rich from betting
Becoming wealthy from sports betting requires treating it as a full-time job.
Learning new betting strategies and gaining experience with math-based systems are only the first steps.
Turning sports betting into a full-time career and achieving significant wealth is a long-term process that demands both time and financial investment.
1. Learn the fundamentals of odds movements
If you are a beginner in sports betting, a key element of profitability and success is to learn about strategies that can generate the most long-term profits.
Understanding how bookmakers generate odds, knowing the true probability of an outcome, and being familiar with the majority of a sport’s rules are essential skills.
Each mistake made on the journey to becoming successful in sports betting can cost thousands of dollars, something I learned the hard way.
Early in my betting career, I overlooked the fact that I didn’t fully grasp the concept of Asian handicap betting.
Betting on the wrong outcomes in a sports market can lead to significant losses.
These errors can be avoided by investing time in researching markets before placing bets.
Analyzing your betting history is also a big step toward succeeding in the long run. Make sure to check our free staking simulators, value betting simulators, and analytics services.
2. Start getting experience with arbitrage betting
Arbitrage betting is one of the most beginner-friendly strategies to gain experience in sports betting while making decent profits.
This strategy will allow you to generate a decent and consistent income. It is based on the fact that each bookmaker is making mistakes and offers overpriced odds.
Incorrect odds at one sportsbook lead to odds discrepancies between betting sites, creating an excellent, nearly risk-free chance to make guaranteed profits.
Sure betting is an ideal starting point for building wealth through sports betting, as it helps you accumulate a decent amount of starting capital.
In the bigger picture of becoming wealthy through betting, arbing provides the initial funds needed to implement the most effective strategies.
However, placing sure bets comes with its own risks and downsides.
Be sure to learn more about proper stake management, odds handling, and profitability to avoid rapid limitations on your bookmaker accounts.
Check my short intro to arbitrage betting, then take a look at the following article on how to find arbs.
3. Accelerate the starting capital growth with matched betting
No-risk matched betting, or by another name, bonus hunting, is a good way of boosting your profits while at the start of your journey to becoming rich from sports betting.
Bonus hunting is a method used to quickly grow your starting capital by taking advantage of promotional offers.
Each bonus comes with roll-over requirements to prevent bettors from easily abusing them.
Using matched betting and oddsmatcher software, you can efficiently meet these requirements and withdraw the bonus funds.
In the broader journey of becoming rich through sports betting, bonuses play a significant role only in the early stages.
Bonus hunting can help you multiply your initial wagering funds by up to 5x.
However, when aiming for long-term wealth through sports betting, it’s crucial to see matched betting as a starting point only, not as your primary strategy or end goal.
While it can provide a decent monthly profit, it won’t be a life-changing endeavor for most bettors.
4. Start focusing on value betting
One of the last and most important steps in becoming rich from sports betting is learning the tricks of value betting.
Placing value bets has the highest reward compared to the other strategies. It also has the highest risk of having to face variances during your activity.
Value betting can generate 60%-80% more profits over time compared to sure betting. This profit margin increases as you raise your stakes.
Placing value bets also requires less capital and lower stakes, allowing you to stay under the radar of bookmakers for longer periods.
The key elements for achieving wealth through value betting are managing variance and stakes. Variance refers to the natural occurrence of both long losing and winning streaks.
To maximize profits and achieve success, wealthy bettors must follow a consistent staking plan and stick to a profitable value betting strategy.
Although you won’t win every bet, the long-term statistics will work in your favor, beating the bookmakers over time.
Check my article about the top value bet finders to have a deeper understanding of this technique.
5. Focus only on a few sports
Being specialized in one sport gives you an advantage over bookmakers and helps you spot loopholes and opportunities where they make mistakes many times.
Having a deep understanding of a sport allows you to have an additional advantage over other bettors.
While betting, you can watch the stream and notice how the odds are moving. You can also spot the weaknesses of bookies, such as being slow reacting in certain situations.
Getting pro in knowing a sport and bookies in and out is one of the most important factors when you want to become rich and generate more long-term profits.
Being an expert in one sport gives you an advantage against other bettors who rely on using an odds comparison tool.
6. Use as many betting accounts as possible
Despite your best efforts to avoid limitations imposed by bookmakers, their algorithms will ultimately flag your account for smart betting.
Creating new bookmaker accounts is crucial for maintaining profitability and consistency over the long term.
Bettors with access to multiple betting accounts or sportsbooks can consistently secure the highest odds available, which in itself can significantly boost profits.
However, using several bookmakers can also lead to a reduction in the number of bets and the stakes placed with any single bookmaker.
Lowering your stakes will help you preserve a healthy betting account for a longer duration without facing limitations.
In essence, a betting site functions as an asset for a smart bettor.
Keeping these accounts accessible and unrestricted is one of the most vital factors for achieving long-term success in betting.
7. Take more risks
From a certain level, your only chance of significantly increasing your profitability in sports betting is by taking more risks.
If your staking system is based on % of your bankroll, you have to stick with it no matter how much that 2% – 3% stake is.
Mathematical possibility does not know the difference between a stake of $100 and $500 if both represent 2% of your overall betting capital.
Getting to that wealth you need (being rich) from sports betting requires you to stick to a staking plan even if your balance increases significantly.
Many bettors start using a smaller percentage of their balance when it grows. This step decreases the effect of a losing streak but also slows you down in achieving your main goal.
How can you make a living from betting?
Success in being a full-time bettor and making it for a living is based on the following steps:
- Learning new strategies and testing them
- Investing a lot of time in learning and betting on a daily basis (even 10+ hours daily)
- Never giving up
- Treating smart betting as an investment and a job
- Ignoring what other people say about sports betting
- Learning new strategies and looking for new betting sites is a key element to make sports betting a living. Opportunities arise and disappear in the gambling industry on a monthly basis. Being active on forums and looking for new opportunities became significantly important in the past few years. Strategies can become too popular which results in failing to use them profitably.
- Investing hours in sports betting on a daily basis is also a key element in making it a living. Overpriced odds and bookie mistakes won’t wait until you have the time to be in front of the PC. The more hours you are willing to sacrifice and work the more profits will mean down the road. Successful bettors who bet for a living tend to work for 10+ hours each day of the week.
- Never giving up is an essential part of long-term success in sports betting. Players who depend on gaining enough profits from betting don’t have the luxury of taking weeks/months off after a longer losing streak. The lifestyle of wagering for a living requires consistency even when failing to generate profits.
- You need to treat smart betting as an investment and a job to become rich and make a living. Like at a traditional job, you need to be present when there are matches available. You also need to take your wagering activity seriously without mug bets and using casinos.
- Ignore what other people say about sports betting. Normal people can’t process the possibility of being profitable if you place bets on sports events. If you are able to beat the bookies, then do it as a living; don’t let people discourage you from following your goals.
Which betting strategy can’t make you rich?
Some wagering strategies are widespread as a good method to generate profits, but in reality, they can’t offer long-term success and become rich. Let’s see why these myths are and why you should not follow them.
Martingale staking system:
Back in 2013, when I started researching profitable techniques to beat bookies, the martingale was one of the most often recommended ones.
It is based on increasing your stakes on your upcoming bets whenever you lose a bet.
This staking method can’t make you rich from sports betting, and using it sooner or later will lead to losing your whole betting capital.
While sports betting you will face long losing streaks on a weekly basis.
The martingal method would require you to double your stakes every time you lose a bet.
After the 9th or 10th lost bet, you would need to use a massive stake to recover your losses.
Nothing can guarantee a winning bet and you can easily end up losing all of your money because of a bad staking plan.