When I started sports betting my first goal was to be at least profitable. In the long run, making money with sports betting is not easy.
Following a working betting strategy and gaining a lot of experience is the biggest key to being profitable while betting.
But after I realized some good profits from sports betting I started thinking about possibilities like:
How can you get rich from sports betting?
You can bet on sports for a living and after gaining enough experience, making bigger amounts is becoming more possible.
The way of getting rich from betting is by making it a full-time job, learning new betting strategies, and gaining experience regarding the sports you are betting on.
Making sports betting a living and getting rich from it is a long journey with a lot of time and money invested.
How to get rich from sports betting step by step?
1. Learn the betting fundamentals like odds and rules on sports
If you are a beginner in sports betting, the most important thing is to learn about strategies that work in the long run. Learning how the bookmakers are generating the odds, what is the real probability of an outcome, and knowing most of the rules of a sport is essential.
Don’t rush to learn these, take your time. Making mistakes in betting costs you very much. Learning the rules costs less than a bet placed by mistake.
2. Start getting experience with arbitrage betting
Arbitrage betting is the one of the most basic strategy to gain experience in sports betting while making decent profits. If you are feeling comfortable in placing arbitrage bets, with a low number of mistakes, you can start matched betting.
Each bookmaker is making mistakes and offers overpriced odds. These create odds discrepancies between betting sites and an excellent almost risk free opportunity to take the next step to bet make guaranteed profits.
3. Grow your money faster by matched betting
No-risk matched betting or in other name bonus hunting is a good way of boosting your profits while arbitrage betting. Growing your bank helps you get faster to your betting goals.
This strategy is based on covering each outcome of a market by using multiple bookies and completing the bonus roll-over requirements without risking losing your funds.
4. Start learning new betting strategies like value betting
Value betting is the next step following arbitrage betting. This needs more experience and has a bigger risk than placing only arbitrage bets. Your bigger risk comes with higher rewards. These days most professional smart bettors are moving towards value betting.
Value betting is the only real betting strategy that can make you rich. It requires a smaller betting capital and stakes. This will help you staying under the radar while placing bets on overpriced odds.
Value bettors like myself are looking for betting opportunities that have a so called positive EV (expected value) on their pick. It means we are placing bets on odds that are higher than the possibility of winning that outcome.
5. Get specialized in one type of sport
Being specialized in one sport gives you an advantage over bookmakers. Learning enough about a sport and the trends in it is a big step for becoming rich from sports betting.
6. Use as many betting accounts as possible
No matter how hard you try to avoid getting limited by bookmakers, in the end they will limit you if you are winning a lot. Getting new accounts is essential for being profitable and making good money from sports betting. There are some good ways to delay being limited at bookmakers.
7. If you want to win big at sports betting don’t be afraid of placing bigger stakes
From a certain level, your only chance of stepping among the big arbitrage bettors is by taking bigger 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.
Placing a more decent stake can get you to your goal, but a little bit later. Getting to that wealth you need (being rich) is as far from you as you are willing to take risks for it. Personally, I like to take less risk and to get there slowly and with less stress.
8. Follow only the trustworthy tipsters
In short: you should use tipster platforms that don’t allow tipsters to manipulate their results. One of the best tipster platforms is Tipstrr because of this simple fact. Check my in-depth article about the best betting tipsters for more info.
Want to know how much money can you make with arbitrage betting?
Or do you need to know where to find arbitrage bets?
Is betting a good way to make money?
The easiest way of making money with sports betting is if you already have some knowledge about betting in general. The average bettors betting habit is to place some accumulator bets on matches on that particular day.
Most of them are placing 1 – 5 euros, pounds, or $ on those bets in the hope of winning big. Those sports bettors that are used to place only this kind of bets are most likely at a loss in the long run.
Gaining experience like this can increase the chance of making good money from sports betting.
Sports betting is a good way to make money, but you have to practice it appropriately. Following a good betting strategy is the best route for a reasonable result.
For many bettors, sports betting has the role of a side hustle only or recovering losses from gambling. While you are a beginner bettor, keeping a normal job besides betting is a reasonable decision in order to avoid financial difficulties.
Betting on sports has a lot of drawbacks that are possibly resulting in even weeks without any income.
