Extra Income with Sports Betting
Can you make money in sports betting? Absolutely, you can. Can you make a living in sports betting?
That’s a different story.
Bloomberg pointed out the recent colossal changes to the sports betting industry. The top five companies tripled their revenue in the last five years.
With that in mind, let’s take a closer look at making extra income with sports betting.
Is Sports Betting a Good Source of Income?
If you’re a sports fan, sports betting offers the opportunity to enhance the games you watch. Turning entertainment into a source of income has its benefits.
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Sports gambling for a living: that’s a longshot.
To put things in perspective, the shift in the industry serves as a reminder. Humans have been gambling for centuries.
In today’s highly digitized, fast-paced society — almost everybody has a cell phone with an internet connection. And that’s all you need to get started.
Is sports betting a good source of income? That depends on you.
You’ll need to find the right balance between managing risk and having fun.
Let’s start with some basics.
Learning the Basics of Sports Betting
The basics of sports betting require a few math skills. (It’s bare-bones math. Not something you’d need to consult your high school friend who used to read René Descartes in their spare time.)
You could use a gambling calculator as a security blanket.
Get familiar with betting odds.
American odds show implied probability for a potential outcome. For example:
Arizona Cardinals (+135)
Tennessee Titans (-155)
The first week NFL regular-season game odds show +135 for the Arizona Cardinals (underdog) and -155 for the Tennessee Titans (favorite).
This example represents a Moneyline bet — a way of picking the team you think will win the game.
A $100 bet on the underdog pays $135. With the favorite, you’d need to wager $155 to win $100.
Implied probability for the favorite to win: 60.78%. For the underdog, it’s 42.55%.
As the first regular-season game, the favored Titans have a home-field advantage. Still, an implied probability of almost 43% for the Cardinals offers great value.
Point Spreads, Over/Under, Parlays, and Live Betting
You’ll want to learn a few more basics from sports betting. Point spreads and over/under bets serve as other options. For example:
Arizona Cardinals +3.0 (-105)
Tennessee Titans -3.0 (-115)
Here, the lines for the spread offer almost a 50/50 payout for either outcome. The Cardinals get points on the road. So, they would need to lose by less than three to cover the spread.
For the Titans to cover, they would need to win by more than three points.
A push occurs when neither team covers the spread:
Arizona Cardinals 21
Tennessee Titans 24
The odds show that this game should be close.
The over/under for the game comes in at 51.5, with both teams getting -110 odds for either outcome. (That’s a coin flip with the sportsbook taking its cut, juice, vig, etc.)
For the over to hit, the total final score would need to be 52 or above. The under requires a combined final score of 50 or less. (That extra .5 falls into the bookie’s favor.)
So, here’s an over:
Arizona Cardinals 24
Tennessee Titans 30
In this outcome, the Titans cover the spread.
Here’s an under:
Arizona Cardinals 20
Tennessee Titans 21
With this outcome, the Cardinals lost the game, but they covered the spread. (If they win the game, they cover the spread, and the underdog Moneyline bet hits.)
Other wagers include parlays (combining several bets with one betting slip) and propositions or prop bets. With prop bets, you can wager on things like the first team or player to score, receptions for receivers, yards for running backs, and more.
Things can get even more complicated when you start talking about office pools and suicide pools. Explaining these in detail is more than we have time for in this article, but check out Doc’s Office pool predictions for an update on how these work and solid advice on your picks.
Now, with the basics established, you can begin to develop your betting strategies.
5 Great Strategies Betting Strategies
How to make money in sports betting comes from a few essential strategies. While they might seem simplistic, it’s the best way to make extra income from gambling.
Be Realistic About Setting Goals
Making money with sports betting requires a lot of discipline. You’ll need to get realistic about your goals.
For starters, you can come up with a budget of how much you’re willing to spend on sports gambling each month. You should know that most professional sports bettors win a little more than half their bets.
So, if you set realistic goals, that means winning about 55% of the time and losing around 45% of your bets. In the long run, that means making extra income with sports betting.
Maintain Your Bankroll
Gambling requires money for a bankroll. Your bankroll for sports betting should be money you’re willing to lose.
This strategy derives from wagering one to five percent of your bankroll on each bet. For example:
A monthly bankroll of $500 means you should risk $5-$25 per bet. This might sound low, but you’ll find it’s a valuable strategy when you inevitably lose some of your wagers.
Feel free to adjust your betting amounts after a month or two once you get comfortable. But remember to maintain your bankroll is key.
Keep Your Emotions in Check
When it comes to sports betting, you’ll want to stay grounded. Betting over your head shows a lack of discipline. That’s not going to help you earn secondary income with gambling.
Also, you shouldn’t get too down on yourself when you lose. That same philosophy applies to winning your bets.
Whether you’re up to or down, you should always keep your emotions in check.
Don’t Be Afraid to Make Mistakes
If you want to make extra income with sports betting, you shouldn’t be afraid to make mistakes. That’s how you learn.
Sometimes there’s a lot of value in failure. If you can learn from your mistakes, then you’ll increase your chances of winning in the long term.
Keep track of your misfires, and don’t make the same mistakes. That’s what secondary income is all about.
Choose the Right Sportsbook
It’s finally time to place a bet. Now you need to choose the right sportsbook to get started. This takes time to learn about the industry.
You’ll want to do your research. Some sportsbooks might stand out for you, while others may not.
Get to know the best online sportsbooks with a site like Safest Betting Sites.
There, you’ll find reviews and information on payouts, bonuses, and more.
Most Profitable Sports to Bet On
Making a profit on sports betting depends on the bettor. If football is your favorite sport, you should focus your energy on what you already know about it.
Build your knowledge of players, trends, and gambling odds associated with a sport you enjoy. That’ll give you the best chance to turn a profit with your wagers.
Soccer is one of the best sports to bet on, simply because it’s the most popular sport globally. So, you’ll have more opportunities to bet on soccer games.
American football is another excellent sport to bet on due to its popularity within the States. You might find promotions from sportsbooks based explicitly on the NFL season.
Other sports you might want to bet on include boxing, horse racing, tennis, and basketball.
What is the most profitable sport to bet on?
Again, that depends on you.
Conclusion
Can you make a profit from sports betting? Without a doubt. But can you turn short-term gains into long-term profits?
That comes from discipline and hard work.
In the long run, sports betting should be a fun experience. By following some of these essential tips, you can learn to develop a style of gambling that works for you.
Getting started might seem overwhelming. It doesn’t have to be.
Try your luck today.
Author’s bio
Bryan Myers is a freelance writer from the U.S. In 2019, he traveled to 12 countries around the world. He also teaches English online. Currently, he’s living in Da Nang, Vietnam. He’s been writing for Safest Betting Sites since August 2019, covering the 2020 U.S. Election, entertainment, crypto, online casinos, and sports betting.
