How do I win at betting?
"How can I make money from betting?" is one of the most frequently asked questions about betting. Betting is an activity based on probability, statistics and rational reasoning. Many bettors lose money in the long run and only a few percent of bettors can make a profit from this activity. The winners in this field are mainly those who devote a lot of time to analysing information, statistical reviews and carefully selecting the most suitable and valuable bets.
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The reason for this is simple - variation. Since bets and odds are determined by probabilities, even if you know absolutely all possible information relevant to the bet, it will not always be possible to win. Variation means that even experts in the field experience long stretches of losing (and winning).
Of course, betting professionals and experts can easily reduce the variation as they know the best bet types, the most suitable bets and a lot of experience. Unlike other probabilistic games (poker or casino gambling), information in betting very directly increases the bettor's advantage and reduces the long-term variation.
The road to a steady profit from betting and staking is long and difficult, but achievable. There are many unexpected pluses to being a betting professional. For example, it is a job that can be done from anywhere. A betting professional is not tied to one place (or even country) of residence and can therefore travel freely. More importantly for many people will be the fact that a betting professional's earnings are far less restricted than any other job. The theoretical ceiling for profits in the long term is very high, but of course it will take a lot of hard work to reach it.
Betting, Winnings and EV
One of the most important principles that every betting professional must learn and know about is "EV" (expected value) or the expected value. This is an abstract concept indicating how much a bet is expected to earn if it were made infinitely many times. For example, if someone were to give 3:1 odds on a coin toss, then the EV would be positive. It is possible to lose many times in a row on such a bet, but as the number of tosses increases, so would the probability of an overall profit.
Of course, calculating the true expected value of a bet in a betting shop will be much more complicated than in the example above. When betting on the winners of events, total points or similar, EV will be much more abstract. However, this concept is very useful in cases where new bets are being tested that have clearer probabilities. For example, at the start of a football match, a coin is flipped to decide which team gets the ball (depending on the choice of the captain of the football team). If the betting company provides such a bet, then it is easy to calculate the EV of such bets using odds.
In more complex cases, it is best to compare the potential EV of several valuable bet types. For example, in basketball, the most common bet types are winners, totals and handicap. For many newcomers, it will be most valuable to choose a single bet type, even if all odds look attractive. The choice of bet should be determined by the implied EV - usually the bet with the highest probability. Only in exceptional cases should one of the above bets be selected on the basis of odds alone.
Regardless of the betting area chosen (sports, esports or other events), there is a common, simple strategy that every bettor should follow. This strategy can be broken down into several parts, which we will discuss. EV is only a small part of the answer to the question "how do I make money from betting?"
How can I make money from betting? Principles of money management
The first and perhaps most important thing is money management (or bankroll management). This term will be very familiar to people who have played poker. Bankroll management refers to the ability to manage money, separating the finances for gambling from the rest of the finances for living expenses and other important things. Knowing how to manage money is the most important preparation before becoming a professional in any field that depends on probability.
Newcomers are advised to have an additional source of income. Betting is a marathon that requires investment, time and experience, so it would be naive to expect a steady profit from your first bet. A second source of income will make it much easier to make a living and have money to gamble with, and will protect you from unexpected and difficult months. Even for professionals, there is generally no harm in having a supplementary income that can protect the bankroll.
The second rule of cash management is strict separation of finances. Most bettors should start with small bets, so you should set aside money for at least a dozen bets. This money should be used solely for betting. Any money left over should be used solely for subsistence purposes. For newcomers, it is best to set aside very small sums, try out strategies, gather information and make one other bet when it seems most profitable.
Once you have gained experience in betting and have found the right field, you can spend more money on betting and work harder on long-term profits. Of course, the rule of financial separation must always apply. Even a top professional cannot always be profitable in the short term, so once you start using money that is meant for living, betting will very quickly become problematic.
Unlike poker, betting money management is a little more relaxed. If you find yourself in a more difficult financial situation or after a long period of bad luck, you can simply reduce the amounts you bet and still make a profit on your bets.