For most smart bettors the monthly income is between 500 and 2500 euros.
The amount of money you can make from sports betting depends on:
- your time you invest in betting and learning
- the bankroll you have for sports betting
- your experience and the strategies you know
- the number of bookmakers you have available in your country
For whom it is a good idea to make money from sports betting:
- for anyone who has a little experience in sports and betting
- who can accept and follow a betting strategy
- anyone in the need of relatively fast income with a piece of basic knowledge about odds
Betting on sports is a fast way of making money. You do not have to wait until the end of the month to get your winnings. But in order to win and grow your balance, you have to know and follow a good strategy.
How can you make a living from betting?
Betting as a side hustle can generate a decent amount of money. But in order to make sports betting a living, you need to make it a full-time job.
Placing bets only on the weekend can offer you a decent income. Most sports events are taking place on weekends, so the biggest amount of volume you bet will always be on weekends (depending on your strategy).
Staying in front of the computer for only two days and finding betting opportunities can be 50%-60% of your total bets.
A lot of bettors who are smart enough and know good ways of making money from betting are working only on weekends. But keep in mind, that they have a lot of experience.
Most of us need to invest more time into betting in order to do it for a living. In the last 7 years, I have invested a lot of time in betting and learning about new ways of making money from it.
My success of being a full-time bettor and making it for a living is based on:
- 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 (who have no clue about it)
What kind of betting strategy can make you rich?
The basic betting strategies to start making money from sports betting and having a chance to make it a living:
The betting strategy you have the most chance of getting rich from in sports betting:
Arbitrage betting and Matched betting are the basic strategies for making guaranteed money in this industry. Both of them are offering a decent amount of income on a monthly basis, but the chance of making you rich is not too high.
On the other hand, Value betting, in the long run, has the biggest potential for making you a fortune.
For more information about these strategies, you can read the articles.
How many sports bettors are profitable?
If you are watching football matches live you can notice a lot of ads from bookmakers. If you are a little bit interested in sports or betting you probably are facing a lot of ads on social media platforms.
Those ads cost a lot of money for bookmakers. These very big marketing expenses are covered by bettors who are not profitable.
You can easily guess, that paying that amount of money for marketing purposes means that most of the sports bettors are not profitable.
Most sources are communicating that only 3% of bettors are profitable in the long run. In order to be a part of profitable sports bettors, you need to follow a profitable strategy. This 3% of winners in sports betting are mostly using betting strategies like arbitrage, matched and value betting.
These days bookmakers are developing algorithms for catching smart bettors. They are getting more and more successful in finding arbitrage bettors for example.
Their system is getting smarter, but the information about smart betting strategies is spreading too on the internet. I assume that the number of successful bettors will grow too.
Can you get rich from sports betting?
It is possible to become rich from sports betting, but it is very hard to achieve it. If you want to get rich from sports betting you have to meet the following conditions:
- Have a deep understanding of a sport type
- You need to know a very good value betting strategy
- A big bankroll is needed
- Good money management strategy
- You have to be daring to place big stakes
- Every bet needs you to be calm and cold-blooded to follow the betting strategy
- Have access to many bookmaker accounts from developed countries
Those conditions are not hard to complete one by one, but if you want to be rich, you have to meet all of them. A lot of gamblers became very rich and they even speak about it publicly. Most of the smart bettors who succeeded in betting don’t like the publicity but made over a million euros.
After making a full-time income from sports betting for several years, I can say that betting is a good way to make money.
Bets based on mathematics are good for generating guaranteed profits.
Following betting techniques like matched betting, arbitrage betting, or value betting is a good way to make enough money from sports betting, sometimes even for a living.
Approximately 2% – 4% of sports bettors can become professional enough to remain profitable in the long run.
It takes a lot of experience and learning, but you can generate enough profit from sports betting. Becoming rich from sports betting is a challenging task. You need to have access to many bookmakers and a good betting strategy such as value betting is also needed.
Learn a lot about different betting strategies and get specialized in a sport.
Becoming rich from gambling is unlikely. But sports betting as a form of gambling can be a job and can generate enough profits even for a living when following strategies such as value betting.
Sports betting is an excellent income source both for practicing it as a side job or betting as a source of a full-time income-generating process.