Sports betting is a form of gambling that involves two financial outcomes - you either win you bet and earn yourself some extra money or you lose your bet and the money that you stake. When it comes to making a profit, is sports betting something that you can make a living from? Well, the experts like to say so, and we would like to believe that there are some sports bettors out there that manage to pay their bills by betting on sports. In this article, we are going to look at how to earn a living by sports betting.
William Walters
If you want proof that you can make a living from betting on sports, then you need to look no further than William Walters, also known as Bill Walters. Although he is a bit of a controversial figure, the 75- year-old has made more money from betting on sports than a lot of athletes make in their whole career.
In his sports betting career, that started back in the 1980s, he has wagered millions of dollars and over a four-decade period there was only one year where he lost more money than he won. He had to take a break from gambling in 2017 as he was sentenced to five years in prison for insider trading, but during his prime there was nobody that could outsmart him. In fact, it has even been reported that bookmakers used to study his methods. It was also reported that his employees from his small business tried to copy him.
Now, while it is highly unlikely that many other people will be able to make as much money as Walters has from sports betting, he is the proof that it is possible to make an awful lot of money from betting on sports. Of course, we cannot deny that there are many gamblers that end up losing their money because it is a high-risk game. If it was that easy to make a living from sports betting, everyone would be doing it.
So, what exactly does it take to be a professional sports bettor?
Bet On Reliable Sportsbook Sites
Bookmakers love bettors who lose more than they manage to win, we all know that. So, if you want to stay on the good side of betting platforms, you need to choose the best ones. You do not want to be kicked out of casinos and bookies, whether land-based or online, because you are winning too much. This is something that happens a lot more than you think it does – casino and sportsbook owners like losing just as much as you do.
You also want to sign up with quality online sports betting sites that have great customer care services, a variety of payment methods, a wide range of markets, and competitive odds. The odds that are on offer are one of the most important features as the odds ultimately determine how much of a profit you are going to make if your bet is a successful one.
We recommend that you make use of multiple bookmakers so that you can compare their different odds for a sporting event and then choose the odds that are best for you. Many professional gamblers, including Walters, make use of different bookmakers to place bets. Not only does it allow you to make use of the best odds, but it also helps you to avoid scrutiny from bookies.
Be Patient And Disciplined
James Miller, a professional gambler that has made a lot of money from betting on the NFL, says that a lot of patience is needed if you want to be successful career sports bettor. In an interview that he did with the New York Times once, Miller admitted that he once lost all the bets that he made during a week in 1985. Losing a whole week's worth of wages is enough to put anyone off from sports betting, but Miller did not quit.
In order to prevent yourself from losing regularly, Miller declares that you have to figure out all the ins and outs of sports betting. Patience is necessary, but it is not enough. You need to understand how to gamble professionally if you want to cut your losses.
Discipline is also really important for this profession. There could be a week where you win all of your bets, but this does not mean that you should wager all of your winnings the following week. The best way to make a living by sports betting is by winning small amounts regularly as this will ensure that you will always have profit to pay your bills and look after your family.
Have Goals And Strategies
Some people place bets on impulse and hope for the best. However, we must stress that professionals do not bet on impulse. They have a variety of strategies to help them find the best betting markets and data. Unlike amateur sports bettors, who might place a bet on a team because they like them, professional sports bettors bet using facts and stats.
With sports such as soccer, American football, basketball, and baseball, sports bettors look at news regarding team injuries, motivation, injuries, and other useful bits of information. If a particular game does not meet their strict criteria, they will find another that they can bet on instead.
Professional sports gamblers use goals to help guide them too. The average gambler will want to make a set amount of money each month, and they will also have a target in mind with each bet that they make. Smart bettors will aim to make more money than they did previously. This keeps them occupied when it comes to improving their skills to magnify profits.
Keep A Record
A wise businessman will always have records of their losses and profits. Occasionally, they will take a look at these records to see how they have been getting on. A good professional bettor can make use of their records to help them improve on their future betting performances.
It is much easier to know the data that does not affect betting outcomes if you have made use of the info in the past. The records also allow you to analyze your wagers and learn the ones that do better than others. After all, learning from a mistake that you made in the past is something that will always help you in the future.
To Sum Up
Although a lot of people wish that they could make a living courtesy of sports betting, very few people are able to do so extremely successfully. Being a fulltime sports gambler is a challenging profession that has plenty of risks and losses. However, if you follow some of the tips that we just shared with you above, you will be able to become a better sports bettor and will have a good chance of making some extra money on top of your regular wage.
