No matter the sport of choice, football, baseball, soccer or rugby, there are many that put down a few wagers. A bet makes the game more exciting, especially if the money is on a favourite team to win.
But what about actually making a living from sports betting? The idea seems outrageous, especially given how unpredictable sporting events can be. There are those, however, that not only make a living betting on sports, they make a good living. How exactly do they do it?
What Is The Reality?
The reality is that although it is possible to make a living betting on sports, the challenge is enormous. So enormous that most will never do it, or will fail trying to do it. For a realistic perspective, any would-be betting professional should imagine how much they need to survive on a monthly basis, then consider that all of that money has to come from betting alone.
It’s a huge amount, especially when considering how many bets would have to be placed to achieve the bare minimum. Yes, bets can also fail, setting back any progress made dramatically. What makes it worse is that the same challenges would have to be faced again and again, month after month.
It’s More Complicated Than It Seems
Perhaps a bettor is now thinking that they know their favourite sport well and can always predict a winner. The trick is that to make good money, specifically betting on favourite teams, big amountshave tobe staked. After all, the favourite to win always has worse odds.
Hence, the day a favourite to win loses the impact is devastating. But then, it’s possible to simply win and make up the losses, right? It is, but a big loss also means that the pressure is on. What if a second big bet fails, and a third?
There is far more to being a professional punter than simply checking the latest NCAA picks and putting down a few smart bets.
How Is It Done?
With all that being said, how exactly do professional sports bettors do it? The answer is complicated, but can be broken down into a few important factors. The first factor is that betting pros understand as much about financial management as they do sports. In fact, understanding finances is probably as important, if not more so, than being a sports fanatic.
The second factor is that betting pros use strategies that work. Putting money on a few favourite teams is a start, but just a fraction of a broader, more detailed strategy. Diversifying bets, covering losses, and understanding risk is all also part of the equation.
Lastly, but most importantly, pro punters don’t cave to pressure. They understand that chasing losses is devastating, and that playing for long term gains is what success is all about. They also never stop learning, never take unnecessary risks, and treat betting as a job, not a hobby.
Now that it’s understood what it takes to be a pro, probably most would rather stick to having sports betting as just a hobby.