Different Strategies for Making Money From Sports Betting That Actually Work
Sports betting can be thrilling and rewarding when done right. It requires some research and experience to build knowledge and gain insights that help you make profits by betting on sports of your interest. There are 3 strategies that can make it simpler for you to generate profits from sports betting. While there are many types of strategies, if you are looking for the ones that actually work, here are 3 sports betting options you should follow.
1. Matched Betting
With matched betting, you are going to win without concern for the outcome of the match. The bookies are going to balance the odds offered in order to ensure their own profits. And as a matched bettor, you will be acting as both the bookmaker and bettor.
There are 2 types of bets in matched betting:
- Back Bet: You will be ‘backing’ a specific outcome. The back bets will be placed at regular online bookies.
- Lay Bet: In this type of betting, you will be betting against a specific outcome. You will place a bet on a certain event not happening. This bet is placed to cancel your back bet. There are very few betting exchanges that allow you to place such bets.
The concept behind this type of strategy is to match your back bet and lay bet odds. This is why it gets the name ‘matched betting’. Some of the key advantages of these bets are as follows:
- These are theoretically risk-free bets
- The payout potential is low
- There is no need for a huge bankroll to start betting
You can take advantage of free deals from websites to engage in this type of betting.
2. Arbitrage Betting
Arbitrage betting is different from matched betting in that you will be placing bets on all the possible outcomes of an event. You will be betting on the soft bookmakers and the exchanges for completing the arbitrage. The main advantage of this type of betting is that it is risk-free.
So how much profit can you expect to make from arbitrage betting? It can help you generate steady and consistent profits. It is a strategy for making profits in the long term and building a career as a successful sports bettor. Most arbitrage opportunities provide a profit potential of less than 5%.
Some of the key points you should know about this type of betting are as follows:
- You will be placing multiple smaller profit-making bets instead of trying to win a big shot like other sports bettors
- It is possible to bet multiple times a day
- The profits depend on the bankroll, number of bets placed, and the size of the arbs
- If you start with $500, you should expect to make a few hundred in profit every month
- It will be required to create betting accounts with multiple bookies
- You are least likely to bet with the same bookie every day
- You can come across hundreds of arbitrage betting opportunities every day
- Arb opportunities don't last for long because bookies will change the odds if they realize they didn’t update quickly to odds movements
- If you want to succeed at this type of betting, you will have to learn how to react quickly to opportunities
It is important to create different accounts in advance. If you sign-up for accounts after finding arbs, the opportunity will be gone by the time you registration process is complete.
3. Value Betting
A value bet takes only one side of arbitrage betting. In this case you will not be betting on all the outcomes, but only one a single outcome. You will be placing a bet at higher odds compared to what the probability says.
Some of the key advantages of value betting are as follows:
- Value bets occur much more frequently compared to arbitrage bets
- There is a larger sample size of bets
- The average percentage size and ROI is higher compared to arbitrage bets
- Bookies will find it more difficult to spot them
Identifying Value Bets
It will take some time to learn how to identify value bets to make money on a consistent basis.
- Specialize in Leagues: As a beginner, it is recommended to specialize in a specific league. It should be something that you are already familiar with. This can help you in developing your sense of finding value. You can then apply it in other leagues.
- Learn About Probabilities: A good understanding of probability is important to succeed with value betting. When you bet on odds, it represents the probability or chance of a specific outcome occurring. It is also referred to as implied probability. Once you learn to calculate probability, you will find value in bets despite what the odds say.
- Set Own Odds: Setting your own odds helps learn how to find bets. You should keep track of upcoming matches in the leagues of your interest and come up with your own odds. These should be the odds that you think should actually be the odds for each match. These odds you set should be independent of what the bookies’ odds are.
When you practice setting your own odds, you will learn how to think about probabilities. When you check the outcomes compared to your odds, you are able to compare your own judgment against experienced bookies. This is going to take time, but works as an excellent way to excel at value betting.
Value betting is different from the other 2 sports betting strategies. Here, you will have to build a sense of value. You will have to learn how to find the actual odds and not rely on the bookies’ odds. Once you learn how to find value, you would be surprised how consistently you can repeat success with this type of bet. It may take some time and effort, but you will certainly be impressed by the outcome.Share it