If you’re about to start off on the journey of trying to make money from sports betting by betting on your own tips, then here are our steps to success.
Step 1 – Bet on the sports you know a lot about
Bet on the sports that you know a lot about, as this gives you the best chance of building a successful betting strategy. It doesn’t matter if that sport is football, golf, tennis, or any other sport that you can bet on, providing you understand all its idiosyncrasies. For example, there’s no point in betting on tennis if you don’t understand the differences between hard courts, grass, and clay.
Step 2 – Study hard and specialise
Make sure you have enough time to study everything you need to, whether that’s form, statistics, weather reports, or anything else that may affect your bets. If you don’t have as much time as you thought you did, then try and specialise even more. If you’re a football bettor, you don’t have to try and cover every market, just concentrate in a specific area, for example, over/under 2.5 goals.
Step – 3 Find the value
Finding the value is one of our most talked about points regarding betting. Being a good bettor isn’t just about picking winners, it’s about picking winners whose odds were bigger than they should be. You can bet as many odds-on shot winners as you like but, if they should have been even-money, you’ll eventually end up losing.
Professional sports bettors only have a bet on the selections they’ve chosen when the odds are bigger than they thought they would be. For example, if you can get 5/4 about a football team you think should be even-money, then you bet.
Step 4 – Use a betting bank and staking plan
One of the biggest mistakes amateur gamblers make is they don’t start with a betting bank and staking plan. The two are interlinked, so it’s wise to consider both before you start.
The idea of a betting bank is to put aside a sum of money that you’ll only use for betting on your sports betting system. If you’ve got a £1,000, then use this for your bets, and don’t be tempted to use the money for anything else.
You then need to decide on a staking plan. If you’re betting at small odds, most professional punters would bet £20 on each selection, meaning you’ve got 50x your stake. If you better at bigger odds, bet £10 a bet, meaning you have 100x your stake. If you lose your betting bank your system doesn’t work. What a betting bank does is let your cash flow ebb and flow, through winning and losing spells.
Set a time to reflect on how well your system is doing, for example, three months. If you’re losing at this point, you may need to adjust your betting strategy. If you’re winning, you can take the profit out and start again with a £1,000 betting bank. Alternatively, start again with your new bigger betting bank and increase your per-selection-stake.
Step 5 – Be disciplined
Being a disciplined sports bettor is about following steps 1-4 and not deviating from them. You’ll pay the price for trying to bet on sports you don’t understand, for not studying hard enough, and for not betting only when selections are available at value odds.
What you’ll really pay the price for is deviating from your staking plan to chase losses, as this can swallow up your betting bank and leave you with nothing.
Following The Tips Of A Professional Sports Bettor
If you don’t think you’ve got what it takes to make money from sports betting from your own tips, don’t despair, thousands of people make money from sports betting by following the tips of professional sports bettors. If that sounds an easier option, follow these easy steps.
Step 1 – Use a reputable betting platform for your tips
While there are a few betting sites that are looking to rip you off, there are lots of reputable ones that have over a hundred thousand members. They offer sports tips from professional gamblers that have a proven track record.
Step 2 – Bet on any sport
Another great thing about following the tips of a professional sports bettor is you don’t need to know anything about that sport. If you love football, sure you might want to follow a football tipster. But if the most profitable tipster bets on basketball, then that’s a great way to make money from sports betting.
Of course, you don’t have to limit yourself to just one sport or tipster, you can profit from as many as you like.
Step 3 – Just follow the advice
Step 4 – Betting banks and staking plans
If deciding on a staking plan and betting bank has you bamboozled, you’ll be pleased to know that professional sports bettors will also tell you how much you should bet and how much betting bank you need.
Step 5 – Be disciplined
Following the tips of a professional tipster is much easier than going it alone. You just need to do exactly what they tell you and sit back and enjoy the winners.
We hope that’s answered your questions, how can I make money from sports betting. Happy punting!