Believe it or not, there are many people who bet on sports for a living. And, they make a lot of money from it and live happy lives. Some are even millionaires.

You can do it too. Although it’s not easy, you can refine your efforts and start making enough money from casinos, e-sports, and general sports betting to make a living. Let’s find out what you need to do.

Laying the Groundwork

The first thing you need to know is that you don’t need to win every bet you take to become a successful bettor. Not even the most successful gamblers make a clean sweep.

Instead, what you’re looking for is a profit. Just like a business operates, you’re interested in generating a return on your investment. So, if you’re staking £1,000, then anything on top of that at the end of your betting session is a win. The session can be a day, a week, or even a year, depending on your strategy.

From Breaking Even to Making Profit

For enthusiasts betting the spread, the bookmaker will often offer a -105% line, though you can expect to see up to -115% spreads.

Assuming an average spread of -110%, a 52.4% win rate would have you breaking even at any given time. If the spread is smaller, say -105%, you only need a 51.2% win rate to break even. Anything more and you’re operating in profit!

You should, therefore, target a 53% record or higher. A 60% record on a -110% spread, for example, generates about £170 after every 10 bets if you’re staking £100 per bet.

Tips to Make More Profits

There are steps you can take to increase your winnings while minimizing your losses. The following are four strategies to consider;

1. Understand how bookmakers make the odds

The probability of an outcome primarily influences any odds in sports betting. But that’s rarely the only factor. An even more critical factor for bookmakers is what the general public thinks. Does the public favor a particular team? Is there a favorite horse? Do they prefer a specific card?

If there’s a favorite, then the bookmaker can “manipulate” the market by intentionally underplaying the opponent. Although more established bookmakers such as betboss.com avoid this habit, the smaller bookmakers use it a lot. Avoid emotions – don’t fall into the trap.

2. Understand the concept of value

Value is when you think a market is undervalued. Perhaps the bookmaker is offering odds of 1.5 on the Cowboys when you believe that the team has an even higher chance of winning. When this happens, the difference between the two odds (yours and the bookmakers) is called value. Betting on value is one of the most successful strategies.

There are two things you must understand, however. First, value isn’t easy to spot. You need a lot of practice and patience. Secondly, not every game has value. Some do, others don’t.

3. Learn to manage your bankroll 

Bankroll management is another crucial factor. If you don’t manage your bankroll well, you’ll lose all your money. Although betting involves losing money at some point, you don’t want to be making losses – you want to profit.

How much money you start with is up to you, though it should be an amount you’re prepared to lose. After picking an amount, experts recommend staking only 1-2% of the bankroll at any given time.

4. Have a plan and stick to it

This is what separates successful bettors from the millions of people who lose money on bets every day. The successful gambler has a plan. They know which marketers to trade and when to enter the market. They also have exit plans. If sticking to the plan causes them to lose money on occasion, then so be it.

You must develop a similar mentality. Don’t chase the big wins. Instead, have a plan and stick to it.

Play the Long Game

Above all, if you want to make a career out of sports betting, focus on the big picture. Don’t look at daily wins or losses. Instead, look at your monthly, quarterly, and annual profitability.