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The principle of winning bets is one area
A common mistake made by newcomers to betting is to flip between sports and areas. Betting money on football, basketball, American football games at random is a losing strategy. Gathering and processing information to calculate the profitability of betting is the key to winning. Many betting professionals choose one or two sports that they know well and never bet money randomly on areas they do not understand or know.
Expertise in one sport or field is a second crucial tool in the arsenal of the learner. For newcomers, it is best to start not just with one sport, but with one specific tournament or league in that sport. For example, if you have been followed for a long time EuroleagueIf the teams and players are familiar with each other, it is best to choose Euroleague betting. The NBA is, of course, the same as basketball, so it may seem that any league or tournament would be a good choice for understanding the sport. However, every professional knows that profitable bets come from analysing every possible detail. These details will always vary greatly between leagues, as will the teams, players, average profitability and so on.
After selecting one specific betting area, each bettor should move on to gathering information. The most effective way is to find the many websites or other sources that keep up-to-date with information on competitions, scores, teams and predictions. It is recommended to make a schedule and list of such websites and applications and check them daily. This will make it much easier and more convenient to collect large amounts of information and to learn how to process it in order to place profitable bets.
How can I make money from betting? The best betting areas and bet types
Betting professionals usually choose not only a few specific areas (sports), but also the type of bet. For newcomers, it is always best to choose one bet type for one specific area. One of the most popular, easiest to understand and quite profitable bets is on the winner of the competition. The winner can often be reasonably predicted if all the necessary information is available.
Of course, betting on the winner of a match is not always the best bet. In cases where the teams are very evenly matched, the odds will be so poor that betting on the favourite will make it almost impossible to make money. In such cases, betting professionals use advantage bets (handicap).
Handicap bets show how much of an early advantage is given to one team. For example, -10 for one of the basketball teams means that the money on the bet will only be paid out if that team wins the game by at least 10 points. The advantage can be positive (+10). In this case, 10 points will be added to the final score. In order to receive a payout on such a bet, the team in question must lose by a margin of 10 points or less.
Finally, one of the most popular and highly profitable bets are totals. The bets are always Under/Over according to the stated profitability of the event. If you bet on the Over, you only win if you exceed the specified total (for both teams). Almost always a partial point total is specified (e.g. 150.5 for basketball) - this is how betting companies protect themselves against a push tie. For example, in basketball it is not possible to score half a point, so all the point totals for the match will be above or below the bet.
Newcomers are advised to use winner and totals bets when betting on basketball. For football betting, it is best to use Asian odds. In most sports, the best bets will be the ones listed above, but professionals can always find profitable bets in other areas. For example, e-sport is a little-explored area of betting, so the potential profits can be much higher. Perhaps not only new types of profitable bets can be discovered in this area, but also aspects such as live betting can be better exploited.
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Betting variation and psychology
Many newcomers come to betting expecting quick, easy and big money. Except in very unlikely cases, this is simply not the case. Betting is as much, if not more, hard work than most. Everyone has to experience long stretches of success or failure due to simple variation.
The biggest difficulty in betting will often not be finding, processing and organising information, but variation. Even if you have analysed all the material perfectly and selected good bets, you will often lose on the simplest of probabilities. Often bettors begin to doubt their abilities, their chances of winning or their strategy, which leads to severe emotional states or to quitting betting altogether.
Overcoming variation, keeping a cool head and persevering are hard skills to acquire, but essential for those who want to make a long-term profit in this field. The first step in easing the way is a simple understanding of variation. To find out if a strategy and bets are profitable, you need to participate in betting many times. Short-term success or failure in betting should have no effect on the strategy used. Only by applying strategies over a long period of time will you be able to learn how to make money from betting.
Money management is essential for managing variation, especially for those who rely on betting as a source of income. "Scared money is a concept used in poker, but it can also be applied to betting. After long periods of bad luck or after losing a significant amount of money in a short period of time, many players start to change their strategy or make bets based on feelings. Such actions can only lead to even bigger losses.
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