Sports betting has been a part of our culture for centuries and over the years it grew into being a global event that goes with every sporting event. Since sports betting is legalized in most countries, people are starting to wonder, whether or not they can make a living out of betting on sports events.
Well, yes, it is very possible, but only if you follow some standards and principles that will dictate how you’ll place your wagers.
Many gambling professionals are making a living out of beating the bookmakers. That’s why we decided to highlight some of the things that you need to know before you are ready to turn your betting hobby into a professional career.
Being Profitable Is Crucial
Every business starts with profitability. You initially invest money in the business and expect a return over time. The same goes for the betting industry, where you need to win 53% or more of your bets in order to have a profitable year.
The trouble is that keeping a successful year and winning more than 53% of the bets is very hard. In fact, only 1% out of all Americans that are betting are profitable.
In other words, you might need more than 53% to keep a good money flow through your career, and the key is to feel passionate about your business.
Only bet on Reliable Bookie Sites
There is nothing worse than starting your professional betting career on an unreliable website, with low odds, and unsecured payments. You want to choose a professional betting website that has years of experience behind its name, and also fast payments, competitive odds, and a great customer support system.
In most cases, it is better to go for a safer bookie at the expense of the odds.
Discipline is Everything
The gambling industry can be very tempting, and the only way to stay profitable every month is to be disciplined and patient. As J. Miller (a professional gambler) says, that patience is everything in gambling. He also admitted to losing the entire week of bets in 1985, where most beginners would feel demoralized and think about quitting their betting profession, Miller continued on his journey.
If you want to reduce your losses, patience won’t be enough. You need to find a way to know the ins and outs of gambling. It is best to set a betting limit, win limit, and loss limit, which you’ll follow every day no matter what kind of event is on life.
Keep track of Records You Bet On
The most valuable piece of information for your betting strategy is the previous records of your betting. Keeping track of all the profits and losses can help you optimize your bets and win more money.
The more information you have, the better the betting decision you’ll make. For example, you should keep track of teams injuries, motivation, previous form, and other things that might affect the outcome of the match.
You should also know every player in their team, and the amount of talent they have over the opposing team.
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Additionally, you’ll need your betting records for tax or legal reasons, so make sure you keep track of every bet you place.
Create your Goals and Strategies
Professional bettors don’t bet on impulse, as their every decision is backed by their strategy and goal. Your strategy can limit the amount you invest per bet (which is usually from 2-3%) of your total budget, the type of games you’ll bet on, and much more.
Most professionals set monthly goals for the amount of money they think is enough for them, and make a plan how to reach that goal dividing it into smaller bets. Smart bettors slightly increase their goals after a while, just to keep them growing on a professional level.
It is also important to set losing limits. The most common problem for bettors is the temptation to chase losses and invest more money just to return what’s lost. In most cases that don’t end up very well, and they usually declare bankruptcy before even reaching their goal.
Betting can be turned into a professional career, but it shouldn’t be mistaken for being a get-rich-quick opportunity. The best way to turn your betting hobby into a career is to set long-term goals and start with low progressive bets that have smaller risks and smaller rewards. These types of bets are much more profitable in the long run.