Making a living off sports betting

Is it really possible to make a living off sports betting?

Is it possible in realistic terms to make a living off sports betting betting on sports? the other day i made £100 in 24 hours and was well happy but since then i havent been able to get over the £120 mark to get passed the initial hundred without it dropping back to £80-90 which is annoying. 😡

I want £400 so i can buy a new camera

Comments

people usually say that but I don’t think it’s logical

it’s ok getting tips from a racing stable or insider but they only only know about their horse – they don’t know the inside info about the other dozen that it’s running against.

In theory, with decent knowledge of the sports you are betting on – YES.

If your betting randomly or following some abstract rule like “always betting on second favourites” etc – NO.

Even if you have decent knowledge of the sport you are betting on (and making sensible bets to boot) you’re still not guaranteed to turn a profit and will have to look at the long term average of winnings and losses to assess how you are doing.

If you make exceptional profits the bookmaker might start putting limits on your betting account.

people usually say that but I don’t think it’s logical

it’s ok getting tips from a racing stable or insider but they only only know about their horse – they don’t know the inside info about the other dozen that it’s running against.

In a word, no. However, with informed analysis, strategy and strict discipline, it can be a good investment strategy.

I target a 30% ROI each football season and invariably get that sort of return. My betting bank has grown nicely over the last 3 years but I subscribe to recommended bets from professional betting statisticians and have a very strict stake strategy.

Remeber, 95% of gamblers lose. The other 5% yield net profit because they are disciplined and have the stamina to keep going after suffering loses.

The good news is that you CAN make a living from sports trading. I make a good second income from it (all tax free of course) and will continue to build on that. If you want to be a full time sports trader though, you’d need a lot of experience and know-how (expect to become as expert as a city trader) and you’d need a substantial trading bank, at least 5 figures.

people usually say that but I don’t think it’s logical

it’s ok getting tips from a racing stable or insider but they only only know about their horse – they don’t know the inside info about the other dozen that it’s running against.

people usually say that but I don’t think it’s logical

it’s ok getting tips from a racing stable or insider but they only only know about their horse – they don’t know the inside info about the other dozen that it’s running against.

Now you’re taking – that’s what I mean by trading. Betfair is a huge marketplace where people are buying and selling bets at constantly changing prices. Do any of you guys trade? It’s the best discovery I’ve made for a long time.

yes. of course that’s true !

I’m afraid I’ve never come to terms with either betfair or laying. I’m an old fashionned ‘on the nose to win’ punter. o

No problem with horse racing. Just place enough of a bet so that, with the odds offered, you will win £400.

If the horse loses, then place another bet so that you will win £400 plus whatever you lost in the last race.

Repeat as necessary.

No problem with horse racing. Just place enough of a bet so that, with the odds offered, you will win £400.

If the horse loses, then place another bet so that you will win £400 plus whatever you lost in the last race.

Repeat as necessary.

That’s called suicide staking. Sooner or later you’ll have a long run or losers and you could end up having to bet tens of thousands to try get your £400. Many, many people have lost their shirt doing that.

OP – Yes, it’s very possible.

What it isn’t, is easy. I’m mostly talking horse racing, as that’s my profession – you’ll need a very, very in depth knowledge of the sport, good mathematical ability, a lot of patience, good contacts (not for ‘insider information, that’s bollox) to check the health of your bets, a lot of time and a large sum of money if you want to make a living from it.

As a rule, you should have a betting bank that’s enough to cover you for 100 bets and enough cash to live on for 6 months put aside at all times. This way, when you have a bad spell, you can ride it out, rebuild and not suffer from it – and even the very best have losing runs. I’d say a minimum of £20k is needed if you want to make the average salary, just for the betting bank.

Also, be prepared to spend a long while paper trading (selecting bets without placing money) before you can get started. I spent almost 13 months learning from my uncle (a very successful punter) before I placed even a small stake.

You also need to have very strong willpower and an iron stomach. It’s tough to watch £2k of your cash get flushed down the pan on a single race without being tempted to try win it back on unplanned bets – the hardest thing you can do is to brush it off, walk away and live to fight again.

So yea, in a nutshell, it’s a high risk – high reward investment strategy. Ignore the people who say it’s 1 in 10 or 1 in 20 who makes money, try 1 in 200 and you’re closer to the mark.

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