Is it possibly possible to get rich by gambling on sports? Well, from my experience, yes. But the cold hard truth is “sports betting is not a get rich quick scheme”, unless probably, the lady’s luck call on you.
Here are 5 nuggets to guide your mind and be able to make serious money via your bets.
1. To Get Rich You Need To Find Value
Getting rich from betting consists of several components. The most important cornerstone is being able to spot value. Being able to spot value means that you are able to spot odds that are too high, consistently and systematically – and capitalize on those opportunities.
In principle this is not unlike successful trading with stocks: It makes sense to buy a particular stock when it is undervalued, as this means it likely will appreciate in value later. If you are focused on sports betting, than your job each match day is to find the undervalued teams, and “buy their stock” in a manner of speaking.
Spotting value is in essence is about judging probabilities more correctly than the market does. Of course it is difficult to do that for every game and every sport, but that isn’t necessary. Your big advantage over the bookmaker lies in the ability to skip matches with unfavourable odds – just like you don’t have to purchase all stocks available. The bookmaker pretty much has to offer odds for almost all games, at the very least in the most popular leagues.
Spotting value is the hardest thing to do in this business, and you will need a lot of practice to pull it off consistently. Only once you are sure to have a systematic edge you are well and truly on your way to getting rich through betting.
2. Money Management
It isn’t just all about value though – the ability to correctly manage your money is almost as important. Money management is about two fundamental goals, that partially contradict themselves:
- growing your bankroll as quickly as possible
- while avoiding bankruptcy in the process
Provided you find value regularly, your bankroll will of course grow faster if you stake more per bet. But if you stake too much per bet, you risk bankruptcy. Sadly this aspect is often severely underestimated by most people. The random swings can be brutal even if you mostly place value bets. Luckily this can be handled easily by a very simple rule: Personally I would recommend you never stake more than 1-2% of your bankroll on any given bet.
If you are able to come up with a reasonably accurate estimation of your actual value, you can use the Kelly-formula to make the most of your edge – and stake ever more efficiently.
3. Have Patience
Never forget: Betting, like any other form of serious investment, is a marathon, not a sprint – especially if you’re aspiring to get rich. Accordingly it will take a while for your bankroll to grow. If you’re patient and successful however, the compound interest effect will be on your side. What will look like painfully slow growth initially will end up picking up a remarkable exponential dynamic.
You will have to deal with more swings, losing streaks, winning streaks, making the curve less smooth and requiring a greater number of bets. Nevertheless the general dynamic holds true – how far you can get with 5% value is quite amazing, and doesn’t even take all that long.
4. Find The Right Bookmaker(s)
If you want to bet successfully, you need the right bookmaker. If you want to get rich through betting you can only use bookmakers that actually let you win. Sadly it’s an ugly truth that most bookmakers won’t and will limit their successful customers, or may even outright ban them.
Of course that way you can’t possibly plan for success, as your winning would always stay fictional. Happily there are certain bookmakers that do not limit or ban their successful customers.
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The business model of all these bookmakers is based on low margins and high volumes. This means they simply want to have as much action as possible, encouraged by a small bookmaker margin which translates into better odds for the customer. These bookies accept winners not because they want to make the world a better place (that’s just a side effect), but rather because they can use that information to their advantage, for instance by adjusting their betting lines.
5. Bye Bye To Accumulator
If you want to get rich with betting, you will have to say goodbye to the idea of winning big with a huge accumulator. This isn’t about winning the lottery, since you cannot plan for that. There’s a good number of reasons why it isn’t practical either. But if you want to make a fortune with sports betting, there’s one particular problematic aspect. Bookmakers have an upper limit for money you can win through accumulator bets, regardless of the actual odds. They do this to limit their risk.
Conclusion
There’s no way around it: To find success in betting you need to put in the hard work. You will have to say goodbye to the idea of suddenly winning the lottery with a huge accumulator.
But however long it may take you, the good news is: Getting rich through betting is in fact possible – as long as you know where to bet, how to find value and how to manage your bankroll.
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