Take a look at the global sports betting market size. Wouldn’t it be awesome if one could just live off betting on sports? This must be one of the obvious questions on your mind if you know anything about sports betting.
However, like most things that sound awesome, this dream also crashes quite quickly for most bettors. It is not impossible to make some side income from betting on sports on a consistent basis, but living off it might not be possible in most cases.
Here are some points that you should consider venturing into sports betting on a regular basis:
Look for value bets
Keep in mind that it’s never a level playing field between a bettor and a betting company. In most bets, betting companies offer odds which are lower than the actual probability of the event happening. Hence, they are always favorites to get one over you.
You need to find value bets and put your money on these bets. Value bets are those bets which offer better odds than the probability of them happening.
Why betting can’t be a sustainable model to live off
According to calculations, if you maintain a 54% success rate, which is impressive by the way, you need a 150k bankroll to earn around $2000-$3000 per month. Now, this money might be enough for a decent living in some areas of the world, and not enough in most first-world countries.
Hence, even if you spent a lot of time researching statistics and managed to come up with a foolproof model, there is no guarantee that you can live off sports betting. However, at the same time, it is perfectly possible to ensure a certain income from sports betting every month. The secret is to spread out your money on several bets, which should be value bets too.
If you are good at betting, you can explore other ventures
If you ever become good at predicting bets, then you don’t need to limit yourself to just placing bets. You can explore other options such as opening your own betting tips website, setting up your own soccer tips blog or join soccer tipsters review website.
Some websites now even allow bettors to provide tips on their platform. You can earn followers if you are good at soccer predictions, and then earn money from paid subscriptions to your tips.